Marcus & Millichap closed the sale of Turney Town Plaza, a 168,062-square-foot grocery-anchored community shopping center in Garfield Heights, Ohio, an east-side suburb of Cleveland.
Craig Fuller, Erin E. Patton and Scott Wiles, senior managing directors in Marcus & Millichap’s Cleveland and Columbus offices, had the exclusive listing to market the property on behalf of the seller, a local private investor.
Patton | Wiles | Fuller of Marcus & Millichap sourced a private New York-based 1031-exchange buyer after a thorough marketing process that generated multiple offers. Favorable deal terms were negotiated on behalf of the Seller including a hard-money deposit at contract signing and compressed closing timeframe, providing surety of closing. The buyer closed all-cash after a short 35-day escrow.
Turney Town Plaza is located at 4908 Turney Road in Garfield Heights, Ohio. Anchored by Dave’s Markets, a 12-unit local grocery chain, the Property was nearly fully percent occupied at the time of sale. The asset is located amongst very dense demographics along Garfield Heights primary north-south arterial. Turney Town benefits from a variety of tenured daily-needs retailers, restaurants, and service-oriented tenants, including Sherwin-Williams, Advance Auto Parts, Huntington Bank, Domino’s Pizza, Rent-A-Center, H&R Block, and more.
