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