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| 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.”
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| 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.
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| 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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