January 30, 2014 CLEVELAND, OHIO- Slavic Village, once a blighted community showing proof of the turbulent National Real Estate Market decline over the last 10 years, continues to rebuild and benefit from reinvestment and development. A 20 Unit, approximately 25,000 Sq.Ft. Historic Olympia Medical Commercial / Retail Building and Multi-Family Apartments, located on .58 acres for nearly 100 years at the corner of East 55th Street and Broadway Avenue. During the Early 1900’s, the property was once home to many shops, and the Olympia Theater which offered Vaudeville, Polish Opera and later motion pictures. The building appeared as the “Luce Theater” in the film Welcome to Collinwood. The old Theater property has since been converted to 20 total Apartment units consisting of 4 One Bedroom, One Bath Units and 16 Two Bedroom, One Bath Units and 5 Retail / Commercial Suites which was home to several Medical practices and Nursing School. Matthew King, CCIM of Green Bridge Real Estate recently represented the seller, Olympia Broadway Renovation Corporation in the sale of the 90+% Occupied, Commercial Asset for $435,000 or $21,750 per unit to Community Cooperative Development Foundation, OH, Inc. of Cleveland, Ohio which transferred ownership today.
The property was put onto the market in late summer of 2013.
“I received numerous inquiries during the first weeks of the marketing campaign” said Matthew King, broker of the sale. “I identified the eventual purchaser within the first 48 hours of marketing the sale. This deal was very intricate with layers of potential grant and Government program monies. The property benefitted from a Grant / Loan from the City of Cleveland and the assumption of a Housing Assistance Contract Program administered by the United States Department of Housing and Urban Development. The transfer of these programs and monies each had its own elaborate processes. During the marketing program I received over 150 inquiries from prospects located in California, Illinois, Georgia, Texas and as far away as Canada. The demand was high and so was the redevelopment opportunity, the market reacted.”
Attorney Douglas Paul of the law firm Christley, Herington & Pierce, representing the seller comments that “Matthew King provided invaluable services in marketing this property on behalf of the sellers, exhibiting a high degree of professionalism right from the onset”. Mr. Paul adds: “the owners are pleased to be transferring this unique historical property to a buyer which appears to have the similar vision they had over the last 30 years.”
The new ownership will immediately take over operation of the Apartments and has extensive plans to renovate the building. Central Investment Group also plans to explore the development of a possible pharmacy for the area’s residents. Other plans for the property include continuing to strengthen its already strong Medical presence and retaining the current Medical clinic, which has been a fixture in Slavic Village for more than 30 years. The Olympia Medical Clinic of Doctors Lolita Agra and Ruben Agra will continue to offer primary care to the area residents. Central Investment Group, LLC was thrilled with their new purchase and the opportunity the property and location presents.
The Historic Olympia Medical Building is minutes from Downtown, RTA Bus Stops, shopping, and minutes from I-490 and I-77.
Matthew and Green Bridge associates have helped several similar area businesses with their Commercial Real Estate needs. These real estate transactions have ranged from real estate sales & leasing assignments for conventional companies and landlords to Court Appointed Receiver dispositions of businesses to Accelerated Real Estate Auction Services for properties nationally.
Green Bridge Real Estate is located on West 140th St. & Brookpark Road in Brook Park and is owned and operated by Matthew King, CCIM and John Wagner.