Cole Center Acquisition or Long-Term Lease
Cleveland State University
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Submission Instructions
Description
Cleveland State University is soliciting nonbinding Letters of Intent from qualified parties interested in purchasing or leasing the vacant Cole Center at 3100 Chester Avenue. The property comprises approximately 2.38 acres, a 50,832-square-foot building, and approximately 141 surface parking spaces. It is offered on an “as is, where is” basis, and respondents are responsible for investigating and confirming property information. Respondents may propose a purchase, long-term lease, lease with purchase option, or another economically beneficial structure. Each LOI should identify the respondent, proposed transaction entity, relevant experience, ownership structure, financial capacity, intended future use, anticipated occupancy, proposed improvements, investment, community benefits, required approvals, and material transaction terms. Purchase proposals should address price, earnest money, due diligence, closing, financing, contingencies, and requested seller obligations. Lease proposals should address term, rent schedules and escalations, operating expenses, improvements, commencement dates, renewal and termination rights, security, assignment and sublease rights, and other material terms. LOIs are nonbinding and any transaction requires a definitive agreement and applicable approvals.
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