{"id":1004132201,"date":"2015-11-25T13:51:04","date_gmt":"2015-11-25T21:51:04","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004132201"},"modified":"2020-04-30T11:02:44","modified_gmt":"2020-04-30T19:02:44","slug":"ground-lease-for-suburban-cleveland-walmart-sells-for-17-1m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ground-lease-for-suburban-cleveland-walmart-sells-for-17-1m\/","title":{"rendered":"Ground Lease for Suburban Cleveland Walmart Sells for $17.1M"},"content":{"rendered":"

By Adriana Pop, Associate Editor <\/em><\/p>\n

Marcus & Millichap<\/a> has brokered the $17.1 million sale of a triple-net Walmart ground lease in Mayfield Heights, Ohio. The sales price equates to a 5.79 percent cap rate on Walmart\u2019s current rent.<\/p>\n

\"Scott<\/a>

Scott Wiles, Marcus & Millichap Vice President, Cleveland Office<\/p><\/div>\n

Scott Wiles and Craig Fuller, both vice presidents of investments in Marcus & Millichap\u2019s Cleveland office, and Erin Patton, vice president of investments in the firm\u2019s Columbus office, represented the seller, a Cleveland-based investor. Wiles, Fuller and Patton also procured the buyer, a Midwest-based investor, in a 1031 exchange.<\/p>\n

The property is located off the Interstate 271 exit ramps at a heavily trafficked, signalized intersection in Mayfield Heights. Nearby retailers include Target, Marc\u2019s, Giant Eagle, Costco and Best Buy, as well as two regional shopping centers, Eastgate Shopping Center and Golden Gate Plaza. Hillcrest Hospital, a 496-bed Cleveland Clinic hospital, is also located nearby.<\/p>\n

\u201cWalmart constructed a building on the property in 2002 and has been a tenant at the site ever since,\u201d Wiles said in prepared remarks. \u201cThe original 20-year lease has approximately seven years remaining on it\u2014prior to its renewal options\u2014and each renewal option has a 10 percent rent increase.\u201d<\/p>\n

Image courtesy of Marcus & Millichap<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Marcus & Millichap has facilitated the sale of a triple-net Walmart ground lease in Mayfield Heights, Ohio.<\/p>\n","protected":false},"author":260,"featured_media":1004132202,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1584,21742,21749],"tags":[],"class_list":["post-1004132201","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cleveland","category-latest","category-retail"],"acf":[],"yoast_head":"\nGround Lease for Suburban Cleveland Walmart Sells for $17.1M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/ground-lease-for-suburban-cleveland-walmart-sells-for-17-1m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ground Lease for Suburban Cleveland Walmart Sells for $17.1M\" \/>\n<meta property=\"og:description\" content=\"Marcus & Millichap has facilitated the sale of a triple-net Walmart ground lease in Mayfield Heights, Ohio.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/ground-lease-for-suburban-cleveland-walmart-sells-for-17-1m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-11-25T21:51:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-30T19:02:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/11\/Scott-Wiles-Marcus-Millichap-Vice-President-Cleveland.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"300\" \/>\n\t<meta property=\"og:image:height\" content=\"300\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Adriana Pop\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ground-lease-for-suburban-cleveland-walmart-sells-for-17-1m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ground-lease-for-suburban-cleveland-walmart-sells-for-17-1m\\\/\"},\"author\":{\"name\":\"Adriana Pop\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/c6fbe4a6cd09e6097b39e787ae96d7ad\"},\"headline\":\"Ground Lease for Suburban Cleveland Walmart Sells for $17.1M\",\"datePublished\":\"2015-11-25T21:51:04+00:00\",\"dateModified\":\"2020-04-30T19:02:44+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ground-lease-for-suburban-cleveland-walmart-sells-for-17-1m\\\/\"},\"wordCount\":221,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ground-lease-for-suburban-cleveland-walmart-sells-for-17-1m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/11\\\/Scott-Wiles-Marcus-Millichap-Vice-President-Cleveland.jpg\",\"articleSection\":[\"Cleveland\",\"News\",\"Retail\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ground-lease-for-suburban-cleveland-walmart-sells-for-17-1m\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ground-lease-for-suburban-cleveland-walmart-sells-for-17-1m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ground-lease-for-suburban-cleveland-walmart-sells-for-17-1m\\\/\",\"name\":\"Ground Lease for Suburban Cleveland Walmart Sells for $17.1M - 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