Northmarq Announces Ground Lease Sale of Toledo, Ohio Home Depot for $12.0 Million

HomeDepot-Byerly

Northmarq, one of commercial real estate’s leading investment sales brokerage firms, has completed the ground lease sale of a Home Depot located at 1035 West Alexis Road in Toledo, Ohio. The single-tenant big box home improvement warehouse totaled 141,610 square feet situated on 13.3 acres. Northmarq’s Chad Byerly represented the seller, a local developer. The property was acquired by a private 1031 exchange investor for $12.0 million.

“This particular Home Depot ground lease asset was in a good, established area,” said Byerly, Director and Partner in Northmarq’s Tulsa, Oklahoma headquarters. “Even though the tenant had just exercised a lease option and only five years remained on the lease, we received lots of activity from the market. The seller ultimately decided to go with a California trade buyer, and it ended up trading very close to list price.”

The property is located six miles northwest of downtown Toledo and serves a customer base of approximately 192,000 residents in a five-mile radius. Strategically located in a dense retail corridor, neighboring tenants include Lowe’s, Ollie’s Bargain Outlet, Kroger, Target and many other national retailers.

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About Northmarq:

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.