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DealPoint Merrill Acquires Former Sears in Cleveland, Plans $70 Million Development

Acquisition Follows California Developer's Purchase of Former Macy's at Richmond Town Square
October 10, 2018
The 248,114-square-foot former Sears at Richmond Town Square in Cleveland, Ohio.

Woodland Hills, California-based DealPoint Merrill purchased a 248,114-square-foot former Sears department store at Richmond Town Square in Cleveland, Ohio, for an undisclosed price.

See CoStar COMP #4110731.

The acquisition comes on the heels of DealPoint Merrill’s purchase of a former Macy’s store at the shopping center in December 2017, CoStar data shows. According to the firm, the planned mixed-use redevelopment of both Sears and Macy's with additional residential, retail and restaurants will further support Richmond Heights' long-term growth.

Located at 621 Richmond Road, the 23 additional acres will be developed into a $70 million, 375-unit luxury apartment and mixed-use retail community with a 98-key hotel and an 8,000-square-foot restaurant.

Eliot Kijewski, George Pofok and Paul DiVincenzo with Cushman & Wakefield | CRESCO Real Estate represented the seller. David Frank, Sterling McGregor and Jason Limbert negotiated the transaction on behalf of the buyer, in-house.

Please refer to CoStar COMP #4538227 for additional information regarding this transaction.

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