Developer Fred Geis finally got his hands on the Western Reserve Building in the Warehouse District.
WRB Partners LLC, a company led by Geis, paid $3.75 million to buy the building from John Ferchill's Reserve Building LP. Rico Pietro, a principal with Cushman & Wakefield/Cresco Real Estate, is a minority investor in the deal, which is expected to lead to renovations and continued use as office space.
Only about a third of the Western Reserve Building is presently occupied.
Geis, who reportedly had been eyeing the property as early as April of this year, has been a significant developer in Northeast Ohio. He and his family have raised or renovated an estimated 33 million square feet of space in 17 states, but their focus has been in Summit County, suburban Cuyahoga, Midtown and downtown Cleveland.
Last year, Geis sold his share of Geis Companies to brother Greg so he could focus on Hemingway Development, which Greg exited.
The deal also ends Ferchill’s long-running dispute with his lender for the building. Pending litigation between the parties has been jointly dismissed.
