Marcus & Millichap Real Estate Investment Services recently received the exclusive listing for three single-tenant office buildings absolute net-leased to Medical Mutual of Ohio, a private company with an A- S&P rating. Combined, the Ohio properties, which may be purchased separately or as a portfolio, are listed at $98 million.
The first asset is Medical Mutual of Ohio’s corporate headquarters, the historic Rose Building, a 10-story, 381,000-square-foot office building and six-story annex located on East Ninth Street in downtown Cleveland. A second building, located in Toledo, Ohio, is a 160,000-square-foot three-story general office and administration center with an annex. The third building is a 51,000-square-foot, two-story data center in Beachwood, Ohio, a Cleveland suburb.
Jason Vitorino, vice president of investments, and Nicholas Farris, a net-leased investment property specialist, both in Marcus & Millichap’s Dallas office, are representing the seller, one of the nation’s largest privately held commercial real estate investment companies. The company acquires, owns, manages and leases Class-A office buildings, luxury resort/hotel properties and is a leader in structuring and acquiring single-tenant properties across the United States.
Michael Glass, regional manager of Marcus & Millichap’s Cleveland office, is also providing representation.
The Rose Building has one of the premier locations in Cleveland’s business district. The property is adjacent to Progressive Field, also know as “The Jake,” the home of major league baseball’s Cleveland Indians. It is also located near Quickens Loans Arena, home of the NBA’s Cleveland Cavaliers.
