Quantum Brokers 1031 Deal for Cleveland-Area Single-Tenant Office Building
Quantum Real Estate Advisors, Inc. has brokered the sale of 4781 Richmond Rd., a 45,422-square foot, single-tenant office building in Warrensville Heights, OH, within the Cleveland metro area. The property was a build-to-suit for advertising agency Marcus Thomas and sold for $13,100,000.
The seller was a developer based in the Cleveland area. The buyer was a private investor based in Miami. Quantum EVP Daniel Waszak represented the buyer. There were approximately 10.5 years remaining on the lease at the time of closing.
“The buyer was able to acquire a corporate headquarters property subject to a long-term lease at an attractive yield,” said Waszak. “The strength of the tenant allowed the buyer to obtain attractive financing
“This was part of a 1031 for the buyer,” he continued. “They are very happy with the asset and their ability to defer the gain.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).