MEDINA, OHIO, October 10, 2018 – Top Midwest investment sales team Patton | Wiles | Fuller Group of Marcus & Millichap, based in Cleveland and Columbus, today announced the sale of Giant Eagle Supermarket, a 90,346-square-foot single-tenant net-leased grocery store located in Medina, OH, according to Michael Glass, regional manager of the firm’s Cleveland and Columbus offices. The asset sold for $15,150,000, which equates to just under a 7.6 percent cap rate and is over 96 percent of list price.
Erin Patton, Scott Wiles, and Craig Fuller, Senior Vice Presidents and Senior Directors with Marcus & Millichap’s Institutional Property Advisors (IPA) division, had the exclusive listing to market the property on behalf of the seller, a Chicago-based private REIT. The buyer, Miami-based private fund, was identified within the first week of marketing and awarded the deal after a competitive bidding process that saw numerous offers. The buyer closed after a short 60-day escrow and placed new 75 percent loan-to-value financing at closing.
Giant Eagle Supermarket is located at 870 North Court Street (Ohio Route 42) in Medina, Ohio, within the Cleveland metropolitan area. Giant Eagle has operated at the site since 2006, underwent significant expansion and renovation in 2010, and operates a full-service grocery store at the location including a drive-thru pharmacy and Huntington Bank branch. Giant Eagle is the dominant grocer in Northeast Ohio and is one of the largest privately held companies in the United States, with annual sales of over $9.3 billion throughout its 220 supermarkets and approximately 180 convenience and fuel centers.
Year to date, the Patton | Wiles | Fuller Group has sold over 2.4 million square feet of retail shopping centers and net-leased properties, totaling over $225 million in sales dollars.
REBusiness Online – https://rebusinessonline.com/ipa-arranges-15-1m-sale-of-property-net-leased-to-giant-eagle-in-medina-ohio/