Update 11/14/18 – The DealPoint Merrill conversion of Macy’s to self-storage continues to move forward. The $8 million project will comprise more than 1,100 units at 691 Richmond Road. A previous source reported the street address number as 641. The developer has also acquired the vacant 248,000-square-foot Sears store, with plans to build a four-story luxury apartment complex, according to the source.
The apartment complex will feature retail space on the ground floor as well as a plaza and public park. An annex area will also be set aside of additional recreational amenities.
“No city, county or state tax affects residents with these plans,” said Brian Gleisser, the city’s director of economic and community development. “We’ve been pleasantly surprised regarding no questions for any tax incentives. It allows us to do more and reduces bureaucracy typically associated with projects of this magnitude. Hopefully, it’s the beginning of a new trend.”
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1/23/18 – DealPoint Merrill LLC, a real estate development and property-management firm, intends to convert a former Macy’s store to self-storage in Richmond Heights, Ohio. The company acquired the 162,190-square-foot building at 641 Richmond Road through affiliate Richmond Heights Owner LLC for $1.15 million. The developer secured a use variance on Nov. 14 from the city council and intends to begin construction during the second quarter, according to the source.
The conversion will leave 30,000 square feet for retail space on the ground floor. The facility will be branded under CubeSmart, a self-storage real estate investment trust and third-party management firm. DealPoint Merrill also intends to build two freestanding restaurants on the 9-acre site.
“The Macy's building is a notable addition to our climate-controlled self-storage portfolio and an excellent fit for our co-investment and redevelopment projects throughout the United States,” said David Frank, CEO of DealPoint Merrill, in a press release.
Macy’s closed the store in 2015. The two-story structure is part of the Richmond Town Square shopping mall, which has also experienced closures of J.C. Penney and Sears locations, the source reported.
DealPoint Merrill is a subsidiary of The Merrill Group of Cos., a privately held real estate development and property-management firm that has been in business since 1985. Merrill Group manages more than 2 million square feet in office and retail assets nationwide. Based in Los Angeles, DealPoint Merrill also has a strategic partnership with real estate firm Sperry Van Ness LLC for co-investment opportunities and development services.
Sources:
The News-Herald, Developer Acquires Properties at Richmond Town Square, Redevelopment Projects Underway
BusinessWire, DealPoint Merrill Announces the Acquisition of 162,190 Square Foot Macy's Department Store in Richmond Town Square, Richmond Heights, Ohio
Crain’s Cleveland Business, Richmond Heights Macy's Store Sold for $1.15 million
