The sale of the 92-acre East Cleveland park to a company tied to Phoenix Investors is scheduled to close at the end of March, a GE Lighting spokesman said. GE Lighting, which will remain at the complex as a tenant, is not divulging the terms of the sale.
CLEVELAND, Ohio — The owner of GE Lighting, once part of General Electric and a major employer in the region, said Wednesday that it plans to sell historic Nela Park in East Cleveland to an affiliate of a Milwaukee-based real estate firm.
“It’s not just a chance for the park to regain its former glory,” but GE Lighting’s decision to stay will also ensure continued income tax revenue for the cash-strapped city, Sabol said. New tenants would only grow that income tax base and spending in the city, he added. The Noble Road complex was built in 1913 and is named for the National Electric Lamp Association, owned by GE. It widely considered the first industrial park but is perhaps best known to people in the region for the lavish holiday lights displays put on for nearly a century.
However, GE Lighting, the consumer lighting business that the Boston-based Savant Systems bought in 2020, will be the only company with a major presence at the sprawling property.
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