Midtown Square Office Park | Cleveland,OH
For Sale | $4,000,000
Offering Highlights
Located in the heart of the Midtown Corridor of
Downtown Cleveland just east of the ever-expanding
Cleveland State U. complex
A must see user/investor building perfect for HQ!
Victor S. Voinovich Sr.
Managing Director
888.236.1435
voinovichv@svn.com
OH #BRK0000264083
Two vehicle entrances, one on Euclid, and the other on
Prospect for excellent vehicle access
Close proximity to I 90/I 77
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CONFIDENTIAL OFFERING MEMORANDUM
MIDTOWN SQUARE OFFICE PARK
Confidentiality & Disclaimer
Disclaimer | Confidentiality
The material contained in this Investment Offering
Brochure is furnished solely for the purpose of considering
the purchase of the property within and is not to be used
for any other purpose. This information should not, under
any circumstances, be photocopied or disclosed to any
third party without the written consent of Sperry Van Ness
or Owner, or used for any purpose whatsoever other than
to evaluate the possible purchase of the Property.
The only party authorized to represent the Property Owner
(“Owner”) in connection with the sale of the Property is the
Sperry Van Ness Advisor listed in this proposal, and no
other person is authorized by the Owner to provide any
information or to make any representations other than
contained in this Investment Offering Brochure. If the
person receiving these materials does not choose to
pursue a purchase of the Property, this Offering Brochure
must be returned to Sperry Van Ness.
Neither the Sperry Van Ness Advisor nor the Owner make
any representation or warranty, express or implied, as to
the accuracy or completeness of the information contained
herein, and nothing contained herein is or shall be relied
upon as a promise or representation as to the future
performance of the Property. This Offering Brochure may
include certain statements and estimates by Sperry Van
Ness with respect to the projected future performance of
the Property. These Assumptions may or may not be proven
to be correct, and there can be no assurance that such
estimates will be achieved. Further, the Sperry Van Ness
Advisor and the Owner disclaim any and all liability for
representations or warranties, expressed or implied,
contained in or omitted from this Investment Offering
Brochure, or any other written or oral communication
transmitted or made available to the recipient. The
recipient shall be entitled to rely solely on those
representations
and warranties that may be made to it in any final, fully
executed and delivered Real Estate Purchase Agreement
between it and Owner.
The information contained herein is subject to change
without notice and the recipient of these materials shall
not look to Owner or the Sperry Van Ness Advisor, nor any
of their officers, employees, representatives, independent
contractors or affiliates, for the accuracy or completeness
thereof. Recipients of this Investment Offering Brochure are
advised and encouraged to conduct their own
comprehensive review and analysis of the Property.
This Investment Offering Brochure is a solicitation of
interest only and is not an offer to sell the Property. The
Owner expressly reserves the right, at its sole discretion, to
reject any or all expressions of interest to purchase the
Property and expressly reserves the right, at its sole
discretion, to terminate negotiations with any entity, for
any reason, at any time with or without notice. The Owner
shall have no legal commitment or obligation to any entity
reviewing the Investment Offering Brochure or making an
offer to purchase the Property unless and until the Owner
executes and delivers a signed Real Estate Purchase
Agreement on terms acceptable to Owner, in Owner’s sole
discretion. By submitting an offer, a prospective purchaser
will be deemed to have acknowledged the foregoing and
agreed to release the Owner and the Sperry Van Ness
Advisor from any liability with respect thereto.
To the extent Owner or any agent of Owner corresponds
with any prospective purchaser, any prospective purchaser
should not rely on any such correspondence or statements
as binding Owner. Only a fully executed Real Estate
Purchase Agreement shall bind the property and each
prospective purchaser proceeds at its own risk.
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CONFIDENTIAL OFFERING MEMORANDUM
MIDTOWN SQUARE OFFICE PARK
Table Of Contents
Table of Contents
1. PROPERTY OVERVIEW
4
Executive Summary
5
Complete Highlights
6
Property Overview
7
Health_Tech_Corridor.pdf
8
HTC100 Gig.pdf (1)
9
Custom Page
10
2014-05-28_-_3634__3636_Euclid_Ave__Plans_(5).pdf
11
2. LOCATION OVERVIEW
16
HTC100 Gig.pdf (2)
17
Location Maps
18
Custom Page
19
Custom Page
20
Custom Page
21
22
3. SALE COMPARABLES
Sale Comps
23
Sale Comps Map
25
Sale Comparables Summary
26
27
4. DEMOGRAPHICS
Demographics Report
28
Demographics Map
29
5. ADDITIONAL INFORMATION
30
Additional Photos
31
Additional Photos
32
Additional Photos
33
Additional Photos
34
Additional Photos
35
Additional Photos
36
Additional Photos
37
6. ADVISOR BIO & CONTACT
38
Back Page
39
Advisor Bio & Contact 1
40
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CONFIDENTIAL OFFERING MEMORANDUM
MIDTOWN SQUARE OFFICE PARK
1
PROPERTY OVERVIEW
Executive Summary
Complete Highlights
Property Overview
Health_Tech_Corridor.pdf
HTC100 Gig.pdf (1)
Custom Page
2014-05-28_-_3634__3636_Euclid_Ave__Plans_(5).pdf
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For Sale | Office
Midtown Square Office Park
3634-3636 Euclid Avenue • Cleveland, OH 44115
Investment Overview
Sale Price:
$4,000,000
Lot Size:
2.14 Acres
Building Size:
66,943 SF
Building Class:
Year Built:
A
1999
Zoning:
Commercial Office
Market:
Cleveland
Sub Market:
Cross Streets:
MidTown
East 36th Street
Property Overview
Property
Midtown Square Office Park consists of two buildings, one of which was completed in 1999 as a 3-story, 31657
sq.ft. office building including a 7932 sq.ft., 19 car basement parking garage; and the other rennovated in 1999
as a 2-story, 35,286 sq.ft. office building including a 2995 sq.ft. basement/fitness center with lockers and
showers . The park features a 118 car surface parking lot and is one of the few buildings with vehicular access
on two major arteries giving it a competitive advantage to most buildings that have Euclid Avenue addresses.
Location
Located in the heart of Cleveland's Bustling Mid-Town Corridor just east of Cleveland State University and
across the street from American Red Cross on the south side of Euclid Avenue. Euclid Avenue is one of
Cleveland's most prominent streets spanning from the CBD out to the County line and beyond. The Property is
approximately 6 minutes driving to the Cleveland Clinic Complex ( Ohio's largest employer) and University
Circle and to Cleveland's Public Square. The property is located between Euclid Ave. to the North and Prospect
Ave. to the South. It is on the Euclid Avenue "Healthline" Regional Transit Bus line with a stop in close
proximity to the Property. During business hours, buses run every 6 to 7 minutes.
Presented by
VICTOR S. VOINOVICH SR.
888.236.1435
voinovichv@svn.com
OH #BRK0000264083
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1. PROPERTY OVERVIEW
MIDTOWN SQUARE OFFICE PARK
Complete Highlights
Investment Highlights
For Sale at $4,000,000; $59.75 per sq.ft.
Existing tenants provide income over $350,000 per
year
Investor/User occupancy cost under $13 per sq.ft.
Free parking attracts employees and convenient for
clients
Property Highlights
Located in the heart of the Mid-Town Corridor just east
of the ever-expanding Cleveland State U. complex
Also part of Cleveland's Heath Tech Corridor soon to
feature world class fiber optic connectivity with the
fastest speed in the world
Two vehicle entrances, one on Euclid, the other on
Prospect for excellent vehicle access
Free parking including a 19 car heated underground
parking lot with remote access overhead door controls
31,650 sq. ft. is available in both buildings.
Plug and play work environment with extensive cubes
already in place
A must-see investor/ user building! Rare small HQ
opportunity
Situated on the Euclid Avenue "Healthline" with transit
cars running every 6-7 minutes during business hours,
providing access for employees and transportation to
University Circle and Cleveland's CBD.
Close proximity to I90 & I 77
First floor sit-down, fast-casual restaurant
Fitness Center with lockers and showers
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1. PROPERTY OVERVIEWCONFIDENTIAL OFFERING MEMORANDUM
MIDTOWN SQUARE OFFICE PARK
3634-3636 Euclid Avenue | Cleveland, OH 44115
Property Overview
For Sale | $4,000,000
Physical Description
Property Name:
Type of Ownership:
Property Type:
APN:
Lot Size:
Rentable SF:
Building Class:
Zoning:
Parking Spaces:
Midtown Square Office Park
Institutional
Office
103-08-014
2.14 AC
56016
A and B
Commercial Office
137 (19 heated garage)
Parking Ratio:
2.5:1
Building Frontage:
236'
Cross Streets:
East 36th Street
Construction
Year Built:
1999
Construction Type:
Steel and concrete with brick veneer; Steel, wood and concrete with brick veneer
Number of Stories:
2 and 3
Average Floor Size:
12000 sq. ft.
Foundation:
Parking Surface:
Number of Units:
Basement( parking garage/ fitness center
Asphalt
10
Interior Finish
Walls:
Ceilings:
Floor Coverings:
Restrooms:
Corridors:
Drywall
Acoustical grid
Carpet, tile
Tile
Carpet, tile
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Health Tech Corridor
The HTC covers 1,600 acres, spans three miles, and includes a vibrant concentration of
biomedical and technology assets.

80+ biomedical companies




30+ technology companies
8 business incubators
4 world-class health care clinical and research institutions
4 higher education institutions dedicated to health and technology education, research,
and workforce training
The HTC is located in the heart of Cleveland, Ohio, one of the leading biomedical, health-care
and technology regions in the nation.





Over 600 health care companies
Over $1 billion invested in over 100 companies since 2003
65 National investors in Cleveland biomedical and health care companies
29 health care exits since 2002
$465 million Global Center for Health Innovation

$600 million in annual research
Cleveland prepares to 'light up' 100 gig Internet service
- The Plain Dealer
plaindealer.oh.app.newsmemory.com /publink.php
Cleveland prepares to 'light up' 100 gig Internet service
rsmith@plaind.com
Work will begin in January installing the nation's fastest commercial Internet service in the Health-Tech
Corridor east of downtown.
By summer, project architects intend to ''light up'' a 100-gigabit fiber optic network that they say will set a
new standard for technology infrastructure in cities.
The Cleveland Super Gig, as some are calling it, will offer downloads and uploads more than 300 times
faster than the national average.
Those and other details were announced Friday in University Circle at a press conference that drew
representatives of Northeast Ohio's leading health care, technology and academic institutions.
The $1 million project, largely underwritten by the federal government, is inspiring as much dreaming as
planning.
No one can predict the impact of 100 gigabit Internet on a research neighborhood because few have ever
worked at such speeds before, several speakers noted.
But if speed succeeds on the Internet, Cleveland is soon to be driving the pace car.
Plans call for stringing three miles of advanced fiber optic cable, from the Idea Center in Play-House
Square to Case Western Reserve University in University Circle, along utility poles owned by Cleveland
Public Power.
No streets will be dug up for the project, said Lev Gonick, the chief executive of OneCommunity, a
nonprofit broadband Internet provider that is leading the project.
OneCommunity is partnering with the city, which will contribute $200,000 toward the effort.
The collaboration between OneCommunity and Cleveland's economic development specialists helped to
attract the federal support, said Jay Williams, the former mayor of Youngstown and the U.S. Assistant
Secretary of Commerce for Economic Development.
Williams said the project could help shape a new image for the Rust Belt as it establishes Cleveland as
one of the nation's innovation hubs.
''This will set the gold standard for connectivity,'' he predicted.
Gonick helped to explain why. Projecting maps of high speed Internet networks on a flat screen TV, Gonick
showed how Cleveland's 100-gigabit network will connect to a year-old, statewide network that also runs at
100 gigabits-per-second, currently the state of the art. Ohio's network, in turn, connects to a growing,
global 100-gigabit network.
1. PROPERTY OVERVIEW
MIDTOWN SQUARE OFFICE PARK
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Add title
here
Midtown
Corridor
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CONFIDENTIAL OFFERING MEMORANDUM
MIDTOWN SQUARE OFFICE PARK
2
LOCATION OVERVIEW
HTC100 Gig.pdf (2)
Location Maps
Custom Page
Custom Page
Custom Page
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Cleveland, Gonick said, will become the first city in America where commercial enterprises can connect to
the national and global ultra high-speed networks.
''The commercial Internet is being reinvented in Cleveland,'' he said.
The economic impact remains a guess, but technology experts expressed excitement.
CWRU will see its Internet speeds increase by a factor of 50.
University Hospitals will experience a smaller but still significant boost, said John Foley, the chief
information officer of the hospital system.
He predicted new treatment models and new medical technologies would result from the ability to move
and process massive amounts of data at greater speeds.
Dr. Anil Jain, co-founder of the big data firm Explorys, where the press conference was held, said he sees a
new recruitment lure.
''We can tell the next candidate from Silicon Valley, 'We have the first 100 gig Internet right here in
Cleveland.''' And you don't.
Capturing the mood of the moment, Foley told the gathering: ''Creating the future — it's probably the most
fun thing we can do.''
Residents will be left out of the party for a while. Gonick said the nation is probably five to seven years
away from bringing 100-gigabit service to homes, but that more innovations are surely coming.
''This is just the beginning,'' he said, noting the Internet is a mere 21 years old. ''We're in the top of the
second inning. Today, we're changing the game.''
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2. LOCATION OVERVIEW
MIDTOWN SQUARE OFFICE PARK
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Location
LocationMaps
Maps
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2. LOCATION OVERVIEW
MIDTOWN SQUARE OFFICE PARK
title here
Site PlanAdd
& Neighbors
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2. LOCATION OVERVIEW
MIDTOWN SQUARE OFFICE PARK
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2. LOCATION OVERVIEW
MIDTOWN SQUARE OFFICE PARK
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County
Plat Map
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CONFIDENTIAL OFFERING MEMORANDUM
MIDTOWN SQUARE OFFICE PARK
3
SALE COMPARABLES
Sale Comps
Sale Comps Map
Sale Comparables Summary
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3. SALE COMPARABLES
MIDTOWN SQUARE OFFICE PARK
Sale Comps
SUBJECT PROPERTY
3634-3636 Euclid Avenue | Cleveland, OH 44115
Sale Price
$4,000,000
Lot Size
2.14 AC
Year Built
1999
Building SF 66,943 SF
$ Per SF
$59.75
1
6393 Oaktree Blvd | Independence, OH 44131
Sale Price
$5,700,000
Lot Size
4.9 AC
Year Built
2002
Bldg Size
74,936 SF
Price PSF
$76.06
Closed
12/19/2012
1
Suburban Office Building purchased by user/investor
2
5875 Landerbrook | Mayfield Heights, OH 44124
Sale Price
$7,500,000
Lot Size
5.58 AC
Year Built
1991
Bldg Size
73,459 SF
Price PSF
$102.10
Closed
8/15/2013
2
Suburban Office Building
3
1400 West 6th | Cleveland, OH 44113
Sale Price
$2,400,000
Lot Size
0.23 AC
Year Built
1880
Bldg Size
23,474 SF
Price PSF
$102.24
Closed
1/30/2014
3
CBD Warehouse District office building with first floor retail
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3. SALE COMPARABLES
MIDTOWN SQUARE OFFICE PARK
4
Sale Comps
CAC BUILDING
1118 Euclid Avenue | Cleveland, OH 44115
Sale Price
$4,518,000
Lot Size
0.4 AC
Year Built
1900
Bldg Size
51,639 SF
Price PSF
$87.49
Closed
12/31/2013
4
Downtown Office Building mostly vacant with air rights lease above it subject to different ownership
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3. SALE COMPARABLES
MIDTOWN SQUARE OFFICE PARK
Sale Comps Map
SUBJECT PROPERTY
3634-3636 Euclid Avenue | Cleveland, OH 44115
1
6393 Oaktree Blvd
Independence, OH 44131
4
CAC BUILDING
2
5875 Landerbrook
Mayfield Heights, OH 44124
3
1400 West 6th
Cleveland, OH 44113
1118 Euclid Avenue
Cleveland, OH 44115
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3. SALE COMPARABLES
MIDTOWN SQUARE OFFICE PARK
Sale Comparables Summary
SUBJECT PROPERTY
PRICE
BLDG S.F.
PRICE/S.F.
CAP
# OF UNITS
CLOSE
Midtown Square Office Park
3634-3636 Euclid Avenue
Cleveland, OH 44115
$4,000,000
66,943 SF
$59.75
-
10
-
SALE COMPS
PRICE
BLDG S.F.
PRICE/S.F.
CAP
# OF UNITS
CLOSE
1
6393 Oaktree Blvd
Independence, OH 44131
$5,700,000
74,936 SF
$76.06
-
-
12/19/2012
2
5875 Landerbrook
Mayfield Heights, OH 44124
$7,500,000
73,459 SF
$102.10
-
-
08/15/2013
3
1400 West 6th
Cleveland, OH 44113
$2,400,000
23,474 SF
$102.24
-
-
01/30/2014
4
CAC Building
1118 Euclid Avenue
Cleveland, OH 44115
$4,518,000
51,639 SF
$87.49
-
-
12/31/2013
TOTALS/AVERAGES
PRICE
BLDG S.F.
PRICE/S.F.
CAP
# OF UNITS
$5,029,500
55,877 SF
$90.01
-
-
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CONFIDENTIAL OFFERING MEMORANDUM
MIDTOWN SQUARE OFFICE PARK
4
DEMOGRAPHICS
Demographics Report
Demographics Map
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4. DEMOGRAPHICS
MIDTOWN SQUARE OFFICE PARK
Demographics Report
For Sale | $4,000,000
3634-3636 Euclid Avenue | Cleveland, OH 44115
1 Mile
2 Miles
3 Miles
15,431
42,229
82,848
6,204
17,943
34,621
2.5
2.4
2.4
$109,637
$79,475
$91,255
$23,975
$29,013
$30,079
Median Age - Male
27.4
23.8
32.3
29.4
32.5
30.0
Median Age - Female
31.9
35.4
35.3
2,543
16.5%
7,718
18.3%
18,052
21.8%
11,034
71.5%
31,038
73.5%
59,439
71.7%
1,433
9.3%
2,220
5.3%
2,606
3.1%
1
0.0%
12
0.0%
21
0.0%
21
0.1%
98
0.2%
350
0.4%
290
1.9%
782
1.9%
1,471
1.8%
943
6.1%
1,818
4.3%
3,768
4.5%
Total Population
Total Number of Households
Total Number of Persons per Household
Average House Value
Average Household Income
Median Age
Total Population - White
Total Percent - White
Total Population - Black
Total Percent - Black
Total Population - Asian
Total Percent - Asian
Total Population - Hawaiian
Total Percent - Hawaiian
Total Population - Indian
Total Percent - Indian
Total Population - Other
Total Percent - Other
Total Population - Hispanic
Total Percent - Hispanic
* Demographic information provided by BuildOut, Inc.
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4. DEMOGRAPHICS
MIDTOWN SQUARE OFFICE PARK
Demographics Map
Radius Map
3634-3636 Euclid Avenue | Cleveland, OH 44115
Total Population
Total Number of Households
Average Household Income
Median Age
1 Mile
2 Miles
3 Miles
15,431
42,229
82,848
6,204
17,943
34,621
$23,975
$29,013
$30,079
27.4
32.3
32.5
* Demographic information provided by BuildOut, LLC
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CONFIDENTIAL OFFERING MEMORANDUM
MIDTOWN SQUARE OFFICE PARK
5
ADDITIONAL INFORMATION
Additional Photos
Additional Photos
Additional Photos
Additional Photos
Additional Photos
Additional Photos
Additional Photos
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5. ADDITIONAL INFORMATION
MIDTOWN SQUARE OFFICE PARK
3636Euclid-Interior offices
3636 Euclid looking south and showing entrance
Additional Photos
3636 Euclid-Existing partitions in open section of offices
3636 Euclid-Entrance to Underground Garage
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5. ADDITIONAL INFORMATION
MIDTOWN SQUARE OFFICE PARK
Entrance to park off Prospect Ave.
Front Entrance to 3636 Euclid Building
Additional Photos
Rear Parking lot area and driveway between east and west buildings
Healthline tandem bus
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5. ADDITIONAL INFORMATION
MIDTOWN SQUARE OFFICE PARK
Driveway between two buildings looking north
Entrance at rear of 3636 Euclid and parking lot
Additional Photos
3636 Euclid - Exterior 3rd floor balcony
3636 Euclid-3rd floor reception desk
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5. ADDITIONAL INFORMATION
MIDTOWN SQUARE OFFICE PARK
3636 Euclid-3rd floor view of parking lot
3636 Euclid-First floor lobby
Additional Photos
3636 Euclid-2nd floor waiting area
Transit stop near office park
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5. ADDITIONAL INFORMATION
MIDTOWN SQUARE OFFICE PARK
3636 Euclid-From Euclid Ave
3636 Euclid - Underground Parking Garage
Additional Photos
3636 Euclid- two-story connecting interior staircase
3636 Euclid-Overhead door to parking garage
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5. ADDITIONAL INFORMATION
MIDTOWN SQUARE OFFICE PARK
3634 Euclid First Floor entrance
3634 Euclid - Second Floor Lobby
Additional Photos
3634 Euclid - East side of building from parking lot
3634 Euclid - Fitness Center
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5. ADDITIONAL INFORMATION
MIDTOWN SQUARE OFFICE PARK
3634 Euclid - Second floor space
3636 Euclid - Conference room
Additional Photos
3634 Euclid - Kitchen area
3636 Euclid - Break room
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The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
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37
CONFIDENTIAL OFFERING MEMORANDUM
MIDTOWN SQUARE OFFICE PARK
6
ADVISOR BIO & CONTACT
Back Page
Advisor Bio & Contact 1
All Sperry Van Ness® Offices Independently Owned & Operated.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
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Presented by |
Victor S. Voinovich Sr.
Managing Director
888.236.1435
voinovichv@svn.com
OH #BRK0000264083
All Sperry Van Ness® Offices Independently Owned & Operated. | © 2011 All rights reserved. | www.svn.com
6. ADVISOR BIO & CONTACT
MIDTOWN SQUARE OFFICE PARK
Advisor Bio & Contact 1
Victor S. Voinovich Sr.
Managing Director
Sperry Van Ness / First Place Commercial Realty, LLC
Victor S. Voinovich, Sr., Managing Director of Sperry Van Ness/ First
Place Commercial Realty, LLC is headquartered in Cleveland, Ohio.
He has listed and sold or leased properties in locations throughout
Ohio and in multiple states throughout United States. These
properties include, office, industrial and medical buildings,
shopping centers, sale leasebacks, multi-family, hotels, vacant land
as well as buyer and tenant representation assignments in each of
these product types.
Victor S. Voinovich Sr.
Managing Director
OH #BRK0000264083
Phone: 888.236.1435
Fax: 888.291.8252
Cell: 216.235.2588
Email: voinovichv@svn.com
Address: 12150 Lyndway Drive #100
Cleveland, OH 44125
Having spent over 30 years in the transaction side of commercial
real estate business, Vic is familiar with all aspects of underwriting,
marketing, and negotiating a commercial real estate transaction
smoothly through the closing process. As a CPA (inactive), Vic is
knowledgeable with the tax and financial ramifications associated
with commercial real estate. Vic communicates extensively with
his clients providing frequent written and verbal reports on all
marketing and transaction activities.
What sets Mr. Voinovich apart from his competitors is how broadly
he markets a property, never assuming to know all the buyers. Vic
has found, more often than not, the highest prices seem to come
from unknown buyers. Within 48 hours of listing a property, it is
posted on multiple web sites, exposing it to several million
subscribers. Vic proactively cobrokes his listings by broadcasting
the availability to thousands of real estate agents within 48 hours
of listing the property. Vic’s franchise agreement with SVN requires
that he shares 50% of the brokerage commission with cooperating
brokers. Compared to the national average of 20%, SVN co-brokes
93% of the time (more than four times the national average) to
complete its transactions.
Vic is a member of the Sperry Van Ness Asset Recovery Team which
provides immediate nationwide underwriting and disposition
solutions to financial institutions and real estate clients with
distressed portfolio assets. SVNART is a select group of real estate
professionals that specialize in asset disposition solutions for
distressed assets and portfolios. The team designs and implements
custom marketing initiatives for the disposition of assets that
insure maximum return to its clients, providing both national reach
and local expertise through SVN’s network of 900 Sperry Van Ness
advisors located in 160 markets.
All Sperry Van Ness® Offices Independently Owned & Operated.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
www.svn.com
40