Newport Beach, Calif. (February 25, 2020) – SRS Real Estate Partners has secured a $9.59 million loan on behalf of a private investor for the ground lease (land ownership) acquisition of a property occupied by Home Depot at 3460 Mayfield Road in Cleveland Heights, OH. Located on a 10.2-acre lot, the property features an approximately 132,000-square-foot building and a nearly 18,000-sf garden center. The sale price was $13.7 million.
Ben Townsend and Matt Marlin of SRS’ Debt & Equity team structured the non-recourse, 10-year, interest only loan at a rate of 3.65 percent on behalf the borrower, a California-based private investor.
“This was a complex loan that needed to be closed within strict 1031 exchange guidelines,” said Townsend. “We were able to negotiate and structure a 70 percent LTV, full-term interest only loan when the majority of other lenders were only able to get up to 65 percent LTV.”
“We successfully secured approval from an institutional lender and closed at the exact terms issued in the LOI,” noted Marlin.
The property is on the south side of Severance Town Center, a 60,000-sf power center featuring Marshalls, OfficeMax, Key Bank and World Gym, among others. The property is within a densely populated area with more than 141,000 residents within a three-mile radius.
About SRS Real Estate Partners
SRS Real Estate Partners is the largest real estate company in North America exclusively dedicated to retail services. Headquartered in Dallas with more than 25 offices worldwide, SRS’ strong reach and international presence provide the company with unparalleled knowledge both globally and domestically. As a result, clients of SRS have a competitive edge through a full range of offerings including brokerage services, corporate services, development services, and investment services. Since its inception in 1986, SRS has built a strong foundation in the retail real estate world and grown into one of the industry’s most influential and respected leaders. Our success is measured in the achievement of our clients’ objectives, satisfaction and trust. For more information, please visit srsre.com.
SRS’ Investment Properties Group is a unified platform of seasoned professionals located and transacting nationally with all underwriting and marketing efforts strategically located in Southern California. In 2019, the group completed more than 400 sales across more than 35 states and has over 50 NNLG professionals nationally. From proactive sales to targeted acquisitions and tailored debt and equity solutions, SRS’ Investment Properties Group offers comprehensive services to owners and investors. Superior speed-to-market, world-class marketing materials, a deep investor database and unparalleled retail submarket intelligence from the entire SRS platform allow SRS’ Investment Properties Group to deliver the best possible returns.