Challenge
The Centers for Dialysis Care (CFDC or The Centers) is a non-profit organization focused on serving low-income neighborhoods with dialysis services. The CFDC had outgrown their current two-acre space on Euclid Avenue in Cleveland, Ohio, and tasked Allegro with identifying a new space in the University Circle neighborhood.
Solution
Allegro identified a property located on the busy corner of Stokes, Cedar, and Carnegie that was partially owned and controlled by University Circle, Inc. (UCI), a CDC in the City of Cleveland. UCI was willing to sell their two-and-one-third acre portion of the property if The Centers would sell their current Euclid Avenue property to them for future development.
Allegro performed due diligence on the UCI property while UCI simultaneously conducted due diligence on the Euclid Avenue property. Allegro identified and worked through a number of challenges surrounding parking and access on the UCI property, ensuring that the space could accommodate future development on the remaining land. Ultimately, both parties completed appraisals and settled on a purchase price with the Euclid Avenue property valued higher. Because both organizations are non-profits, the sale and purchase of these properties went through multiple rounds of Board of Director approvals.
Once approved, Allegro arranged a simultaneous transfer of the two properties. This gave The Centers the opportunity to construct a facility that not only expands their administrative headquarters, but allows for them to serve more patients for years to come.
