Marcus & Millichap closed the sale of the Cleveland Clinic Southpark Center, a 166,524-square-foot net-leased property in Strongsville, Ohio. The asset sold for $15.9 million.
Craig Fuller, Erin Patton and Scott Wiles, investment specialists in Marcus & Millichap’s Columbus and Cleveland offices, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer was a national REIT based in Ohio.
Cleveland Clinic Southpark Center is located at 16761 Southpark Center in Strongsville. The property sold above list price at a 4.95 percent cap rate and received multiple offers.
The buyer closed all-cash and the asset has just over six years remaining on the primary term.