Shingler, Dan. Crain’s Cleveland Business “Suburban office condos fetch $2.4 million” Oct 15, 2026.
An office-condo sale in Lorain has left an as-yet-unknown buyer calling the shots at an office park there.
Goodman Investment Group reports it sold the majority of Summit I and II office parks at 6145-6155 Park Square Drive in Lorain, for $2.4 million on Sept. 25.
The offices are condominiums, meaning each unit is individually owned. Goodman sold about 64% of the site, representing just over 20,000 square feet, said Vice President and Director of Investment Sales Kyle Hartung.
Because the votes that govern the parks are tied to individual units, the new owner effectively gains control by buying more than half of them, Hartung said.
Goodman played up that fact in its marketing brochure, which stated that “63.74% of the development’s ownership is being sold, which gives the investor control over the condo association and ability to charge and collect management fees along with rent from tenants.”
Hartung said the ability to buy majority ownership of the parks was attractive to institutional investors, who showed strong interest in the property, dominated the bidding, and enabled the seller to choose from multiple bids. Most of those investors, including the winning bidder, were Ohio-based, he said.
“In a property like this, it’s common that each owner owns their own individual condo, or maybe the original developer owns all the condos. In this case, because the majority of the condos were being sold, it made sense for a majority investor to buy into it,” Hartung said.
He declined to name the buyer or seller of the properties. In announcing the deal, Goodman said the buyer was a local investor. The sale did not yet show up in a search of Lorain County property records.
Hartung said the new owner won’t occupy the site but will instead be a landlord to other tenants. The park is more than 80% full, according to the real estate website CommercialCafe.
Hartung said it’s likely even more occupied now, since new leases were signed as the site was marketed.
“That is definitely a growing market, especially for medical and retail,” Hartung said of the area on the western edge of Lorain where the property is located. “There’s been a lot of momentum at that property leading up to the sale.”
Goodman’s brochure noted that the property is surrounded by medical facilities, including operations of the Cleveland Clinic, Akron Children’s Hospital, Ortho Associates, the Apex Skin Clinic, and others.
Hartung said he was not aware of whether the new buyer plans to make any changes to the properties. The buildings, about 15 years old, have never sold before but are in great condition and still look new, he said.
The price, about $120 per square foot, is a good value for the seller, especially for office properties these days.
In the last couple of years, the Northeast Ohio market has seen downtown skyscrapers sell for less. The most extreme example might be FirstEnergy’s former headquarters in Downtown Akron. That 358,000-square-foot, 19-story building at 76 S. Main Street sold for $900,000, or $2.51 per square foot, in 2025.