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📬 In today’s edition:

• 🏛️ No residential tower — the State of Ohio just bought the W. 9th lot for parking

• 🗺️ The man now leading Slavic Village's redevelopment has been on the job one week

• 🚲 $100K just unlocked plans for a new West Side path — here's which neighborhoods benefit

📰 Cleveland Market Minute

Slavic Village CDC hires new director

Already with a week on the job at the new executive director of Slavic Village Development (SVD) in its namesake Cleveland neighborhood, Mark Rantala has been out and about, engaging with the community.

After his start date of June 22, Rantala has been assessing SVD’s operations, meeting community partners, and introducing himself to some in the neighborhood.

🔗 Read More

Warehouse District lot buyer revealed

The buyer of the West 9th Parking Lot at the southwest corner of St. Clair Avenue is the State of Ohio. The 2.3-acre lot has a street address of 1365 W. 9th St.

The State has a pending purchase agreement for the 350-space parking lot because it has long faced a parking crunch at its nearby Frank J. Lausche State Office Building, 615 W. Superior Ave., according to a state spokesman.

🔗 Read More

West Blvd shared use path advances

State and local officials announced this week that the State of Ohio awarded $100,000 to the City of Cleveland to develop plans for a shared-use path for cyclists, joggers, pedestrians and others living in or visiting the city’s West Boulevard, Cudell, Clifton-Baltic and Edgewater neighborhoods.

State Rep. Tristan Rader, D-13, along with Cleveland’s Ward 11 Councilwoman Nikki Hudson and Ward 12 Councilman Tanmay Shah made the announcements in joint video statements posted on Facebook.

🔗 Read More

🏠 Just Sold Spotlight – Rare 6-Bedroom Historic Colonial with Grand Center Hall, Leaded Glass Windows & 5,000+ Sq. Ft. of Total Space in University Circle

📍 11015 Wade Park Ave, Cleveland, OH 44106

• 💰 Sold Price: $570,000

• 📏 Size: 4,154 sq. ft.

• 📅 Year Built: 1900

• 🛏 6 Beds | 🛁 3 Full + 2 Half Baths

• 🚗 Driveway

• 🌳 Lot Size: 0.28 Acres

• 🏫 School District: Cleveland Municipal School District

📝 Investor Takeaway

No Zestimate is available for this property — a common signal for historic, architecturally distinctive homes where automated valuation models lack sufficient comparable data. At $137/sq. ft. on 4,154 finished square feet with a fully finished basement, this Wade Park Colonial trades at a significant discount to replacement cost and represents one of the stronger value-per-square-foot propositions in the 44106 corridor.

The Rent Zestimate of $4,965/month against a $570,000 purchase price produces a gross yield of approximately 10.4% — exceptional for University Circle, where institutional demand from Cleveland Clinic, University Hospitals, and Case Western Reserve University creates a structurally deep renter pool at the executive and professional tier.

The 44106 market sits in buyer-favorable territory (32/100 index) with a 1.4% one-year price forecast — a deliberate, undersupplied submarket where well-located historic product rarely turns over. Major mechanical updates including high-velocity HVAC, renovated bathrooms, and updated electrical remove the risk premium typically assigned to century-old structures.

🏡 Neighborhood Insight

• 📍 Community: Wade Park / University Circle, Cleveland (44106)

• 🏞 Nearby Landmarks: Cleveland Clinic Main Campus, University Hospitals, Case Western Reserve University, Cleveland Museum of Art, Cleveland Botanical Garden, Severance Music Center

• 🚶 Accessibility: Minutes from University Circle's medical, cultural, and academic anchors; easy access to dining and public transit

• 🌿 Lifestyle Appeal: University Circle's rare combination of institutional stability, cultural density, and historic architecture makes Wade Park Ave one of Cleveland's most defensible long-term hold addresses — for owner-occupants and investors alike

📈 Recent Sales Nearby:

• 1575 E 108th St – $485,000 | 6 Bed | 5 Bath | 3.7k sq. ft.

• 10921 Wade Park Ave – $589,900 | 6 Bed | 4 Bath

• 1585 E 118th St – $510,000 | 4 Bed | 5 Bath | 2.8k sq. ft.

• 2268 Ardleigh Dr, Cleveland Heights – $580,000 | 6 Bed | 5 Bath

📌 Notable Features

• 🏛 Grand center hall entry with rich hardwood floors, original leaded and stained-glass windows, elegant wainscoting, and graceful archways throughout

• 🪵 Intricate original millwork and built-in cabinetry — historic craftsmanship rarely found at this price point

• 🍽 Spacious formal living and dining rooms with additional sitting rooms and flex spaces throughout

• 🍳 Updated kitchen with newer appliances and modern finishes complementing the home's historic character

• 👑 Two potential primary suites on the second floor — ideal for multigenerational living or executive accommodations

• 🏠 Third floor with additional bedrooms, full bath, and versatile living space for extended family or guests

• 🔥 Fireplace adding warmth and architectural character to the main living level

• 🏋 Full finished basement — 760 sq. ft. of additional usable space for recreation, storage, or flex use

• 🔧 Major updates: high-velocity HVAC and central AC, renovated bathrooms, updated electrical components

• 🚗 Driveway parking on a generous 0.28-acre lot in one of Cleveland's most storied historic districts

💡 Insider’s Insight

🏗 Lakewood's $119M Lakewood Common Nearly Tops Out

📍 The Story

• Lakewood's development wave isn't slowing. As the two-building Westline project on Detroit Avenue starts filling up, an even larger $119M mixed-use development — Lakewood Common — is nearly topping out less than a mile away on the former Lakewood Hospital site. And it's not the only project moving.

🏢 Lakewood Common — The Anchor ($119M)

• 📍 14519 Detroit Ave., between Belle and Marlowe

• Developer: CASTO (Columbus)

• Designer: Dimit Architects (Lakewood)

• General contractor: Panzica Construction (Mayfield Village)

• Historic Curtis Block renovation: 5 apartments over ground-floor retail

• Community plaza on Detroit Avenue

• 567 structured parking spaces total — including a new 536-space garage

💰 The Financing Stack

• Up to $75M in Port of Cleveland lease revenue bonds (approved last fall)

• Three tax-increment financing (TIF) packages

• 15-year property tax abatement (site designated as a community reinvestment area)

• $5M loan from the City of Lakewood for the parking garage

🏘 Shady Cove Luxury Townhomes

• 📍 12534 Lake Ave., directly west of the older Shady Cove Apartments

• Both properties owned by Freeland Ventures of Cleveland

• For-sale townhomes in planning

🏡 Thoreau Place

• Developer: Driven 4 Group

• Location: along the railroad tracks between Donald Avenue and Thoreau Road

• Model single-family home nearly complete; up to 10 townhomes planned to follow

• Construction currently slow on the model unit

🏘 Marlowe Townhomes (Revived)

• 📍 Southeast corner of Madison and Marlowe avenues

• 16 townhomes total: 4 three-story on Madison + 12 two-story on Marlowe

• Originally approved June 2020 as Marlowe Park Townhomes by Liberty Development

• Revived earlier this year by Greenlight Building Co. (Cleveland)

• Modifications: Madison-facing units pulled closer to street, gaining space for a 3rd bedroom in end units

• Planning Commission approval: March 5, 2026

• Parcels transferred to Marlowe Townhomes, LLC on July 1

• Construction start date TBD

🚧 Bunts Road Reconstruction

• Water, sewer, and roadway rebuild between Clifton and Lakewood Heights boulevards

• New off-street, two-way bike path included

• Current impact segment: Franklin to Lakewood Heights boulevards

• Southbound traffic only during construction

🔑 Investor Takeaway

Lakewood is quietly running the most ambitious first-ring suburban development pipeline in Greater Cleveland right now, and Lakewood Common is the anchor project that defines the cycle. 298 apartments plus 7 townhomes in a single site — with a $75M Port bond, three TIF packages, a 15-year CRA abatement, and a $5M city garage loan — is textbook proof that Lakewood is treating this like an infrastructure investment, not a private deal. That layered subsidy stack is worth studying because it's the pattern out-of-state developers now expect first-ring Ohio suburbs to offer.

📊 Cleveland Commercial Real Estate Q2 2026 — Retail Dominates, Industrial Tightens, Office Bifurcates

📍 The Story

Cleveland's Q2 2026 commercial real estate report shows a market navigating macroeconomic headwinds with disciplined supply and demographic rebalancing. Three sectors, three distinct storylines. The proprietary TenantBase data shows where the actual deal flow is happening over the last 90 days.

📈 Where the Deals Are Happening (Last 90 Days)

• Retail/Storefront: 61.76% of all searches (147 deals)

• Warehouse/Industrial: 28.57% (68 deals)

• Office: 9.66% (23 deals)

🏭 Industrial — The Standout Sector

• Vacancy: 3.9% (down 40 bps — among the tightest in the nation)

• Absorption: 1.0 million SF of space taken this year in a strong rebound

• Construction pipeline: just 124,000 SF under active build — supply discipline locked in

• Metrowide asking rate: ~$5.49/SF

• Bifurcation: sub-50,000 SF small-bay infill is supply-constrained (Cuyahoga Heights, Garfield Heights leading); big-box logistics tenants are getting selective and shortening lease terms

• Where the demand sits: 3–5 year deals dominate (27.27%), followed by 5+ year (24.24%)

• Long-term 5+ year deals request 37,500–48,333 SF on average

🛒 Retail — Highest Deal Volume, Anchored by Necessity

• Zero speculative ground-up builds — total supply discipline

• Absorption driven by service-oriented locals, discount department chains, and medical retail backfilling existing pads

• Landlord leverage remains stable because operators can't build cheaper new than they can lease existing

• Lease term preference: 3–5 years dominates at 38.60% of deals (22)

• Standard 3–5 year layouts target 3,333–4,200 SF

• Top submarkets by deal volume: Cleveland proper (12), Akron (6), Amherst (4), Canton (4), Elyria (4), Lakewood (4), Mentor (4), Shaker Heights (4)

🏢 Office — A Two-Track Story

• Overall vacancy: 20.2% (structural adjustment ongoing)

• Net absorption crossed back into positive territory for the first time in a year: +44,000 SF

• Positive demand led by suburban Southwest and East corridors

• Overall asking rents flat at ~$19.29/SF

• Modern Class A (post-2010) commanding premiums with tight single-digit vacancy

• Ground-up pipeline: 56,000 SF pre-leased — essentially no speculative supply risk

• Office-to-residential conversions (Erieview Tower is the signature example) actively clearing obsolete inventory

• Tenant preference: 60% of deals are under 1 year in duration — extreme flexibility bias

• Short-term footprints run 500–1,000 SF; long-term 5+ year deals ask for tiny 100–500 SF highly efficient layouts

🔮 What Q3–Q4 Looks Like

• Office: premium Class A holds; conversions clear old inventory from CBD

• Industrial: near-depleted construction pipeline plus Port of Cleveland freight upgrades keep vacancy in single digits

• Retail: constrained new construction protects neighborhood shopping centers from vacancy corrections into 2027

🗣 The Political Response

• Mayor Justin Bibb, Council President Blaine Griffin, and Ward 5 Councilman Richard Starr all pledged to attract replacement retailers

• Bibb: "Our commitment to a vibrant downtown remains unwavering".

🔑 Investor Takeaway

The three sector storylines couldn't be more different, and the composite picture explains why Cleveland CRE is one of the most disciplined markets in the country right now. Industrial at 3.9% vacancy with only 124,000 SF under construction is a landlord's dream — that's arguably the tightest small-bay logistics market of any major Ohio metro, and it will remain that way because nobody is building. If you're an owner of infill industrial in Cuyahoga or Garfield Heights, this is your pricing power window. Retail's 61.76% deal-volume share against zero speculative supply is the sleeper story.

🏡House of the Week – Quartzite Finishes, 4 Outdoor Spaces & 15-Year Abatement on Vine Court's Finest New Build

📍 3109 Vine Ct, Cleveland, OH 44113

• 💰 Price: $789,500

• 📏 Size: 2,444 sq ft

• 📅 Year Built: 2023 (15-Year Full Tax Abatement — Est. $15–20K/yr Savings)

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

• 🚗 Attached 3-Car Heated & EV-Ready Garage

• 🏡 Four-Level Luxury Townhouse | Ohio City / Vine Court

• 🏫 School District: Cleveland Metropolitan School District

🧘 Vibes: Vine Court has produced some of Ohio City's most compelling townhome inventory over the past decade, but this 2023-built showpiece sets a new standard for the street. Quartzite surfaces, a floating single-stringer metal staircase, Sierra Pacific windows, a three-car heated EV-ready garage, and four outdoor spaces — including a rooftop terrace with Lake Erie and skyline views — all anchored by one of the last available 15-year full City of Cleveland tax abatements in the submarket. This is what Ohio City luxury looks like when it's done without compromise.

The main living level leads with a showpiece kitchen that earns the descriptor — custom Amish-built cabinetry, an oversized waterfall quartzite island with matching backsplash, and WiFi-enabled appliances anchored by a 36" gas cooktop, built-in microwave, and counter-depth refrigerator. Ten-foot ceilings, wide-plank wood flooring, and expansive Sierra Pacific windows carry the sophistication throughout. A dining area with slider to an exterior balcony keeps the indoor-outdoor connection immediate and effortless.

👉 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

📣 Weekly Wrap-Up

📰 Cleveland Real Estate Weekly | University Circle Value, Lakewood's $119M Anchor & Commercial Clarity

Cleveland's market continues balancing two realities at once: large-scale redevelopment and expanding inventory. While national housing momentum slows and buyers gain leverage, Cleveland remains active with new investment pipelines, adaptive reuse projects, and strong demand for premium urban housing.

📊 Market Momentum: State Buys Warehouse District Lot, West Side Path Funding Lands, Slavic Village Gets New Leadership

The mystery buyer behind the 2.3-acre West 9th parking lot turned out to be the State of Ohio — solving a parking crunch at the nearby Lausche State Office Building rather than building residential.

🏠 Just Sold Spotlight | Rare 6-Bedroom Historic Colonial with Grand Center Hall, Leaded Glass Windows & 5,000+ Sq. Ft. of Total Space in University Circle

• 📍 11015 Wade Park Ave, Cleveland, OH 44106

• 💰 $570,000 | 📏 4,154 sq ft

At $137/sq. ft. on 4,154 finished square feet, this Wade Park Colonial trades at a meaningful discount to replacement cost — one of the stronger value-per-square-foot propositions in the 44106 corridor.

💡 Insider Insight | Lakewood's $119M Development Anchor and Cleveland's Q2 Commercial Clarity

Lakewood Common is nearly topped out at 14519 Detroit Ave. — a $119M mixed-use project on the former Lakewood Hospital site delivering 298 apartments, 7 townhomes, 567 structured parking spaces, and a renovated historic Curtis Block with ground-floor retail. Developer CASTO secured the deal with a layered subsidy stack: up to $75M in Port bonds, three TIF packages, a 15-year CRA abatement, and a $5M city garage loan.

🏡 House of the Week | Quartzite Finishes, 4 Outdoor Spaces & 15-Year Abatement on Vine Court's Finest New Build

• 📍 3109 Vine Ct, Cleveland, OH 44113

• 💰 $789,500 | 📏 2,444 sq ft

A 2023-built Ohio City showpiece on one of the submarket's most competitive streets — quartzite surfaces, custom Amish-built cabinetry, Sierra Pacific windows, a floating single-stringer metal staircase, and four outdoor spaces including a rooftop terrace with Lake Erie and skyline views. One of the last available 15-year full tax abatements in the corridor.

Cleveland Real Estate Investors

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