Three buildings and land at the Louis Stokes Cleveland VA Medical Center have been purchased by Maryland-based CGA Capital in a deal estimated at $160 million to $170 million.
Cleveland.com is reporting that CGA Capital bought the VA's administration building, a 2,000-space parking garage, a 122-bed housing complex and land along Wade Park Avenue.
The ownership change frees the VA to make infrastructure improvements, something it had been barred from doing after the building’s developer and owner, Michael Forlani, through his Veterans Development LLC, were embroiled in the Cuyahoga County corruption scandal.
More on the corruption angle, and how this deal untangles the property from it, is available in the Cleveland.com story.
