June 4, 2021 - Kyle Hartung of Goodman Investment Group recently brokered the sale of three NNN bank branches. The Fifth Third Bank building located at 5680 Mayfield Road in Lyndhurst sold for the full asking price to an all-cash buyer within 30 days of the listing date at $1,977,000 (4.3% cap rate). The branch is situated at the entrance of The Greens of Lyndhurst Shopping Center in one of the major retail corridors in the area serving all of Cleveland’s wealthy eastern suburbs with signalized access and high traffic counts. The First Federal of Lakewood building located at 36839 Detroit Road in Avon Lake sold for $1,785,000 (6.25% cap rate) to a private 1031 exchange buyer. In the heart of Avon Lake, this branch is surrounded by several retailers such as Walgreen’s, Cleveland Clinic, Taco Bell, Goddard School, and more businesses serving the upscale community. The First Federal of Lakewood building located at 22380 Lorain Road in Fairview Park sold for $634,717.83 (6.15% cap rate) to a private 1031 exchange buyer. The branch features a drive-thru corner location on Lorain Road, the busiest retail thoroughfare in Cleveland’s western suburbs, and is surrounded by other retailers, restaurants, and businesses.

Goodman Investment Group is a division of Goodman Real Estate Services Group LLC and provides investment brokerage and advisory nationally. Please reach out to Kyle Hartung with any questions regarding your property or the current investment market.