Quantum Real Estate Advisors, Inc. has brokered the sale of 4781 Richmond Rd., a 45,422-square foot, single-tenant office building in Warrensville Heights, OH, within the Cleveland metro area. The property was a build-to-suit for advertising agency Marcus Thomas and sold for $13,100,000.
The seller was a developer based in the Cleveland area. The buyer was a private investor based in Miami. Quantum EVP Daniel Waszak represented the buyer. There were approximately 10.5 years remaining on the lease at the time of closing.
“The buyer was able to acquire a corporate headquarters property subject to a long-term lease at an attractive yield,” said Waszak. “The strength of the tenant allowed the buyer to obtain attractive financing
“This was part of a 1031 for the buyer,” he continued. “They are very happy with the asset and their ability to defer the gain.”