4261 Fulton Parkway, Cleveland, OH
4261 Fulton Parkway, Cleveland, OH 44144
Acquisition Date: September 2017
Market Value: $8,500,000
Building Size: 58,642 SF
Property Type: Office (Government)
Tenant: Cuyahoga County – Family Services Division
Occupancy: 100% (single tenant)
Investor Returns: N/A (no investors – principals only)
Highlights: This property is a government occupied office building with a credit tenant on a full-service lease. At acquisition, the existing lease with the tenant had a remaining term of about 4 years, resulting in a favorable acquisition price due to the perceived risk of non-renewal by the tenant. Envision mitigated the risk of non-renewal through: (i) a creative acquisition structure, including about $600,000 in holdbacks from the purchase price, and (ii) performing extensive due diligence, which revealed that the tenant intends to remain long term.
At Envision, our main goal is to identify and procure properties that provide stable, long-term and high-yield investments with returns that outweigh the risks. Our unique and creative approach in operating our company and structuring transactions allows us to effectively achieve this goal.