Single-Tenant Retail Building Trades in Cleveland
- Aug 23, 2018
Quantum Real Estate Advisors Inc. has brokered the sale of a single-tenant retail building in Cleveland’s Clark-Fulton neighborhood. An institutional investment firm out of Los Angeles purchased the 7,489-square-foot property for $1.6 million. At the time of the sale, the asset was leased to Dollar General.
Located at 3040 Fulton Road, the building is 3 miles south of downtown Cleveland. The area attracts consumers at nearby Clark Avenue, which intersects with Fulton Road and has several dining and retail businesses operating. The asset is located in an easily accessible area, with several bus stops nearby and with interstates 71 and 490 within a mile distance. Clark West 30th Shopping Center is also within a 10-minute walk.
Jack Farritor, vice president of Quantum Real Estate Advisors, Inc., represented the seller in the transaction. “This asset was purchased before property construction finished. The buyer met their acquisition criteria, while the seller disposed of the asset with financial goals attained,” Farritor said, in a prepared statement. The company brokered a similar $1.8 million deal in Illinois, which involved a fully-leased 5,000-square-foot retail property.
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