$15.4 Million Suburban Cleveland Shopping Plaza Sale Arranged by IPA

Cedar Center North, 13991 Cedar Road,  South Euclid, Cleveland, OH

Erin Patton

SOUTH EUCLID, OH  – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of Cedar Center North, a 61,466-square-foot shopping plaza in the Cleveland suburb of South Euclid.

            IPA senior directors Erin Patton, Craig Fuller and Scott Wiles represented the seller, a local northeast Ohio development group. The buyer is Inland Real Estate Corp. 

 The sale was subject to a loan assumption with the initial $15.4 million closing price excluding potential future earn-out payments to seller.

            “At the time of the sale, Cedar Center North was 90 percent occupied by 21 tenants,” says Patton. “The offering was well received by the market.”

The property is located at the signalized intersection of Cedar Road and Warrensville Center Road at 13991 Cedar Road in South Euclid. Traffic at the intersection exceeds 36,000 vehicles per day. 

Craig Fuller

Target, Macy’s, T.J. Maxx, Whole Foods, and several other national retailers are across the street.

John Carroll University is less than a mile from the property and two super-regional shopping centers, Legacy Village and Beachwood Place, are within two miles.

The sale of Cedar Center North represents Patton, Wiles and Fuller’s 66th investment real estate closing since the beginning of 2014. From January 2014 to date, the team has sold more than $280 million in commercial real estate assets and continues to be a leader in Midwest shopping center sales. 

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

Gina Relva

Public Relations Manager

(925) 953-1716