Three-Building Office Site Offered for $13M

BEACHWOOD, OH-Renaissance Management LLC, a collection of investors, has put on the market a 230,000-square-foot office complex that includes tenants such as the Beachwood Chamber of Commerce, Time Warner Cable and others. Marcus & Millichap is handling the listing, with Commerce Park Square, which includes three buildings, being offered for $12.9 million.

Mike Barron, an associate VP with Marcus & Millichap, says the investors are nearing retirement age and just want to divest the property. The group has owned the complex since 1994, though the property was built in phases at the corner of Chagrin Boulevard and Green Road, just west of Interstate 271, since the late 1960s.

The complex consists of a nine-story building and two four-story facilities on 8 acres. The occupancy rate is about 60%, Barron tells GlobeSt.com. “That’s why it’s being offered on such a reasonable per square foot basis,” he says. “It’s a great repositioning opportunity for someone who has an aggressive strategy.” The rents for the complex average around $15 per square foot, Barron says.

The market is a little more steady than the other Cleveland suburbs, he says. “It’s an affluent community, and other offices include law firms and accounting firms. Chagrin Boulevard is probably the main commerce section for the east side of Cleveland. Though the market is soft everywhere, Beachwood is holding its own, and is stronger than most areas.”