4922 E 49th Street, Cuyahoga Heights, Ohio, a 300,000 square foot building that went into receivership with Neyer Management after the owner/private equity firm ceased operations, closed its doors, and was liquidated.
A special servicer was put in place on behalf of the lender/note holder for the building. Along with Neyer, Terry Coyne was hired to lease or sell the 300,000 square foot building at a price that was acceptable to the special servicer.
The building was originally built for Cotton Club Soda as a bottling manufacturing plant. Varying ceiling heights, multiple demising walls, minimal docks for the large size, and located in a more residential area, were only a few of the hurdles that made the disposition of the building a challenge for the team.
Multiple users were interested in the building at the beginning of the listing period. When prospects hear the word “special servicer” many were worried about the complexity of a lease. This was not the case. Terry had to lease or sell the building at a market price to get approval from the servicer.
Due to the high demand by mid-size users, Terry approached a large local developer/owner, Premier Development Partners, regarding their interest in purchasing the building to make the investment to multi-tenant the building. Terry and Neyer were able to negotiate with Premier and close quickly on the building getting close to the asking price.