Monday, July 28, 2014

Marcus & Millichap Sells Suburban Cleveland, OH Grocery-Anchored Shopping Center for $34.3 Million

  
Erin Patton

BEACHWOOD, OH, July 28, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Pavilion Shopping Center, a 249,873-square-foot shopping center east of Cleveland in Beachwood, Ohio.

 The $34.3 million sales price equates to $137 per square foot.

            Scott Wiles, vice president investments and Craig Fuller, associate vice president investments, both in Marcus & Millichap’s Cleveland office, along with Erin Patton, vice president investments in the firm’s Columbus office, represented the seller, a Cleveland-based private joint venture.

 Wiles, Fuller, Patton and CJ Jackson, an associate in the Columbus office, represented the buyer, Devonshire REIT of Whitehouse, Ohio.

            “Pavilion Shopping Center is a well-established, stabilized shopping center in one of Ohio’s strongest suburban settings,” says Wiles. “The center is anchored by Giant Eagle, Cleveland’s No. 1 grocery operator.”

The Pavilion Shopping Center, Beachwood, OH
            The property is located near Interstate 271 at 24055 Chagrin Blvd., which features traffic counts that exceed 28,000 vehicles per day. The average annual household income within one mile of the center is $146,700.

The shopping center is surrounded by the Cleveland metropolitan statistical area’s premier office submarket, which features the newly built $117 million world headquarters of the Eaton Corp., a power management company with 2013 sales of $22 billion.

Scott Wiles
            Pavilion Shopping Center is co-anchored by Stein Mart, Marshalls, Big Lots, Petco and Michaels. Two freestanding out-parcel buildings leased to Ruby Tuesdays and Huntington National Bank were included in the sale.

            Home to 5,500 families, more than 3,000 businesses and regional retail centers featuring Saks Fifth Avenue, Nordstrom, Tiff­any’s and Apple, Beachwood, Ohio attracts more than 100,000 people every day for business, healthcare, shopping or entertainment purposes.

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

Gina Relva
Public Relations Manager

(925) 953-1716

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