Amazed by the neighborhood and a lot of stuff going on in a West Side Market, the Sacks brothers, Bryan and Randy, decided to explore the attractive rental locations during the last two years. Finally, they became the owners of the buildings situated on a 2076 West 41 st. by cashing out nearly $675,000, according to land records.
One of the two buildings dates back from 1914. The other one is from 1990, according to Cuyahoga County tax records and real property information.
The initial intent was to adapt the taller building to a loft in Soho style design with dozen condos because the location was too small for a rental residential type of the project. Last month, the company received many offers, so the two brothers decided to rent the site and leave the redevelopment project open for the future.
Bryan and Randy work for the real estate company owned and led by their father, Keneth Sacks.
Keneth Sacks is well known as warehouse and apartment developer, while his father Harry Sacks, built many houses and apartments in Cleveland and its suburban areas. Construction and maintenance followed the two brothers from their earliest age, but after ten years of jobs like writing and TV production, they joined the family business.
The family residential business portfolio comprises eight apartment complexes, warehouse and office properties in Middleburg Heights. Most of the apartments are located in the suburbs, from ranch style rentals to Brunswick townhouses.
The Orchard is one of their latest construction projects near Mapleside Farms, in Brunswick, and they are about to start leasing first apartments. Recently the company went in for buying and renovating three-story commercial buildings which now include 18 apartments and Corks Wine Bar on one part of the 1st floor.
The seller, TAC Enterprises, was represented by Patrick Dowd, a senior vice president at Sequoia Realty Corp. He said that the 15,000 square-foot building was sold in just three days. The building became available after the prior occupant relocated to expand in 7109 Madison Ave. The buildings are squeezed between West 40th Street and Burton Court.
Prior to purchasing the property, the Sacks Brothers had a meeting with improvement district operator and nonprofit development groups. According to the word of Tom McNair, executive director of Ohio City Inc., they are glad to put this property in the hands of such reputable agency which will know to appreciate the surroundings and nature of existing buildings.
Although it served industrial tenants, now the property is defined for retail use only.
With this purchase, the Sacks real estate company joined established real estate developers from Cleveland like Peter Snavely, Fred Geis, and Chris Smythe.