Stark Enterprises Sells Reserve Office Park to Local Real Estate Development Firm

April 9, 2020

— Cleveland, Ohio

Stark Enterprises is excited to announce their successful sale of Reserve Office Park, located in Westlake, Ohio, to a fellow Cleveland real estate group. Even during these unprecedented times, Stark Enterprises was able to positively monetize our partnership’s investment by delivering an above market return during our ownership period.

Reserve Office Park, a mixed-use property located in Westlake across the street from one of Stark Enterprises most recognizable portfolio properties, Crocker Park, is home to several financial office spaces and a restaurant, Rosewood Grill. Acquired in 2017, Stark Enterprises has successfully operated and enhanced the property, by creating value year after year. Choosing to exit at the correct time, Stark Enterprises was able to maximize the property value for both themselves and their partners while making it the ideal time for a purchase by the Cleveland based real estate group.

“Reserve Office Park was a suitable addition to our portfolio back when we purchased in 2017,” said Ezra Stark, Chief Operating Officer of Stark Enterprises. “We were able to grow and increase the property’s occupancy and convert it into a successful mixed-use project within a perfect focal point in Westlake. We were happy to be represented by real estate broker, Michael DiFranco with DiFranco Real Estate and excited to exit this quality property to a fellow local developer who shares the same likeminded values and practices within the industry.”

Reserve Office Park is located at 2035 Crocker Road in Westlake, a quarter mile down the road from I-90 and 11 miles away from Cleveland-Hopkins International Airport. The project was architecturally designed with emerald reflective glass atrium, windows, beautiful granite tile lobby, and an accented split face block exterior. The current tenants in the office park include First Federal Lakewood, Ameriprise Financial, Union Capital Mortgage, River Financial Group, Cleveland Home Title, and Rosewood Grill.

Stark Enterprises, headquartered in Cleveland, Ohio, is a full-service real estate development company with the highest level of expertise in acquisition, leasing, property management, construction, architectural design, landscape architecture, and marketing. For over 40 years, Stark Enterprises has been developing and managing generational assets that leave visitors with lasting impressions, balancing new urbanist principles and sustainability practices with economic viability. The nearly $2 Billion portfolio spanning eight states consists of over 40 properties in retail, entertainment, office, residential, hotel, and student housing environments. Stark Enterprises properties are always managed with the company’s long-term investment strategy in mind and are continually recognized by customers and industry leaders as among the most well operated and maintained in the nation.