Cleveland, OH (November 1st, 2015) – Chartwell Auctions, a division of Hanna Commercial, was scheduled to auction Chapel Hill Square, but prior to that auction a buyer was found for the property. The Pittsburgh-based buyer has made a non-refundable down payment on the shopping center. Chapel Hill Square, a strip mall across from Chapel Hill Mall, is 67,000 square feet and has an occupancy rate of about 65 percent.
Michael Berland, Principal and Managing Director for Hanna Commercial, was instrumental in selling the property. “I’ve been conducting real estate auctions for thirty-one years, and it’s very rare to sell a property just before auction. In this case, the buyer was anxious about a bidding war developing and wanted to bypass the auction with a strong, non-contingent offer with non-refundable earnest money on deposit. The price was acceptable to the seller, and the property is scheduled to close mid-November.”
Mark Abood, Hanna Commercial Principal and Managing Director, assisted in the negotiations with the purchaser. “Chapel Hill Square is an outstanding opportunity for someone to bring fresh capital to the table and truly capture a significant amount of additional income. The property was already throwing off attractive income, but this new owner is likely to really boost that income with new tenancy. This purchaser identified the opportunity and struck swiftly to secure the investment. It truly is a win-win for both seller and purchaser!”
To learn more about Hanna Commercial and upcoming auctions, please visit www.hannacre.com.
Hanna Commercial Real Estate is a full-service real estate company with offices in Ohio, Pennsylvania & Michigan. For over 75 years, they have been a leader in the commercial property marketplace, successfully providing clients with creative and comprehensive real estate solutions. Hanna CRE specializes in real estate consulting; industrial; office; retail sales & leasing; corporate services; property & asset management; investment sales; land brokerage; tenant representation; build-to-suit representation; accelerated marketing (auctions); project management; and property valuation.
Elizabeth Grepp, 216-447-4477 x115, firstname.lastname@example.org