Bidders did not exactly come out of the woodwork in Cleveland as the 23 story KeyBank Center auctioned off for $7.15M
Bidding has ended on Cleveland’s foreclosed 23-story KeyBank Center. The 475,789 square foot building on Superior Avenue sold for $7.15 million.
Bidding began on Monday afternoon at $3.5 million and ended at 2 p.m. on Wednesday.
Building Sells for $15.03 a Square Foot
Math is simple enough.
$7.5 million divided by 475,789 square feet = $15.03 per square foot.
This should give you an idea of what property is worth in Cleveland.
Handing Over the Keys, Cleveland Style
Inquiring minds might be interested in the assessed value for property taxes.
Crain's Cleveland Business reports KeyBank Center headed for auction
The lender controlling the 23- story office building at 800 Superior Ave. in downtown Cleveland is going the auction route to find a way out of owning KeyBank Center, better known as the former McDonald Investments Center.
LNR Partners, the real estate financing and investment concern based in Miami Beach that took title to the 440,000-square-foot building in February 2010, has listed the property at Real Estate Development Corp.'s website Auction.com for an online auction running from 10 a.m. July 25 to 10 a.m. July 27.
The property carries an asking price of just $3.5 million, well below the $44 million market value the Cuyahoga County assigns it for property tax purposes.
Alex Jelepis, a Grubb & Ellis Co. senior vice president who is marketing the property with Guggenheim Realtors in Beachwood, said the low starting price is to attract interest in the offering. He said he expects the building to sell for more than the asking price.
The building, which dates from 1969, will have occupancy of just 37% when the Calfee Halter & Griswold law firm exits for a nearby building next year. Its owner, LNR Partners, handles bank-owned properties and invests in buying defaulted loans or distressed properties from banks.
Dallas-based real estate firm Behringer Harvard handed over the keys to LNR rather than face the daunting task of finding new tenants for the building after Calfee moves. The red-brick KeyBank Center is a different structure from Key Tower, the tallest building in the state and KeyCorp's headquarters.
Prime Cleveland Location
This is not a horrible looking building or a poor location either.
Courtesy of Akron News please consider this image and commentary.
The building used to showcase McDonald Investments on its facade and
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