DealPoint Merrill Secures Financing for Cleveland Giant Eagle

The $6.6 million loan will be used for the redevelopment of the shopping center. DealPoint Merrill arranged the sale of the same property earlier this year.
  • by Roxana Baiceanu
13820 Lorain Ave.

Three months after closing the sale of one of downtown Cleveland’s Giant Eagle Shopping Centers, DealPoint Merrill secured financing for redeveloping the store into a new CubeSmart self storage. The $6.6 million construction loan will be used toward upgrading the existing building structures, improving the landscape and the 10,500-square-foot exterior drive, as well as adding a new restaurant. The new facility is scheduled to open in the first quarter of 2019.  

Located at 13820 Lorain Ave., the property is part of a busy retail and business corridor in Cleveland. The former Giant Eagle store encompasses 56,500 square feet and is situated on a 4.3-acre site in an area which is home to several auto dealerships, restaurants and hospitality properties. A CTA Red Line is a few blocks away. 

DealPoint Merrill’s CEO David Frank negotiated the transaction, and President Sterling McGregor handled the due diligence for the financing. Other recent retail activity in downtown Cleveland includes a Dollar General store on 3040 Fulton Road and the 190,000-square-foot Lee Harvard Shopping Center at 4071 Lee Road.     

Rendering courtesy of DelPoint Merrill

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