483: Value-Add With Pennies-On-The-Dollar Office Acquisitions In Suburban Cleveland

There are still thousands of small businesses that require commercial office space to operate. Despite the negative press of office buildings in large downtown markets, many small suburban office buildings are completely occupied. Adam Craig, Founder and CEO of CLE Real Estate Group, shops buildings that have languished on the market, sometimes for up to 18 months, and makes lowball offers to acquire them at a low enough basis to make money. These buildings are typically non-financeable, so there are often no competitive offers. Once the properties are improved, and stand out above the competiton, Adam finds tenants with local Facebook ads.