LOS ANGELES, Oct. 9, 2018 /PRNewswire/ — DealPoint Merrill continues its redevelopment plans in Richmond Heights, Ohio, where it’s currently redeveloping the former Macy’s department store, by acquiring the former Sears department store located at the Richmond Town Square Mall.
The 248,000 SF Sears department store, vacant since March 2017, is among the two largest anchor stores that are being redeveloped by DealPoint Merrill. The 23 additional acres will be developed into a $70 million, 375-unit Class-A, luxury apartment and mixed-use retail consisting of a 98 key hotel and an 8,000 square foot restaurant. The new apartments will also have ground-level retail, a public park, plaza, and an annex area for additional recreational amenities.
According to DealPoint Merrill, the planned mix use redevelopment of both Sears and Macy’s with additional residential, retail and restaurants will further support Richmond Heights’ long-term growth. People want walkable, live-work, play districts with supporting amenities in urban environments. The new apartments create a win-win environment for the entire community.
DealPoint Merrill’s executives, David Frank, CEO, negotiated the transaction, and Sterling McGregor, President, handled the due diligence for the purchase. Jason Limbert of DealPoint Merrill completed the acquisition.