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📬 In today’s edition:

• 📍 GBX is selling the buildings across from its $50M Samsel Supply project

• 🍽️ Restaurants are open, apartments are filling. Valor Acres is real now.

• 📈 Valor Acres attracted three corporate relocations and now Cleveland Clinic

📰 Cleveland Market Minute

City Hall intervenes in Reserve Square sale

Mayor Justin Bibb’s administration filed a legal action this week in federal court to intervene in a foreclosure lawsuit involving the Reserve Square property in Downtown Cleveland. City Law Director Mark Griffin said the intervention was necessary to protect downtown and to make sure that Reserve Square’s residents have safe accommodations.

Reserve Square, 1701 E. 12th St., is the subject of a foreclosure action filed in July 2025 by lender Fannie Mae after Willoughby-based owner K&D Group defaulted on a $78 million mortgage. U.S. District Court Judge Bridget Meehan Brennan appointed Andrew Hayman of the Haymen Co. of Southfield, MI as receiver to manage the property.

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Large factory sold, to stay industrial

A local investor partnership comprised of Reuven Dessler and Rico Pietro acquired a large factory complex in Cleveland’s Euclid-Green neighborhood for a simple reason — it was too good of a deal to pass up.

The partners, organized as RR 18513 Euclid Ave LLC, submitted a non-refundable cash offer of $2.5 million for the vacant, former Meyer Products snowplow factory, 18513 Euclid Ave. The offer was accepted.

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Downtown at Valor Acres nears completion

The finished touches are being added to Valor Acres, a $678 million mixed-use lifestyle development in Brecksville. In this edition of Progress Pics, we take a walkthrough of the main street activity known as Downtown at Valor Acres, which is now open to pedestrians.

First tenants have already begun moving in to the 221 apartment units in the core of development. On the north side of the massive project however, the remaining 100+ apartments and townhomes known as Canvas at Valor Acres have already been open for some time.

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🏠 Just Sold Spotlight

Restored 1890 Ohio City Colonial with Cherry Hardwood Floors, Two-Car Garage, Dedicated Home Office & Carnegie West Library Steps Away

📍3801 Bridge Ave, Cleveland, OH 44113

• 💰 Sold Price: $413,500

• 📏 Size: 2,168 sq. ft.

• 📅 Year Built: 1890

• 🛏 2 Beds | 🛁 2 Full + 1 Half Bath

• 🚗 Detached 2-Car Garage

• 🌳 Lot Size: 4,552 sq. ft.

• 🏫 School District: Cleveland Municipal School District

📝 Investor Takeaway

Closing $2,900 above its $410,600 Zestimate in just 22 days, this Bridge Avenue Colonial sold above Zestimate in a soft 44113 buyer's market (36/100 index) a signal that well-maintained historic product with practical upgrades continues to find motivated buyers even as broader inventory builds.

🏡 Neighborhood Insight

• 📍 Community: Ohio City, Cleveland (44113)

• 🏞 Nearby Landmarks: Carnegie West Library (steps away), West Side Market, West 25th Street, Lorain Avenue commercial corridor, Mason's Creamery, Juneberry Table, Heart of Gold, Patron Saint

• 🚶 Accessibility: Highly walkable; steps from Carnegie West Library and minutes from West Side Market and West 25th Street dining and retail

• 🌿 Lifestyle Appeal: Bridge Avenue sits at the quieter residential edge of Ohio City's commercial energy walkable to everything the neighborhood offers while removed enough from the corridor to maintain genuine neighborhood character and a generous corner lot footprint

📈 Recent Sales Nearby:

• 1420 W 48th St – $365,000 | 2 Bed | 3 Bath | 2.3k sq. ft.

• 5500 Courtland Ct – $345,000 | 2 Bed | 3 Bath | 2k sq. ft.

• 1922 W 52nd St – $449,000 | 2 Bed | 3 Bath | 1.9k sq. ft.

• 3020 Carroll Ave – $397,000 | 2 Bed | 2 Bath | 2k sq. ft.

• 3402 Woodbine Ave – $407,000 | 2 Bed | 3 Bath | 1.6k sq. ft.

Listed by: Jeremy P Ols | Keller Williams Greater Metropolitan

📞 440-263-8915 | [email protected]

💡 Insider’s Insight

🏙 Valor Acres Welcomes First Residents as Brecksville's $678M Downtown Takes Shape

Brecksville's $678 million Valor Acres lifestyle development has begun welcoming residents, with Downtown at Valor Acres now open to pedestrians. Three residential buildings opened in phases this summer: Linden delivered 51 luxury units on August 1, Laurel added 51 more on August 15, and Vale brought 119 units online September 1.

Retail and hospitality are filling in around the residential base. The Post, an indoor/outdoor bar, along with restaurants Flour and Masu, are already open on the ground floor of DiGeronimo Companies' headquarters building.

📌 Corporate relocations anchoring the district

• DiGeronimo Companies moved headquarters from Independence to Brecksville

• Hylant (Toledo-based insurance broker) announced a similar move

• CSA Group is relocating its USA headquarters from Independence, a 290,000+ square foot facility with testing labs and offices, backed by an eight-year, 1.619 percent job creation tax credit approved in January, creating at least 97 new positions

A five-story AC Hotel by Marriott is under construction at the end of the main drag, and Cleveland Clinic recently announced a 60,000 square foot outpatient facility nearby with 108 exam rooms and 100 new positions across specialties including obstetrics, vascular surgery, and orthopedics.

🔑 Investor Takeaway

The more important pattern is the relocation magnet effect. DiGeronimo, Hylant, and CSA Group all moved corporate operations into Brecksville specifically because Valor Acres exists, and Sherwin-Williams consolidated 900 R&D jobs there from two other Cleveland-area locations.

🏨 Erieview Tower's $217.6M Closing Confirmed, BGL Details the Capital Structure

Brown Gibbons Lang & Company confirmed today that approximately $217.6 million in financing has officially closed for the residential and hotel components of the Erieview Tower and Galleria redevelopment at 1301 E. 9th St. BGL served as exclusive financial advisor to ErieView Development, the Kassouf family led team behind the project.

The 40-story 1964 landmark, downtown Cleveland's fifth-tallest building, will become a 210-key W Cleveland hotel, Ohio's first W Hotel, alongside 215 W Apartments. The apartments will be offered exclusively for rent, a first for the W Apartments brand anywhere in the world according to BGL.

📌 What makes the amenity program unusual

• BGL officials call it the most extensive single-building amenity program in Ohio

• A resident could park in the enclosed garage and reach the 38th floor restaurant without ever stepping outside

• Residents, office tenants, and hotel guests share the same food and beverage program, including dining delivered directly to residences and office floors

• Spa, fitness center, 15,000 square foot ballroom, and lobby lounge round out the offering

Elias Kassouf, principal at ErieView Development, credited BGL with bringing "both creativity and discipline to a highly complex capital structure." The financing stack includes $93.4 million in C-PACE financing from Nuveen Green Capital, Ohio's largest C-PACE transaction ever closed, funding energy, water, and building envelope improvements including VRF mechanical systems and elevator modernization.

📌 The rest of the capital stack

• ERIEBANK (CNB Bank division): $20 million in senior financing

• Foss & Company: invested in Ohio Historic and Transformational Mixed-Use Development tax credits, plus bridge financing for those credits

• Consortium Structured Investments: invested in federal historic tax credits

• Midland States Bank: federal historic tax credit bridge financing

• Cuyahoga County: loan supporting the hotel component

• Additional layers: Ohio Brownfield Remediation Program funds, city tax abatements and TIF, Port Authority incentives

Foss & Company's Eric Brubaker called Erieview Tower "the kind of catalytic redevelopment our state credit and bridge financing programs are built to support." BGL Managing Director Anthony Delfre tied the deal to the firm's own legacy, noting founder Mike Gibbons was a longtime advocate for high quality multifamily housing across the Midwest.

🔑 Investor Takeaway

Any investor or developer evaluating a similar adaptive reuse project downtown, including 925 Euclid, should treat this exact structure as the reference model. The shared amenity and food and beverage program across residential, hotel, and office uses is also worth studying closely.

🏡House of the Week

Amish Cabinetry, 3-Car Garage & Tax Abatement Through 2037 in the Heart of Ohio City

📍 4415 John Ave, Cleveland, OH 44113

• 💰 Price: $575,000

• 📏 Size: 2,185 sq ft

• 📅 Year Built: 2022 | Full Tax Abatement Through 2037

• 🛏 3 Beds | 🛁 2 Full Baths + 1 Half Bath

• 🚗 Attached 3-Car Garage

• 🏡 Contemporary Single Family Residence | Ohio City

• 🏫 School District: Cleveland Metropolitan School District

• 🏷️ No HOA | Annual Taxes: $1,688

🧘 Vibes: A 2022-built free-standing home on a quiet Ohio City street with locally crafted Amish cabinetry, wide-plank hickory floors, Andersen windows, a 3-car garage, and a full tax abatement running through 2037. No HOA. Annual taxes of $1,688. At $263 per square foot in one of Cleveland's most walkable neighborhoods, this is the kind of well-finished, low-overhead ownership story that Ohio City buyers have been waiting to find.

👉 Listed by: Allie Carr | Berkshire Hathaway HomeServices Professional Realty

📞 216-952-8884 ✉️ [email protected]

🛠 Tools & Resources We Recommend

• PropStream → Lead generation + property comps

• AirDNA → Short-term rental profitability data

• BiggerPockets Cap Rate Guide → Know how to calculate investment ROI

• Cleveland Housing Court Tracker → Spot eviction risks and distressed deals

• Cleveland Real Estate Investor Facebook Group → Share deals and insights with local investors