Joel Gorjian of NY-based Namdar Realty Group acquires 6,600 s/f single-tenant retail property
GREAT NECK, NY — Joel Gorjian, vice president of acquisitions & dispositions at Namdar Realty Group, has completed the acquisition of the 5900 St. Claire Ave. retail property in the St. Clair-Superior section of Cleveland, OH. A Key Bank branch currently occupies the 6,600 s/f, one-story, single-tenant retail building. Namdar is a national commercial real estate investment and management firm headquartered in Great Neck, NY. The seller was a private investment fund represented by CRESCO Real Estate, a member of the Cushman & Wakefield Alliance.
“The Key Bank branch building, one of the most attractive retail properties in the area, is situated within an up-and-coming, 7,000-resident St. Clair-Superior section of Cleveland. The neighborhood is home to numerous popular art, community, culinary, and business initiatives and programs. However, it lacks sufficient retail facilities to serve the local residents, which made the property an appealing acquisition target. In addition, the tenant renewed the lease only six months prior to the transaction taking place. The all-cash deal was negotiated off-market and we are planning to retain and operate the property long-term,” said Gorjian.