call for offers...please include a resume/description of your company and its acquisition ... the...

www.ngkf.com/cleveland

Sue [email protected] Real Estate Salesperson

Marc BraunMANAGING [email protected] Real Estate Salesperson

HIGHLIGHTS• 98,816 SF multi-tenant medical/office building situated on 5.87 acres

• Value-add redevelopment or owner/user opportunity

• 43% occupied

• Strategically located in strong, densely-populated suburb within minutes to area hospitals and emergency rooms

• Area amenities include: Severance Town Center, City Hall, new MetroHealth Hospital and US Post Office

• Excess parking capacity available for outparcel development

• Full-floor opportunities available for owner/user

CALL FOR OFFERSDEADLINE: MARCH 20, 2020

For more information contact:

SEVERANCE MEDICAL ARTS BUILDING5 Severance Circle, Cleveland Heights, Ohio

The information contained herein has been obtained from sources deemed reliable but has not been verified and no guarantee, warranty or representation, either express or implied, is made with respect to such information. Terms of sale or lease and availability are subject to change or withdrawal without notice.

VALUE-ADD REDEVELOPMENT OPPORTUNITYIN AFFLUENT EASTERN CLEVELAND SUBURB







SALES TERMS & CONTACT INFOThe Severance Medical Arts Building represents a unique, value-add redevelopment opportunity. Newmark Knight Frank has been retained by the owner to offer Severance Medical Arts Building, 5 Severance Circle, Cleveland Heights, Ohio (the “Property”) to qualified buyers without an asking price.

All buyers will be interviewed by Newmark Knight Frank and must provide proof of funds along with references from prior transactions. Please include a resume/description of your company and its acquisition history. Offers with financing contingencies will not be considered. Buyers are encouraged to demonstrate an assurance of close.

CALL FOR OFFER GUIDELINES

The buyer will be selected by Owner in its sole and absolute discretion based on factors including but not limited to the following:

• Offer price• Financial strength• Ability to close in a timely fashion• Experience in closing similar transactions• Absence of contingencies

Prospective buyers will be given access to all due diligence materials after completing the attached Confidentiality Agreement. Materials include:

• Current Rent Roll• Current Leases• Current and Historical Financials• Service Contracts• Inspection Reports• Title Commitment• Real Estate Tax Bills

Additional information may be requested and will be provided if available to Owner.

Questions will be answered by NKF. On-site inspections/property tours will be conductedupon request.

Offers will be accepted on or before March 20, 2020.







PROPERTY DESCRIPTION

Year Built: 1968

Building/Lot Size: 98,598 net rentable square feet; 5.87-acre site

Number of Floors: Eight (8)

Floor Plates: Approximately 13,500 square feet

Add on Factor: 10% on all multi-tenant floors

Elevators: Three (3) passenger elevators; each can accommodate a gurney

Exterior Finishes: The exterior walls are pre-cast concrete panels. The windows are metal frame with insulated glass. The roof is steel bar joist, metal decking with flat rolled rubber.

Interior Finishes: The central hallways and common areas are primarily carpet and ceramic tile over concrete slab floors. Lighting is primarily 2’ x 2’ lay-in fluorescent fixtures with direct/indirect decorative fixtures in featured areas and parabolic fixtures in the corridors. Restrooms have ceramic tile floors. Individual suites are a combination of carpeting and vinyl and ceramic tile flooring. Lighting is primarily flush fluorescent or parabolic with some recessed canister spot lighting. Ceilings are 2’ x 4’ or 2’ x 2’ acoustical tile supported by a metal grid system. Ceiling heights are typically eight foot. Suite entrance doors are solid core wood tone doors. Medical suites typically include drywall partitions, exam room/lab cabinetry, plumbing and mechanicals and in-suite restrooms.

Electricity: The electrical service for the building includes 1,600-amp service with a 112 KA transformer. Tenants are billed for electricity consumed through lights and wall plugs or are separately metered and billed directly by provider.

Security: Tenants have 24-hour access via the security guard or the custodian. A security guard is stationed in the lobby from 7:00 am to 8:00 pm Monday through Friday. A custodian provides 24-hour access seven days per week.

HVAC: The building is heated with six gas-fired boilers. Air handlers distribute common area air. Cooling is provided by a roof-mounted chiller.

Parking: 500 surface parking spaces (Ratio of 5.07/1,000 SF)







The Severance Medical Arts Building is 98,598-square-foot, eight-story, medical office building. Built in 1968 on a 5.87-acre site, it is located in the Greater Cleveland East Suburban Office Market in Cleveland Heights, Ohio, approximately 10 miles east of downtown Cleveland and 21 miles northeast of Cleveland Hopkins International Airport. The Property is adjacent to Severance Town Center, a 599,000-square-foot retail center anchored by Home Depot, Marshalls and Dave’s Supermarket. Neighboring businesses include Cleveland Heights City Hall and Post Office and MetroHealth Medical Center. Cleveland Heights is an inner ring suburb of Cleveland, Ohio with a population of 46,000. Cleveland Heights City Council has engaged an urban planning consultant to prepare a Redevelopment Plan for Severance Town Center and its adjacent properties.

https://www.clevelandheights.com/1004/Severance-Town-Center-Redevelopment

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call for offers...please include a resume/description of your company and its acquisition ... the...

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