Challenge
The Greater Cleveland Regional Transit Authority (GCRTA) had an empty 100,000 sq. ft. garage, previously used to house busses, that they needed to dispose of. It was important to the organization that Allegro identify a buyer who would utilize the property in a way that would have a positive impact on the neighborhood, and who could sell it at a price that made financial sense to tax payers.
Solution
Allegro took the property to market, showed the building to many prospective buyers, and entertained multiple bids. However, in a highly unique circumstance, Allegro was able to connect the GCRTA with another client who was looking for a warehouse space, ultimately representing both parties in the sale of the property.
The buyer plans to utilize the building to house an end-of-life recycling facility for aging digital IT equipment, as well as a boat repair space for another facet of their business. It is the company’s plan to hire individuals who live in the neighborhood to work in this facility, adding life and vibrancy to an otherwise stagnant property while providing substantial economic impact to the community.
