Cleveland-Area Shopping Center Sells for $17.79 Million

North Olmsted Towne Center, Brookpart Road, North Olmsted, OH

Erin E. Patton

NORTH OLMSTED, OH– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of the North Olmsted Towne Center, a 95,446-square-foot shopping center located along Brookpark Road in North Olmsted, Ohio, approximately 17 miles southwest of Cleveland.

The $17,790,000 sales price equates to $186 per square foot.

            Scott Wiles and Craig Fuller in Marcus & Millichap’s Cleveland office, along with Erin Patton in the firm’s Columbus office, represented the seller, a local Cleveland investment group.

Wiles, Fuller, Patton and Dustin Javitch, who is also in the Cleveland office, advised the buyer, an out-of-state private investor.

Scott Wiles

            “Multi-tenant property transaction velocity in the Cleveland metropolitan area has nearly doubled over the past four quarters as local investors became much more active in the market,” says Wiles.

“Well-located, high-quality centers such as the North Olmsted Towne Center attract attention from local investors and out-of-area buyers from throughout the investor spectrum.”

            The property is located in the center of North Olmsted’s commercial district at 25100 Brookpark Road, State Highway 17, just east of the intersection of Brookpark Road and Great Northern Boulevard.

Great Northern Mall, a 1.2 million-square-foot super regional mall anchored by Macy’s, J.C. Penney, Dillard’s, Sears, Regal Cinema and Dick’s Sporting Goods, is across the street.

Craig Fuller

            Shadowed by Target and a Walmart Supercenter, tenants at the North Olmsted Towne Center include David’s Bridal, The Tile Shop, Jimmy John’s, La-Z-Boy, Men’s Wearhouse, Moe’s Southwest Grill, Party City and Pearle Vision.

            The property has its own signalized entrance with dedicated turning lanes, signage and landscaping. Other features include quality masonry construction, fascia molding, pitched roof façades, bay windows, stamped and stained concrete walkways and wrought-iron window decorations.

 For a complete copy of the company’s news release, please contact:

Gina Relva

 Public Relations Manager

(925) 953-1716