West Bay Plaza is positioned simply 15 miles from downtown Cleveland. Picture courtesy of CommercialEdge
Carter Properties has bought West Bay Plaza, a 147,135-square-foot grocery-anchored purchasing middle in Westlake, Ohio. Heritage Growth bought the asset for $41.7 million, in accordance with CommercialEdge knowledge. The identical supply reveals that Goldman Sachs offered a $29.2 million mortgage for the acquisition.
JLL Capital Markets brokered the transaction, with Director Michael Nieder and Managing Director Keely Polczynski main the Funding Gross sales and Advisory workforce engaged on behalf of the vendor. Goodman Actual Property Companies Group’s Vice President & Director of Funding Gross sales Kyle Hartung represented Carter Properties within the deal.
Accomplished in 1974, the property underwent a beauty renovation from 2018 to 2022. West Bay Plaza contains three buildings on a 17-acre website. The middle is anchored by HomeSense, Sierra Buying and selling Put up, Ulta and Recent Thyme Market, which serves as probably the most trafficked location within the state of Ohio. On the time of the sale, the property was 92.5 % occupied by tenants equivalent to DryBar, Pet Provides Plus, Kirkland’s, Chipotle, Chase and Membership Pilates.
In the beginning of this 12 months, Orion Actual Property Group and Limestone Asset Administration have collectively bought a 188,389-square-foot retail middle in Miami, for $70.5 million. JLL Capital Markets brokered the transaction and Goldman Sachs offered the acquisition financing.
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A well-located asset
Located at 30100 Detroit Highway, the retail middle is throughout the Western Cuyahoga County. The grocery-anchored purchasing middle is close to Interstate 90, which supplies direct entry to downtown Cleveland. West Bay Plaza serves a inhabitants of just about 150,000 people inside a 5-mile radius, in an space the place the typical family earnings exceeds $125,000, with an total shopping for energy of $7 billion.
Crocker Park, a life-style middle with a mixture of retail, workplace and luxurious residences, is inside strolling distance of the retail middle. The Class A, mixed-use growth receives roughly 10 million guests yearly, drawing important client demand to West Bay Plaza.
