Cleveland Clinic Franklin Medical Building

Property Type: | Property Status: Sold

Cleveland Clinic Franklin Medical Building

Property Details

Price: $1,775,000

CAP Rate:

Square Feet:

Tenancy Type: National

Lease Type: NNN

Location Info

Address: 6412 Franklin Blvd.

City: Cleveland

State: OH

Zip: 44102

Property Description

Short Description:
The Cooper Commercial Investment Group is pleased to announce the sale of the single-tenant, NNN Franklin Medical Building guaranteed by Lutheran Hospital and the world-renowned Cleveland Clinic in Cleveland, Ohio. The Cleveland Clinic recently executed a lease extension at the option rate, giving a full 5 years of lease term.

Dan Cooper of the Cooper Commercial Investment Group in Cleveland, Ohio, had the privilege to represent the seller, a private investor out of Florida. The buyer, out of California, was found in the first week of listing the property for sale and purchased the property at the full ask price of $1,775,000, representing a 6.50% CAP Rate. Through their marketing efforts, the Cooper Group generated multiple competitive offers on the property.