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Cleveland, OH – Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, completed the sale of ABB Inc., an office/industrial property located at 23000 Harvard Road, Cleveland, OH. The single-tenant building sold for $34,250,000. The deal was brokered by Executive Vice President, Chad Kurz.
Matthews™ represented the buyer, an experienced private client, in a 1031 Exchange. Kurz sourced the deal prior to the listing going public as it matched his client’s investment criteria providing a Class A asset with an A- S&P credit rating behind the lease. The investment also came with a long-term lease with annual rent increases, to provide a hedge against inflation.
“The listing broker reached out weeks before they were to begin marketing the property,” Kurz said. “Reputation is important in the industry and our buyers continue to show the ability to perform on these types of deals when given the opportunity.”
The seller received a quick and efficient closing from a well-qualified buyer. The buyer was able to get very attractive institutional financing that provided a double-digit cash-on-cash return.
Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Founded in El Segundo, CA, and strategically positioned with over 400 agents and support staff in over 13 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.
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