CORFAC News

James E. Klements, SIOR, CPA, and principal of Cleveland, OH-based Weber Wood Medinger/CORFAC International (WWM) announced today that Kevin Riley, CCIM, in the firm’s Pittsburgh office represented a division of Penn Grove Group Capital in the sale of two parcels of land in Bethel Park. The properties are off Baptist Road within the Cool Springs Sports Complex master development adjacent to Millennium Park.

Kaufman Jacobs Capital Investments, a real estate investment firm based in Chicago, purchased 5 acres to develop an assisted living and memory care community to be operated by Harbor Retirement Associates of Vero Beach, Florida. With a core mission of lifestyle enrichment and community engagement, the sophisticated design of HarborChase of Bethel Park will offer a variety of lifestyle choices allowing senior residents to enjoy a comfortable and relaxing environment with residential appeal and hospitality-inspired amenities.

In a separate transaction, Rolling Lambert purchased a 10-acre wooded parcel and plans to build a 23-unit carriage-style, townhome community. The townhomes will be built on approximately 4 acres of the land. Both transactions were completed for an undisclosed price.

Construction on both properties will start early in the spring of 2016 with the townhomes delivered in mid-2016 and the assisted living facility is scheduled to welcome residents beginning in 2017.

The 58-acre Cool Springs property was purchased by Brian Shanahan, Managing Partner of Penn Grove Group Capital, and Richard Garman, Managing Partner of FTV Capital, in the fall of 2013. Located in the South Hills of Pittsburgh, the Cool Springs campus is a premiere mixed-use destination offering a golf driving range, short game and putting area, 18-hole miniature golf course, a state of the art indoor multi-purpose sports facility and multiple restaurants. A 12,000-square foot-retail center is planned for the remaining 3.4 acres of property on the campus, slated for opening in summer of 2016.

About Weber Wood Medinger
Since 1968, Weber Wood Medinger (WWM) has provided an extensive range of real estate services to corporations and investors locally, nationally and internationally by working with a ‘best-in-class’ business model and partnering with the most qualified real estate professionals in multiple markets to represent its clientele. The Beachwood, OH-based company has represented more than 30 Cleveland-area companies in selecting headquarters facilities for their respective businesses and in a variety of methods, including lease, acquisition, build-to-suit development and ground-up construction. The firm’s principals have expertise in corporate consulting, strategic planning, tenant representation specializing in office, R&D and industrial properties, marketing, transaction analysis and landlord representation. For more information visit www.wwmrealestate.com or call (216) 464-7100.