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.