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.

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