Time Equities And RHM Capital Acquire Office Building From Progressive Insurance For $3.5M
6055 Parkland Boulevard
$3,500,000
$33/SF
Building Size
104,221 SF
Asset Type
Office
Closing
Jun 17, 2025
About this deal
AI
A 104,221-square-foot office building located at 6055 Parkland Boulevard in Mayfield Heights, OH, was sold for $3,500,000. The property features 35,000-square-foot floorplates and is visible from I-271.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $3,500,000
- Sale Date: 06/17/2025
- Buyer: Time Equities & RHM Capital
- Seller: Progressive Insurance
- Buyer's Rep: Keaton Baum, Jonathan Dulberg - Time Equities & Preston Hoge - RHM Capital
- Seller's Rep: CBRE
- Price per Square Foot: $34
Time Equities and RHM Capital are planning to start renovations on the lobby and common areas following this acquisition. The transaction was facilitated by CBRE on behalf of the seller, Progressive Insurance.
On the Map
$3,500,000
$33/SF
Office
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Players
Cleveland Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
4.53%
Cash-on-Cash
-1.30%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93