880,000-SF Retail/Office Complex Changes Hands for $30M

CLEVELAND-The Tower and Galleria at Erieview, an 888,000-sf retail and office complex here, has been acquired by Washington, DC-based Minshall Stewart Properties for $30 million. The seller is Connecticut General Life Insurance Co. Acquisition financing for the 40-story property was provided by Philadelphia-based RAIT Investment Trust. Funding included first mortgage and mezzanine loans.

Located in downtown Cleveland, the class A property’s base comprises two stories of glass-enclosed retail space constructed from 2,000 pieces of barrel vaulted green solar panes. The new ownership plans to return the property to its landmark status through a capital improvement program that will include façade renovation, reconfiguration and cosmetic improvements to the building’s entrances and lobbies and retentanting of the Galleria.