The signature building of the Flats East Bank entertainment area along the Cuyahoga River in downtown Cleveland is up for sale, with hopes of attracting close to $100 million.
CLEVELAND, Ohio - is now on the market, according to Daniel Burkons, one of the agents working to sell the property. Institutional Property Advisors Midwest, a division of Marcus & Millichap, is listing the property.in the wake of Scott Wolstein’s death.
Wolstein, longtime CEO of the Wolstein Group, played a major role in several real estate developments in the Cleveland area — including the Flats East Bank. He was 69 years old when he died in May. The property is performing very well, Burkons said. The 60,000 square feet of retail space is 93% occupied, and 91% of the apartments are rented. Tenants include Punch Bowl Social, Rum Runners and ESPN Cleveland.“This building and the other parts of the Flats are really Scott Wolstein’s legacy, and it’s something to be really proud of,” Burkons said.
Everything attached to the apartment building, including the parking garage and the retail space are for sale. But the other buildings - unattached - like the Margaritaville and Lindsey’s Lake House, aren’t part of the property being sold. Burkons, who is working with Michael Barron and Josh Wintermute to sell the property, said he’s expecting it to sell for just under $100 million.