Earlier this month, Cleveland-based Forest City Enterprises, Inc. sold its Skylight Office Tower to an affiliate of the Hertz Investment Group, and Garrett & Associates performed the ALTA survey on the buyer’s behalf prior to finalization of the $35.4 million sale.
What is an ALTA survey?
The American Land Title Association is a trade association made up of title insurance companies, title and segment agents, and other professionals involved in the titling process of commercial real estate transactions. ALTA sets certain standards for the coordination, titling, and ordering process, holding all titling companies to the same standard and protecting property owners and lenders against losses from defective titles.
Garrett & Associates proudly worked with the buyer to perform the ALTA land survey, which accurately recorded the Skylight Office Tower property’s boundaries, highlighted all improvements made to the property (including buildings, walkways, parking lots, utility poles, and more), and recorded the locations of all utility and access points and other vital information.
Sale of the Skylight Office Tower
Forest City Enterprises estimated that the sale would generate about $34.2 million in net proceeds after closing costs and commissions. This is the second property in the Cleveland area purchased by the buyer; Hertz Investment Group purchased Fifth Third Center on Superior Avenue earlier this year.
The 321,000 square-foot building is part of the Tower City Center complex, home to a variety of businesses, from office buildings and hotels to shops, restaurants, and even an entertainment venue. Located on West Second Street, the 12-story building consists mostly of offices and is home to the federal public defender, a number of prominent local attorneys, the Cleveland Plain Dealer’s newsroom, the Sherwin-Williams Co., and several other clients.
Garrett & Associates Surveying Services
Garrett & Associates is the premier land surveying firm in the Cleveland area. Our fully licensed and experienced surveyors use the most advanced equipment to provide accurate, detailed land surveying solutions to local companies. We pride ourselves on our quick turnaround, affordable prices, and outstanding, personalized service offered to every client. Contact us today to learn more about our land surveying services or our involvement in the sale of the Skylight Office Tower!
