DealPoint Merrill Announces the Acquisition of 162,190 Square Foot Macy’s Department Store in Richmond Town Square, Richmond Heights, Ohio
LOS ANGELES, CA — January 18, 2018 / BUSINESS WIRE/ — DealPoint Merrill, LLC, an owner and operator of value-added real estate opportunities and sponsor of real estate investment offerings, acquired a 162,190 square foot former Macy’s building on 9-acres, located in the Richmond Town Square Mall in Richmond Heights, Ohio.
The Macy’s department store which has been vacant since 2015, presented an excellent opportunity for redevelopment under the CubeSmart self-storage national brand in addition to 30,000 square feet of additional retail space, with plans for two national restaurant brands for the 9-acre parcel.
“The Macy’s building is a notable addition to our climate-controlled self-storage portfolio and an excellent fit for our co-investment and redevelopment projects throughout the United States,” said David Frank, CEO of DealPoint Merrill.
The City’s Planning and Zoning Committee approved a use variance on November 7, 2017, after months of public meetings. David Frank, CEO and Sterling McGregor, President, appeared before the commission with DealPoint Merrill’s legal counsel, Mr. Kenneth Fisher, who handled the project’s zoning matters.
The redevelopment project will undertake major interior construction and beautification of the surrounding Mall property. The project is scheduled to begin in the second quarter of 2018.
DealPoint Merrill Closed Another Escrow in Ohio: the Giant Eagle Shopping Center in Cleveland
LOS ANGELES, CA — May 31, 2018 / BUSINESS WIRE/ — DealPoint Merrill closed escrow on the 56,500-square-foot former Giant Eagle grocery store on 4.3 acres. The property is centrally located in the retail and business corridor of Cleveland, Ohio.
The redevelopment will focus on the renovation of the existing building structures, landscape and 10,500 square feet exterior drive and restaurant to be constructed on a pad. Redevelopment is scheduled for the 3Q of 2018.
DealPoint Merrill is currently redeveloping the vacant Macy’s department store in Richmond Heights, Ohio, which closed in Q1 of this year.
DealPoint Merrill’s executives, David Frank, CEO, negotiated the transaction, and Sterling McGregor, President, handled the due diligence for the sale. Jason Limbert of DealPoint Merrill completed the acquisition.
DealPoint Merrill Secures Bridge Financing for Redevelopment in Five States
LOS ANGELES, CA — June 19, 2018 / PRNewswire / — DealPoint Merrill has secured bridge financing for the redevelopment phase of projects in Benbrook, Texas, Columbus, Ohio, St. Charles, Missouri, Chandler, Arizona and Saginaw, Michigan. Collectively the five properties represent nearly 600,000 square feet. After the construction phase was completed and lease up was underway, DealPoint Merrill secured long-term financing for final stabilization.
DealPoint Merrill worked with Cronheim Mortgage to secure approximately $27,000,000 of financing across the five properties.
DealPoint Merrill’s executives, David Frank, CEO, negotiated the transaction, and Sterling McGregor, President, handled the due diligence for the sale. The acquisition was completed by Jason Limbert of DealPoint Merrill.