CrossCountry Mortgage CEO Ron Leonhardt Jr. has acquired the Velvet Tango Room, one of Cleveland's leading cocktail bars located between the city's Tremont and Ohio City neighborhoods, according to news reports.

The bar was at the forefront of the craft cocktail movement when it was founded in 1996 by Paulius Nasvytis at 2095 Columbus Road.

Terms of the sale were not disclosed, but reported that Cuyahoga County property records showed the 5,000 square-foot building housing the bar was sold to 2095 Columbus Road LLC for $400,000. The business had been listed for sale for $2.75 million in 2017, the website previously reported.

The acquisition is just the latest in the hospitality sector for Leonhardt. He also is an investor in three Slyman’s franchises, as well as Thirsty Dog East Bank and Dante’s Inferno in the Flats, according to a 2019 feature on him in Smart Business magazine.