Build to Suit Property Acquired by International Investor

 

Cleveland, OH— Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, recently completed the $13.1 million acquisition of a single-tenant office space located at 4781 Richmond Road, Warrensville Heights, OH. Associate Antonio Sibbio, Senior Associate Jonah Yulish, and Associate Vice President Matt Kovesdy represented the seller in the transaction.

 

The 45,422 square foot office space was developed as a build to suit property. The seller was motivated to exit the investment as a result of the property’s hold cycle. The buyer, an international investor, acquired a long-term investment, ensuring stability in its portfolio.

 

“Continuous changes in the market as a result of interest rates drastically moving over the course of marketing resulted in us constantly reworking our strategy to bridge the gap between the buyer and seller,” said Yulish. “We ultimately closed with a buyer in a 1031 Exchange, who was looking for a property with a strong cash on cash return, which this asset provided.”

 

Located in an Eastside suburb just 11 miles outside of Cleveland, 4781 Richmond Road offers easy access to a major metro with the price stability of a suburb. As a result of the pandemic, people are migrating out of cities and into more suburban markets, growing the workforce and increasing the need for office space.

 

“Utilizing the Matthews’ marketing process was the key to success in this listing. We generated heavy traffic and landed with a buyer based outside of the United States, which is a nod to our extensive reach,” said Kovesdy.

 

For more information or to contact Antonio Sibbio, Jonah Yulish, and Matt Kovesdy , please visit www.matthews.com.

 

 

 

 

About Matthews™

Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Founded in El Segundo, CA, and strategically positioned with over 400 agents and support staff in over 14 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.

 

 

 

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Kaylee Stock
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