Synagogue Sold Large Facility on 28 Acres in Cleveland Heights, Ohio
With roots dating back to 1869, Park Synagogue, a prominent conservative Jewish synagogue, owned a large facility, set on approximately 28 acres of land in the heart of Cleveland Heights, Ohio.
The building that was in-part designed by world renowned German-Jewish architect, Erich Mendelsohn. Initially built from 1950 to 1953, it was later expanded to its current footprint of 118,000 sf. The building features a prominent dome that houses the main worshiping area. From his extensive career, Erich Mendelsohn only designed four synagogues in the United States.
Due to its congregants moving further east in the Cleveland suburbs, Park Synagogue began relocating some functions, including day camp and early education, to its more eastern campus in Pepper Pike. Ultimately, it decided to move its entire operation to the Pepper Pike campus. Though based on the history at the Cleveland Heights location, it still wanted to use that facility for larger events and holidays. Park Synagogue also wanted to preserve and respect the historical significance of the architecture. But due to the operational costs of operating a large and older facility decided to sell it.
Allegro determined the best approach to market this unique and significant property was to list the property without an asking price and to utilize a “call for offers” approach. This included registering prospective buyers, providing them a digital folder with due diligence materials, subject to a non-disclosure agreement. The prospective buyers will also be required to complete a questionnaire, which specifically elicited responses so as to gauge how they align with Park Synagogues objectives. We set up limited opportunities to tour the property so as to create a sense of urgency.
Through its process, Allegro elicited multiple offers. After several rounds of negotiations, Park Synagogue selected a development group that not only expressed sincere interest in preserving the building but to also allow Park Synagogue the right to use for future events and holidays and that was also going to provide a sanctuary that would benefit the Jewish community. The agreement was structured so that it allowed the developer significant time in order to obtain creative sources and uses so that it would make sense financially.
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