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Warehouse District lot, once earmarked for housing, sells for $5.7 million to parking REITs

May 27, 2016

By Michelle Jarboe, The Plain Dealer | May 26, 2016 at 11:25 AM, updated May 26, 2016 at 2:24 PM | Cleveland.com

West Coast parking investors have acquired a large surface lot at the western edge of downtown Cleveland’s Warehouse District, in a deal that makes near-term development seem unlikely.

On May 11, MVP REIT, Inc., and MVP REIT II, Inc., paid $5.7 million in cash for the 260-space lot wedged between the Bingham and the Archer apartment complexes on West Ninth Street. Details of the transaction don’t show up in local property records, but the price and the identity of the buyers appear in documents filed with the U.S. Securities and Exchange Commission.

The parking lot slopes down from West Ninth to West 10th Street, reaching toward new development along the east bank of the Cuyahoga River.

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