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Article: Lombardo to give up 3 buildings: lenders to get Genesis, 2 others in Rockside area. (real estate developer Carl Lombardo)
- Article from:
- Crain's Cleveland Business
- Article date:
- August 24, 1992
- Author:
CopyrightCOPYRIGHT 1992 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Carl Lombardo, the developer considered the pioneer of the Rockside Road office corridor in Independence and Seven Hills, intends to hand over the ownership of three office buildings there to his lenders.
"We're simply giving up the buildings," Mr. Lombardo said. "We're taking advantage of this to clean up our balance sheet and wipe a lot of debt off the books. We've found it rough sledding here and want to lighten the load."
The structures Mr. Lombardo is giving up include his newest venture, the six-story Genesis office building in Seven Hills. The other two buildings, 4141 Rockside Road and 6161 Oaktree Blvd., are the subject of a foreclosure case filed ...