Grocery-anchored power center near Cleveland sells
JLL Capital Markets closed the sale of the Target-anchored retail center in Fairview Park
CHICAGO, July 19 2021 – JLL Capital Markets announced today that it has closed the sale of Westgate Shopping Center, an approximately 474,000-square-foot grocery-anchored power center in the Cleveland-area suburb of Fairview Park, Ohio.
JLL marketed the property on behalf of the seller, IRC Retail Centers/DRA Advisors. The R.H. Johnson Company purchased the asset.
Westgate Shopping Center is home to a dominant lineup of Target, Marshalls, EarthFare, Petco, Five Below, Kohl’s, Ulta Beauty and Lowe’s, along with numerous inline shop and restaurant tenants, including Chick-Fil-A, Longhorn Steakhouse, Buffalo Wild Wings, Starbucks and Five Guys. Completed in 1991, the center was most recently renovated in 2014.
The property is situated at the southeast corner of Route 20 and West 210 Street along the main retail corridor in Fairview Park, a suburban community approximately 16 miles southwest of downtown Cleveland. Customers can easily access Westgate Shopping Center via signalized entry. The center pulls from a trade area that includes nearly 102,000 residents with an average annual household income of $81,000 living within a three-mile radius.
The JLL Retail Capital Markets team that represented the seller was led by Managing Directors Clinton Mitchell and Amy Sands and Analyst Kirstey Lein along with Managing Director Bill Poffenberger.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About IRC Retail Centers LLC
IRC Retail Centers LLC, is a privately held real estate company owned by funds managed by DRA Advisors LLC that acquires, owns and manages open-air shopping centers primarily in the Central and Southeastern United States.
About The R.H. Johnson Company
Founded in 1992, The R.H. Johnson Company is a privately held real estate company that acquires, develops, manages, and leases retail real estate assets throughout the Midwest. Since its inception, it has developed and acquired over thirty million square feet of power centers, grocery-anchored centers, and single tenant assets leased to first-in-class retailers with a current portfolio comprised of 50 properties in dozens of markets throughout the Midwest.