Westlake, OH Suburban Office

JDI purchased a two-building suburban office complex in Westlake, Ohio, an affluent suburb of Cleveland, in September of 2022. Acquired at a very favorable basis per foot from a lender who had taken it back, JDI intended to add value through new management, as well as tenant retention/expansion. Shortly after JDI stepped into ownership, it evicted the sizable, non-paying event center tenant, which presented the opportunity to favorably restructure and expand in-place tenancy. As it set about this repositioning, JDI was approached, on an unsolicited basis, by a strategic purchaser seeking to acquire the complex. At the agreed upon price, JDI profitably monetized its position, realizing an internal rate of return in excess of 200% during its brief, 10-month investment period.

Asset

Office Complex

Location

Westlake, OH

Deal Type

Acquisition

Date

September 12, 2022

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