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📬 In today’s edition:

• 💡 Nobody built anything speculative. Now vacancy is tightening fast.

• 🏢 Veterans Memorial Bridge views from the 7th floor for $225K

• 🍺 The Treehouse pub is getting apartments built around it

📰 Cleveland Market Minute

Erieview Tower financing has officially been completed

Despite prior declarations by Erieview Tower’s redevelopment team that it was moving forward with its project, an investment bank that was tasked with delivering the financing finally confirmed today its fiscal resources are now in place.

Brown Gibbons Lang & Company (BGL), headquartered in Downtown Cleveland, announced the closing of approximately $217.6 million in financing for the residential and hotel components of the Erieview Tower and Galleria redevelopment, 1301 E. 9th St., downtown.

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Clinic’s expanding Emergency Dept. has a big price tag

Way back in the good old days of the early 2000s, $230 million would be enough money to afford building a landmark 50-plus-story skyscraper. Today, with inflation and a very specialized building to construct, that same amount of money will achieve a structure of far less scale.

But to the Cleveland Clinic Foundation, it considers its impending, expanded Emergency Department no less important. That structure is officially called the E Building in its alphabetic-coded identification system for its Main Campus buildings near University Circle.

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Tremont Treehouse apartments to sprout

Sometimes a proposed development in Cleveland sees a flurry of public activity when it’s first announced, then fades into the background for months or even years, then suddenly pops back up again when everything finally comes together for that project.

That appears to be the case for the Tremont Treehouse Apartments, 2291 Professor St., planned for the Cleveland neighborhood of the same name. And above its L-shaped footprint, it would be built around the The Treehouse pub, 820 College Ave.

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🏠 Just Sold Spotlight

Corner Stonebridge High-Rise Condo with Private Balcony, Concierge Service & Airbnb Approval

📍2222 Detroit Ave APT 707, Cleveland, OH 44113

• 💰 Sold Price: $225,000

• 📏 Size: 1,219 sq. ft.

• 📅 Year Built: 2005

• 🛏 2 Beds | 🛁 2 Full Baths

• 🚗 Gated Garage Parking (Space #22)

• 🌳 Lot Size: —

• 🏫 School District: Cleveland Municipal School District

📝 Investor Takeaway

Closing $2,400 below its $227,400 Zestimate after 32 days on market, this Stonebridge corner unit sold at a slight discount in a soft 44113 buyer's market (35/100 index) — a marginal concession that still reflects healthy demand for a building with consistent in-unit transaction volume.

🏡 Neighborhood Insight

• 📍 Community: Ohio City / Stonebridge, Cleveland (44113)

• 🏞 Nearby Landmarks: Veterans Memorial Bridge, Superior Viaduct, West Bank of the Flats, Ohio City restaurant corridor, Tremont, Gordon Square, downtown Cleveland sporting venues

• 🚶 Accessibility: Steps from Ohio City dining, riverfront trails, and downtown entertainment; easy access to I-90

• 🌿 Lifestyle Appeal: Stonebridge's position at the intersection of Ohio City, the Flats, and downtown Cleveland makes it one of Cleveland's most location-efficient urban addresses walkable to everything the near west side offers while sitting above the energy of the riverfront

📈 Recent Sales Nearby:

• 1951 W 26th St APT 502 – $229,900 | 2 Bed | 2 Bath | 1.1k sq. ft. | Ohio City

• 1951 W 26th St APT 301 – $255,000 | 2 Bed | 2 Bath | 1k sq. ft. | Ohio City

• 1133 W 9th St #321 – $210,000 | 2 Bed | 2 Bath | 1.1k sq. ft. | Downtown

• 750 Prospect Ave E APT 605 – $220,000 | 2 Bed | 2 Bath | 1k sq. ft. | Gateway District

• 1900 Grove Ct APT 105 – $222,000 | 1 Bed | 2 Bath | 1.1k sq. ft. | Ohio City

Listed by: Brandy Phillips | Keller Williams Citywide

📞 440-351-9051 | [email protected]

💡 Insider’s Insight

🏭 Northeast Ohio's Industrial Market Turns a Corner, Without a Boom

Northeast Ohio's industrial market is finally moving in the right direction after five straight quarters of tenants giving back more space than they took. According to Troy Gerspacher of Gerspacher Real Estate Group, the turnaround is not being driven by a surge in new demand. It is happening because almost nobody built anything speculative for two straight years, so even modest leasing activity is now enough to swing absorption positive.

The core identity of this market matters here. Northeast Ohio has never chased Amazon style mega fulfillment. It is a manufacturing region, and most of the active deals are happening in buildings under 100,000 square feet run by regional manufacturers and smaller operators who have been established here for decades.

📌 Cleveland's industrial fundamentals, Q1 2026

• Vacancy: 4.3 percent, well below the national industrial vacancy rate of roughly 7.5 percent

• Average asking rents: $6.70 per square foot

• Positive net absorption: approximately 420,000 square feet

• Under construction: roughly 399,000 square feet, with only 121,000 square feet delivered in the quarter

• Investment activity: approximately $127 million, trading at an average of about $54 per square foot

Developers stopped speculating, and that discipline is the entire story. Construction across Cleveland and Akron dropped below 800,000 square feet by the end of last year, and nearly everything still going up is build to suit.

📌 Cleveland's industrial fundamentals, Q1 2026

• Amazon: approximately 388,000 square foot fulfillment center on Manchester Road in Akron, the biggest single net new deal being tracked

• Plastic Express: 302,000 square feet leased in Elyria

• Akrochem: 200,000 square foot facility proposed in Tallmadge

🔑 Investor Takeaway

This is a steady, disciplined recovery rather than a boom, and that distinction is precisely what makes it investable. A 4.3 percent vacancy rate against a near dead construction pipeline is the textbook setup for continued rent growth without the overbuilding risk that typically accompanies a hot industrial market.

🏗 Anchor Manufacturing Sells 339,449 SF Cleveland Portfolio in Sale Leaseback

A five decade old Cleveland manufacturer just converted its real estate into liquid capital while keeping full control of its facilities. Industrial Realty Group, PREP Funds, and CG Real Estate Capital completed a sale leaseback transaction with Anchor Manufacturing.

Acquiring a three property industrial portfolio totaling 339,449 square feet on 18.44 acres across two Cleveland area corridors. Anchor Manufacturing entered into a long term master lease and will continue operating headquarters and manufacturing functions at each site without interruption.

📌 The three properties

• Anchor Metal Processing, 12200 Brookpark Road: 153,814 square feet on 8.17 acres, corporate headquarters and primary stamping plant

• Anchor Tool & Die, 11840 Brookpark Road: 159,459 square feet on 8.27 acres, stamping and fabrication operations

• Anchor Die Technologies, 4541 Industrial Parkway: 26,176 square feet on 2.0 acres, specialized die and tooling support

📌 What this deal says about the Cleveland market

• Cleveland industrial vacancy: approximately 4.4 percent

• Average net asking rents: $6.80 per square foot in Q2 2026, up roughly 4.3 percent year over year

• Older second generation manufacturing product, the category this portfolio falls into, has been trading at approximately $50 to $55 per square foot with cap rates in the 10 to 10.5 percent range

• At those benchmarks, a portfolio this size would imply a transaction value in the range of $18 million to $19 million, though that figure is a market estimate, not a reported deal price

• Total Cleveland industrial sales volume in Q2 2026: approximately $164 million

🔑 Investor Takeaway

This deal is a clean, real world confirmation of everything the broader Northeast Ohio industrial data has been signaling. A national buyer group is willing to pay full market pricing, in the 10 to 10.5 percent cap rate range for older second generation manufacturing product, specifically because the tenant is mission critical and the lease is long term and fully credit backed.

🏡House of the Week

To-Be-Built Detached Cluster Home with Rooftop Deck & 15-Year Full Abatement at OKO in Tremont

📍 West Pl #58, Cleveland, OH 44102

• 💰 Price: $599,000

• 📏 Size: 1,917 sq ft

• 📅 Year Built: 2026 | To Be Built | 15-Year 100% Tax Abatement

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

• 🚗 Attached 2-Car Garage

• 🏡 Detached Cluster Home | OKO Community, Tremont

• 🏫 School District: Cleveland Metropolitan School District

🧘 Vibes: A to-be-built detached single-family home inside OKO Tremont's most distinctive new cluster home community with a 15-year full tax abatement, a private rooftop deck, sound-reducing insulation, tankless hot water, and buyer-selectable finishes. For buyers who want the privacy of a standalone home without the maintenance burden, and who understand what a 15-year abatement does to the true cost of ownership in Tremont, this is the opportunity worth moving on before the lot selection window closes.

👉 Listed by: Brian H. Cantrall | Chestnut Hill Realty, Inc.

📞 216-249-2021 ✉️ [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