July 11, 2011

NEO CRE Play of the Week 7/4 - 7/8

This weeks NEO CRE Play of the Week goes to Neil Viny at The Dalad Group for his acquisition of Essex Place on Rockside Road. Dalad Group, who is already a major player in the Rockside market, added the 80,000 SF Class A office property to their portfolio.  Currently at 80% vacancy, Essex Place was one of the casualties of the economic downturn and battered Rockside sub-market.  We at the CREInsider applaud Mr. Viny's foresight and timing (not to mention financing) of this acquisition as market fundamentals continue to improve not only Rockside but across Northeast Ohio.  With a $2.9 million purchase price he should be poised to make some very competitive deals.  More on his acquisition was reported in Crains Cleveland this week.

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