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Chicago & Midwest  + Midwest  + Office  |  March 12, 2018
Paul Bubny
By: Paul Bubny

CGA Closes on Buy of VA Offices in Cleveland

An affiliate of CGA Real Estate Services has closed on the acquisition of office buildings occupied primarily by the Department of Veterans Affairs, and vacant land adjacent to the Louis Stokes Veterans Affairs Medical Centerin Cleveland’s University Circle district. The seller and financial terms were not disclosed, but the Cleveland Plain Dealer reported a sales price between $160 million and $170 million.

BGL Real Estate Advisors represented the seller in negotiations with multiple potential buyers. The sale involved approvals from Veterans Affairs, as well as the City of Cleveland and Port of Cleveland on the repayment and transfer of multiple bond series.

CGA’s Kyle Gore lauded BGL for ensuring “a close collaborative effort by all, which proved essential in closing a complex transaction.” Based in Baltimore, the buyer is among the leading corporate and governmental real estate debt and equity sources in the country.


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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