February 18, 2025
Peak acquired two multi-tenant office buildings on 5 acres in Brecksville, an affluent Cleveland suburb, at just $38/SF. When the property went under contract, occupancy was 59%. By closing, our leasing team increased occupancy to 85%, boosting the appraised value by $1.0MM and generating $283K in-place NOI.
This value-add opportunity was driven by underperforming legacy leasing. Peak assumed leasing and management, implemented cosmetic upgrades, and positioned the asset to benefit from nearby developments including Sherwin Williams’ new R&D campus and the massive Valor Acres mixed-use project.
