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.
LOS ANGELES, Sept. 6, 2018/PRNewswire/ — DealPoint Merrill has secured a $6.6 Million construction loan for the redevelopment phase of the Giant Eagle Shopping Center in Cleveland, Ohio. The redevelopment will focus on the renovation of the existing building structures, landscaping and an additional 60,000 square feet of building. Reconstruction is underway and scheduled for a 1Q 2019 grand opening.
DealPoint Merrill’s executives, David Frank, CEO, negotiated the transaction, and Sterling McGregor, President, handled the due diligence for the financing.
LOS ANGELES, 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.
LOS ANGELES–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.
LOS ANGELES, CALIFORNIA–(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.
LOS ANGELES, June 17, 2014 /PRNewswire/ — DealPoint Merrill recently purchased three properties known as National Road Plaza in Columbus, Ohio, consisting of a 120,700 SF shopping center; American Mini Self-Storage consisting of 53,400 SF, and Bay View Plaza shopping center in Saginaw, Michigan, consisting of a 151,396 SF.
DealPoint Merrill’s executives, David Frank, CEO, negotiated the transaction, and Sterling McGregor, Chief Investment Officer, handled the due diligence for the purchases. Mike Gustafson, President of Sperry Van Ness ®/DealPoint Merrill Equities, an affiliate of DealPoint Merrill assisted with the investment capital. Mark Mimms of Sperry Van Ness/DealPoint Merrill Properties Corporation, and Mark Yadisernia were the brokers. First American Title Company, represented by Greg Corlyn, handled the title and escrow for the transactions.