Bainbridge Center
- 17747 Chillicothe Road
Chagrin Falls, Ohio 44022 - Client: Dr. Lawrence Oswick
John Skala - Square Footage: 20,000 SF
- Real Estate Type: Medical Office
- Services: Strategic Disposition
Project Overview:
The original owner-developers of this well located suburban medical office building needed guidance on improving occupancy in order to prepare the asset for disposition.
Challenge:
Although location was ideal and the building was well maintained, it still needed some refreshing as ownership looked to fill remaining vacancies and secure the renewal and expansion of its primary tenant, The Cleveland Clinic Foundation.
Solution:
Eric Schreibman, J.D. of Cushman & Wakefield | CRESCO Real Estate worked with the owners to develop a plan to refresh the common areas of the building, including working with the lender to help secure financing for these improvements and engaging an interior eesign firm. In addition, Eric worked with his former colleagues at The Cleveland Clinic to secure a renewal of the Clinic’s lease, as well as to expand the Clinic’s presence at the building by virtue of a lease of additional space.
Results Achieved:
Following execution of a multi-year renewal and expansion by the Clinic, a suitable local buyer was located. Eric assisted the owners in the negotiation of the purchase agreement and helped guide the parties through the due diligence process, resulting in a successful completion of the sale.