Marcus & Millichap has arranged the sale of a triple-net Walmart ground lease in Mayfield Heights, Ohio. The $17.1 million sales price equates to a 5.79 percent cap rate on Walmart’s current rent.
Scott Wiles and Craig Fuller, both vice presidents of investments in Marcus & Millichap’s Cleveland office, and Erin Patton, vice president of investments in the firm’s Columbus office, represented the seller, a Cleveland-based investor. Wiles, Fuller and Patton also procured the buyer, a Midwest-based investor in a 1031 exchange.
The property is located off the Interstate-271 exit ramps at a heavily trafficked, signalized intersection in Mayfield Heights. Nearby retailers include Target, Marc’s, Giant Eagle, Costco and Best Buy, plus two regional shopping centers: Eastgate Shopping Center and Golden Gate Plaza. Hillcrest Hospital, a 496-bed Cleveland Clinic hospital, also neighbors the property.