Northmarq Announces Ground Lease Sale of Toledo, Ohio Home Depot for $12.0 Million


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.

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About Northmarq:

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with a flexible structure, enabling our national team of experienced professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of more than $37 billion and a loan servicing portfolio of nearly $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq introduces clients to expanded opportunities across all major asset classes. To learn more about Northmarq, please visit: