DealPoint Merrill Secures Financing for Cleveland Giant Eagle
The $6.6 million loan will be used for the redevelopment of the shopping center. DealPoint Merrill arranged the sale of the same property earlier this year.
By Roxana Baiceanu
13820 Lorain Ave.
Three months after closing the sale of one of downtown Cleveland’s Giant Eagle Shopping Centers, DealPoint Merrill secured financing for redeveloping the store into a new CubeSmart self storage. The $6.6 million construction loan will be used toward upgrading the existing building structures, improving the landscape and the 10,500-square-foot exterior drive, as well as adding a new restaurant. The new facility is scheduled to open in the first quarter of 2019.
Located at 13820 Lorain Ave., the property is part of a busy retail and business corridor in Cleveland. The former Giant Eagle store encompasses 56,500 square feet and is situated on a 4.3-acre site in an area which is home to several auto dealerships, restaurants and hospitality properties. A CTA Red Line is a few blocks away.
DealPoint Merrill’s CEO David Frank negotiated the transaction, and President Sterling McGregor handled the due diligence for the financing. Other recent retail activity in downtown Cleveland includes a Dollar General store on 3040 Fulton Road and the 190,000-square-foot Lee Harvard Shopping Center at 4071 Lee Road.
Rendering courtesy of DelPoint Merrill
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