SRS Real Estate Partners has secured a $9.59 million loan on behalf of a private investor for the ground lease acquisition of a property occupied by Home Depot at 3460 Mayfield Road in Cleveland Heights, Ohio.
Located on a 10.2-acre lot, the property features an approximately 132,000-square-foot building and a nearly 18,000-square-foot garden center. The sale price was $13.7 million.
Ben Townsend and Matt Marlin of SRS’ Debt & Equity team structured the non-recourse, 10-year, interest-only loan at a rate of 3.65 percent on behalf the borrower, a California-based private investor.
The property is on the south side of Severance Town Center, a 60,000-square-foot power center featuring Marshalls, OfficeMax, Key Bank and World Gym, among others. The property is within a densely populated area with more than 141,000 residents within a three-mile radius.