New York City-based Time Equities Inc. (TEI) and Cleveland real estate investment firm RHM Capital have jointly acquired 6055 Parkland Blvd., a 104,221-square-foot office building in Mayfield Heights, Ohio, for $3.5 million in cash.
“This marks our eighth office acquisition in suburban Cleveland, a market where we’ve built strong momentum by acquiring well-located, high-quality assets from corporate owner-occupiers and reintroducing them to the market with thoughtful upgrades,” said Jonathan Dulberg, director of acquisitions at TEI. “6055 Parkland has excellent bones and an ideal location for corporate users. With our all-cash capitalization, we’re well-positioned to deliver a Class A experience at a compelling price point.”
The partnership plans to begin immediate renovations to the lobby and common areas and enhance the building’s existing amenities. With 35,000-square-foot floorplates, underground parking, and direct visibility to I-271, the building is uniquely suited for anchor tenants seeking signage and presence in a well-trafficked corridor.
“As a Cleveland-based group, we’ve had our eye on this submarket and believe Mayfield Heights continues to offer long-term potential,” said Preston Hoge, head of investments at RHM Capital. “This location provides the access and flexibility that growing regional tenants are looking for, and we’re excited to bring a refreshed product to the market.”
The seller, Progressive Insurance, was represented by CBRE Cleveland. The TEI team was led by Jonathan Dulberg and Keaton Baum, and RHM Capital team was led by Hoge.
