Cooper Commercial Investment Group closed the sale of the single-tenant First Federal Lakewood location in North Ridgeville, Ohio, a west side suburb of Cleveland.
The lease commenced in 2017 with 15 years of original term, leaving about 12.5 years remaining. The lease includes multiple rental increases throughout and also offers increases in each option period.
Dan Cooper, president and broker of Cooper Commercial Investment Group in Cleveland, represented the seller, a private investment group based in Ohio. The private investment buying group for the property was found on the first day of marketing the asset for sale and was purchased for a full asking price of $910,500, representing a CAP rate of 6 percent.