1111 Superior Avenue

Cleveland, Ohio

618,000 SQUARE FEET

28 STORIES

  • ASSET CLASS: Class A Office
  • IRR: 29.3%
  • MULTIPLE: 2.64x
  • TOTAL EQUITY: $12,175,000

1111 Superior Avenue is a 618,000-square-foot downtown office building, purchased in 2014 for $19,500,000 with a loan of $14,500,000. At the time of purchase, the property was 53% leased.  Within the first year, American Landmark Properties completed an extensive renovation of the lobby and added a first-class executive fitness center and conference facility to the property. These improvements resulted in new leases increasing the building’s occupancy to nearly 85%, including a 42,000-square-foot lease with IBM. American Landmark Properties managed and leased this building, and was also successful in negotiating a 37-year extension of the ground lease, allowing the property to be successfully marketed for sale. The property was sold in 2018 for $54,000,000.  This translated to a 2.64x equity multiple and in excess of a 29% IRR for investors.

VIEW CASE STUDY

Get Started with Real Estate Investing Today

Get Started