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DealPoint Merrill Pays $1.2M for Vacant 162,000-SF Retail Bldg.

Approved Self-Storage Redevelopment Project Set for Former Macy’s in Richmond Heights
January 18, 2018
Los Angeles-based DealPoint Merrill, an owner and operator of value-added retail shopping center conversions, acquired the former Macy’s building in Richmond Heights, OH from Macy’s, Inc. for $1.15 million, or approximately $7 per square foot. Vacant since 2015, the 162,190-square-foot retail anchor space is located at 641 Richmond Rd. in the Richmond Town Square shopping mall.

After months of public meetings, the City’s Planning and Zoning Committee approved a use variance to accommodate CubeSmart (NYSE: CUBE), a self-administered and self-managed real estate company specializing in the acquisition and development of self-storage facilities throughout the United States, according to CoStar information.

Please see CoStar COMPS #4110731 for more information on this transaction.
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