Challenge
The Greater Cleveland Regional Transit Authority (GCRTA) was holding excess real estate and engaged Allegro to dispose of it. Previously, another firm was tasked with the disposition but was not able to effectively relieve the GCRTA of the assets. As part of this project, the GCRTA sought to sell a garage that was no longer useful to the organization and was causing the rapid accumulation of unnecessary expenses.
Solution
Having a thorough understanding of the Cuyahoga County’s facility needs in the present and the future, Allegro quickly identified the County as a potential buyer for the building soon after listing it on the market. Because conversations between the GCRTA and the County took some time to come to fruition, Allegro continued to market the property during the process. However, Allegro ultimately facilitated the sale of the 200,000 sq. ft. garage to the County for $3.8 million. The County plans to consolidate their maintenance and yard locations into this single, centrally-located facility in order to improve their efficiencies. Allegro was able to utilize knowledge of a potential buyer’s needs to dispose of the property and relieve the GCRTA of the excessive expenses associated with holding onto the asset unnecessarily.
