Lee & Associates (“Lee”) is pleased to exclusively offer for sale the fee-simple ownership interest in Elk & Elk Building (the “Property” or “Building”). The Elk & Elk Building consists of a two-story Class A office building, which is well located in one of Cleveland's strongest Suburban Office Market, the East submarket and specifically, the Landerhaven/Landerbrook submarket. The Building is located just three minutes from the Interstate 271 exit at Brainard/Cedar, which is also the home of Beachwood Place, Legacy Village, Cleveland Clinic Beachwood Campus, and Acaicia Reservation. The Property also has a terrific parking ratio of over 4.5 spaces per 1,000 SF and covered portico outside of the rear entrance. The first floor offers a multitude of space plan design options and the second floor has a once in a lifetime corporate headquarters type space.The Building was constructed in 2007 as part of the Landerhaven Office Park, a 17 building, 1.7 million square foot office complex. With a strong and a tenant mix well established in the Cleveland business community, this terrific office investment sets itself apart on many levels.At 92.4% percent leased, the Elk & Elk Building has a with a weighted average lease term of 87.115 months or over 7 years and 3 months as of May 2021. With three newly completed leases the Building, the Property has reestablished itself as one of the more active properties in the submarket, by resetting rents, and thus creating upside in income for a long term investor.
