DealPoint Merrill Acquires Ohio Retail Store
The company plans to develop a $70 million mixed-use project on the site of the Richmond Town Square Mall in Richmond Heights.
By Roxana Baiceanu
Richmond Town Square Mall
DealPoint Merrill has made another retail acquisition in Richmond Heights, Ohio. After buying the former Macy’s department store at the Richmond Town Square Mall, the company added the other anchor, a 248,000-square-foot former Sears department store to its portfolio. The two acquisitions were closed as DealPoint is planning a $70 million mixed-use project at the site.
CEO David Frank directed the deal while President Sterling McGregor handled the due diligence. Jason Limbert, director of acquisitions with DealPoint, completed the purchase.
Located at 691 Richmond Road, the store has been vacant since March 2017. It sits on a site of more than 23 acres where DealPoint plans to build a 375-unit luxury multifamily property, a 98-key hotel and an 8,000-square-foot restaurant. More ground-level retail space is scheduled to be added to the apartment building, along with a public park, plaza and additional recreational amenities.
The company’s retail investment in Ohio has been on the rise this year. This summer, DealPoint bought one of downtown Cleveland’s Giant Eagle Shopping Centers, with plans to redevelop the property into a CubeSmart self storage facility.
Image via Google Street View
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