Garfield Heights Business Park sells for nearly $12 million

NEO Park, a high-profile office/warehouse park on the north side of Interstate 480 in Garfield Heights, was sold by the Klotzman family affiliate that developed it to an affiliate of Lakewood’s Avalier Group. New Jersey real estate company.

NEO Park’s portfolio of nine buildings and land at multiple addresses near 15301 NEO Parkway was sold to Avalier multiple times on November 9 for a total of $11.58 million, according to Cuyahoga County real estate records. rice field.

These buildings house dozens of businesses, many with a twist on technology services. Mostly from his 1990s.

Avalier executives asked not to use his name and confirmed that the company acquired an entire park, including a plot of undeveloped land, in its first investment in northeastern Ohio. The current landlord agent, CBRE Group Inc., will likely continue to handle the leases, he said, as there are very few vacancies. He said Avalier manages its own assets.

Norman Eisen, who heads Avalier, also founded Tower Advisor, an owner of cell phone towers and similar technology whose portfolio is valued at $300 million, according to a Linkedin profile. According to Avalair’s website, his portfolio exceeds 3 million square feet. According to Eisen’s LinkedIn profile, he’s diversified into other tech-related assets and is known as an “asset whisperer.”

The Klotzman family continues to own property in Alpha Park, a similar but older business park in Mayfield Heights. The family launched his NEO Park in the 1990s as a new iteration of the same office/warehouse type complex.

President Kerry Klotzman did not return phone messages or emails asking for the reason for the sale.

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