20525 - 20545 Center Ridge Rd, Rocky River, OH 44116 For Sale

The Park West building and Westgate Tower, two iconic office and medical buildings on Cleveland’s prominent west side suburb of Rocky River, are being offered for sale for the first time in recent history. Featuring two distinct office and medical buildings, linked via a common 200-vehicle heated parking garage, the two properties offer an investor an incredible immediate cash-flow opportunity with 95% occupancy from a wide variety of office and medical tenants. The properties are stabilized in large part due to the lower-than-market rents from existing tenants, the garage parking ability, and most of all, the enviable A+ location that these properties provide for their tenants. Immediately adjacent to the high-performing, high-traffic Westgate Lifestyle center, and with excellent transit and highway accessibility for tenants and guests, these properties offer a tremendous value proposition for office and medical occupiers on the west side of Cleveland. Westgate Tower, the larger of the two properties, features 96,000 SF spread across seven (7) floors. Tenant spaces are highlighted by generous window lines, views of downtown Cleveland and Lake Erie, and a variety of floor plan sizes that attract a multitude of office occupiers and medical professionals. Park West tower, set back from Center Ridge Road, features 64,345 SF spread across five (5) stories including a lower level. Both buildings have direct access via elevator to the 200 garage spaces in the heated garage. If tenants opt for free parking, they have access to the 300+ surface lot that sits between the two office towers. Tenants in these properties have benefitted from the flourishing retail environment adjacent to the property at Westgate Shopping Center which features a wide variety of service retail as well as food and beverage options. The unbeatable location, below-average rents, and stable current income provide a compelling opportunity to capitalize on market conditions and realize the considerable upside that these properties offer.