REQUEST FOR NONBINDING LETTERS OF INTENT Acquisition or Long-term Lease opportunity The Cole Center

REQUEST FOR NONBINDING LETTERS OF INTENT
Acquisition or Long-term Lease opportunity
The Cole Center
3100 Chester Avenue, Cleveland, Ohio
Issued By: Cleveland State University
Property: Cole Center, 3100 Chester Avenue, Cleveland, Ohio
Solicitation: Acquisition or Long-Term Lease
Submission: Nonbinding Letter of Intent
Contact (only via email):
Travis W. Jeric
Associate General Counsel
Email address: t.jeric@csuohio.edu
Critical Dates
Issue Date: September 18, 2026
Property Open for Inspections: Monday, September 28, 2026 (between 9:00am - Noon)
Tuesday, September 29, 2026 (between 1:00am - 4:00pm)
Thursday, October 1, 2026 (between 10:00am - 1:00pm)
Deadline to Submit Questions: October 7, 2026 by 2:00pm
CSU Responds to Questions: October 14, 2026 by 5:00pm
Letter of Intent Due Date: November 3, 2026 by 2:00pm
Possible Interviews: Week of November 9, 2026
Approximate CSU Decision Date: Week of November 23, 2026
1. Purpose
Cleveland State University ("University" or "CSU") is soliciting nonbinding Letters of Intent ("LOIs") from
qualified parties interested in acquiring the Cole Center property located at 3100 Chester Avenue,
Cleveland, Ohio ("Property") or leasing the Property under a long-term lease arrangement. The
University is seeking proposals that summarize all financial and business terms but also articulates the
proposed party's intended use of the property, financial capacity, experience, and ability to successfully
complete the proposed transaction.
Page 1 of 14

The University will consider proposals for either a sale or long-term lease and reserves the right to
pursue whichever transaction structure provides the greatest overall benefit to the University.
2. Property Information
Name: Cole Center
Address: 3100 Chester Avenue, Cleveland, Ohio 44114
Permanent Parcel / Tax ID: 103-06-034
Auditor's File Number: 201706160476
Property Class: Exempt - Ohio owned
Site Area: Approximately 2.38 acres / 103,712 SF
Building Area: Approximately 50,832 SF
Year Built: 1958
Parking: ~141 surface parking spaces
Zoning: GR-D5 - General Retail Business District
Easement: 20' wide access easement (recorded on August 29, 2017, at
201708290209 in the Cuyahoga County records) benefits an
adjacent parcel
Current Occupancy: Vacant
Previous Occupancy: Cleveland Metropolitan School District - Campus International
High School leased and utilized most of the facility prior to
vacating the space June 30, 2026. Cleveland State University's
radio station operated from the 5th Floor of the building for
many years but vacated the space in 2025.
Building floor plans and a title report dated July 10, 2026, are being shared as part of this solicitation
(see Exhibits B & C). Respondents shall be responsible for investigating and confirming all information
herein. CSU makes no claims as to the accuracy or completeness of the information contained herein or
within the attached documents, which are provided solely to Respondents for their convenience. See
attached photos, which should be used for descriptive and informational purposes only: the photos are
no guarantee of future condition. The property will be sold AS-IS and/or leased pursuant to a mutual
agreement.
3. Property Condition
The Property is being offered "AS IS, WHERE IS," with all faults and without representations or
warranties by CSU, except as may be expressly provided in a definitive purchase or lease agreement.
The Cole Center will be open for inspection on the following dates:
Monday, September 28, 2026 (between 9:00am - Noon)
Tuesday, September 29, 2026 (between 1:00am - 4:00pm)
Thursday, October 1, 2026 (between 10:00am - 1:00pm)
Page 2 of 14

Respondents should use the time to evaluate the Property and its major building systems. CSU will have
a representative(s) at the building during the inspection period to coordinate access and the process,
but the inspection period is NOT intended to be a question-and-answer session.
Any questions about the potential transaction need to be submitted in writing as outlined in this
document. Respondents are responsible for determining the inspections and investigations necessary to
submit the appropriate nonbinding letter of intent.
For clarity, CSU is not expecting respondents to complete customary due diligence associated with an
acquisition or long-term lease prior to submitting a proposal. Those inspections, if necessary, would be
completed as outlined in the agreement that will memorialize the transaction.
4. Proposed Use
Each respondent must describe its proposed future use of the Cole Center, including:
* Description of the proposed use
* Anticipated occupancy
* Proposed improvements or alterations
* Anticipated investment in the property
* Expected employment or other community benefits, if applicable
* Any zoning, regulatory, or other approvals anticipated
* Statement about impact or potential benefits of the proposed use to the University
The University may consider the proposed use as part of its evaluation of each LOI.
5. Submission of Nonbinding LOI
Interested parties are requested to submit a nonbinding LOI outlining the principal business terms under
which they would be prepared to acquire or lease the property.
Respondents can submit an LOI to acquire the property, long-term lease the property, or both
acquisition and lease alternatives. Respondents may propose alternative transaction structures,
including purchase, lease, lease with purchase option, or other structures that provide economic value
to CSU. Any such alternative structure should be clearly identified and explained.
The University encourages respondents to provide sufficient information for the University to evaluate
the economic and other material terms of the proposed transaction. In addition to the business terms,
respondents must communicate its intended future use of the building.
6. Required LOI Terms
A. Each LOI should identify the following, as applicable:
Respondent Information
* Legal name of respondent and proposed transaction entity
* Primary contact information
* Description of the respondent's business and relevant experience
Page 3 of 14

* Ownership structure and/or proposed ownership entity
* Statement about financial capacity and ability to complete the proposed transaction
B. Acquisition Proposal - For proposals to purchase the property, respondents must propose or describe:
* Purchase price
* Identification of material assumptions included in the proposed purchase price
* Earnest money deposit and handling during the transaction
* Due diligence period
* Closing period / date
* Brokerage representation, if any, and commission expectations
* Financing assumptions and contingencies
* Proposed approvals or conditions necessary for closing
* Any requested representations, warranties, or seller obligations
* Any other material terms or conditions necessary for the transaction
CSU prefers proposals that provide a clear path to closing and minimize transaction contingencies.
Respondents should identify all material conditions, approvals, entitlements, financing requirements, or
other conditions that must occur before the respondent would be prepared to execute a definitive
agreement.
C. Lease Proposal - For proposals to lease the property, respondents must propose or identify:
* Initial lease term
* Base Rent schedule including any rent increases/escalations during the initial term
* Proposed treatment of building operating expenses, tax, insurance, and maintenance
* Requested tenant improvement allowance or other landlord-funded improvements, if any
* Lease and Rent commencement dates
* Brokerage representation, if any, and commission expectations
* Proposed renewal options with notice dates
* Rent schedule including any rent increases/escalations during the renewal period terms
* Proposed security deposit, letter of credit, or guaranty
* Assignment/sublease rights
* Termination rights
* Proposed use of the property
* Any other material terms or conditions
If Respondent's LOI proposes for CSU (the Landlord) to upgrade the building and/or provide an
allowance for tenant's work, repayment of those costs must be noted and explained as part of the rent
structure. As part of the rent schedules, respondents should identify any free rent, tenant improvement
allowance, landlord-funded capital improvements, rent abatements, or other economic concessions,
where applicable.
Important Note: any lease shall state that CSU may sell, transfer or otherwise dispose of the Property
during the lease term, subject to the tenant's rights under the lease. Respondents should identify any
proposed restrictions on CSU's ability to sell or transfer the Property.
Page 4 of 14

7. Financial and Organizational Qualifications
Respondents should provide sufficient information for the University to evaluate their financial ability
and organizational capacity to complete the proposed transaction. As part of the evaluation process, the
University may request additional financial information, references, development experience, or other
documentation from respondents.
8. Evaluation of LOIs
The University will evaluate the LOIs based on a variety of factors, including, but not limited to:
* Economic value to the University;
* Purchase price or proposed rental economics;
* Financial strength and creditworthiness of the respondent;
* Proposed transaction structure;
* Certainty and timing of closing or lease commencement;
* Proposed use of the property;
* Proposed investment in and improvement of the property;
* Experience and qualifications of the respondent;
* Community and institutional benefits; and
* Other terms deemed relevant by the University.
The University is not obligated to select the proposal offering the highest purchase price or rental rate.
9. Negotiation of Definitive Agreement
Following its review of submitted LOIs, the University may select one or more respondents for further
interviews, discussions and negotiations. Likewise, the University may select none and terminate this
solicitation.
Any transaction resulting from this solicitation will be subject to the negotiation, approval, and
execution of a definitive purchase and sale agreement or lease agreement, as applicable, containing
terms and conditions acceptable to the University, its Board of Trustees and the successful respondent.
10. Nonbinding Nature of LOIs
All LOIs submitted in response to this solicitation shall be considered nonbinding and shall not create
any obligation on the part of the University or the respondent. Neither the submission of an LOI nor the
University's review, consideration, or selection of an LOI shall create an obligation to consummate a
transaction.
No purchase, sale, lease, or other transaction shall be binding upon the University unless and until the
appropriate definitive legal agreement has been fully negotiated, approved as required, and executed by
all applicable parties. Any formal legal agreement will be subject to the Ohio Revised Code, will need to
be approved by CSU's Board of Trustees, and sale of the property must be approved by the State of
Ohio's Controlling Board.
Page 5 of 14

11. University Rights
The University reserves the right, in its sole discretion, to:
* Reject any or all LOIs
* Accept or negotiate any LOI
* Request clarification or additional information from any respondent
* Negotiate with one or more respondents simultaneously or sequentially
* Modify the requirements or schedule of this solicitation
* Withdraw or cancel the solicitation
* Pursue a sale, lease, alternative transaction structure, or no transaction
* Pursue other action as it determines to be in the best interests of the University
The University will not reimburse respondents for costs incurred in preparing or submitting an LOI or
participating in subsequent negotiations.
12. Confidentiality and Due Diligence
Respondents should identify any information contained in their LOI that they believe should be treated
as confidential, subject to applicable public records and other legal requirements governing the
University.
13. Submission Requirements
LOIs should be concise and should clearly identify whether the respondent is proposing:
* Purchase
* Long-term lease
* Both purchase and long-term lease or alternative structure
LOIs should be submitted electronically in PDF format to:
Travis W. Jeric, Associate General Counsel
Email address: t.jeric@csuohio.edu
Submission Deadline: November 3, 2026 by 2:00pm
14. Questions - Conclusion
All questions regarding the property or this solicitation must be sent via email to:
Travis W. Jeric, Associate General Counsel
Email address: t.jeric@csuohio.edu
For ease of review, please include the following in your subject line:
"Questions re: CSU Cole Center - [insert Respondent's Name]"
Deadline to Submit Questions: October 7, 2026 by 2:00pm
CSU Responds to Questions: October 14, 2026 by 5:00pm
CSU appreciates the interest in the Cole Center and intends to identify a buyer or tenant that provides
the strongest combination of economic value, financial certainty, appropriate property use, transaction
feasibility, and long-term benefit to Cleveland State University and surrounding community.
Page 6 of 14

EXHIBIT A - Photos
Page 7 of 14

Page 8 of 14

Page 9 of 14

Page 10 of 14