Challenge
The Cleveland-Cuyahoga County Port Authority (“Port”) issued bonds for the redevelopment of assets in the Cleveland market for Myer’s University. Upon subsequent default by Myers, the Port took title to a number of assets including 1906 East 40th Street, in Cleveland’s Midtown Tech Corridor. The Port received an unsolicited offer for the property that undervalued the asset. In no position to hold non-critical assets on their balance sheet and without the expertise to manage the disposition on their own, the Port turned to Allegro to facilitate the disposition of this asset.
Solution
Allegro worked to engage the proposed buyer and vet the unsolicited offer. Simultaneously, Allegro began marketing the property and gauging interest from other local investors and developers. By practicing a dual path strategy to entice new interested parties while maintaining lines of communication with those who made the initial offers, Allegro was able to create a market and push disposition pricing up in excess of 20%. After successfully navigating multiple issues associated with the buyer’s due diligence period, the property and title transferred.
