Miles Carter i
CHICAGO, IL, Nov. 27, 2023 – JLL Capital Markets has closed the sale of West Bay Plaza, a 147,135-square-foot, recently redeveloped, high-performing, grocery-anchored shopping center in the affluent and well-established Cleveland suburb of Westlake, Ohio. The price was not disclosed.
JLL
represented the seller, and Carter Properties acquired the asset. Kyle Hartung, Vice President –Director of Investment Sales at Goodman Real
Estate Services Group LLC, represented the buyer on the transaction.
 |
| West Bay Plaza, Westlake, OH |
Carter Properties is a family-owned business that specializes in real estate investment, management, development, and leasing, that was founded by Miles Carter in 1962.
Redeveloped
from 2018 to 2022, the 92.54-percent-occupied West Bay Plaza is anchored by
Fresh Thyme Market, HomeSense, Sierra Trading Post and Ulta. The Fresh Thyme
Market serves as the most trafficked location in the state of Ohio.
Additional tenants include,
DryBar, Pet Supplies Plus, Kirkland’s, Chipotle, Chase and Club Pilates. The
property features a WALT of 7.3 years.
Situated
at 30010 Detroit Rd., West Bay Plaza is located just 15 miles from downtown
Cleveland. 
Michael Nieder
The property is optimally located off I-90 and sits adjacent to Crocker Park, a Class A lifestyle Center with a sophisticated mix of retail, office, and luxury residences.
Crocker Park receives over 10
million annual visitors and draws synergistic consumer demand to West Bay
Plaza. Within a five-mile radius of the property is a population of almost
150,000, an average household income of over $125,000 and an overall buying
power of $7 billion.
The
JLL Capital Markets Investment Sales and Advisory team was led by Michael
Nieder and Keely Polczynski.
“We
received incredible market interest with investors recognizing the strength of
the tenant mix, the A+ location within the submarket and the physical
condition of the center due to the recent re-development, which requires
minimal future capital expenditures,” added Nieder. 
Keely Polczynski.
JLL Capital Markets is
a full-service global provider of capital solutions for real estate investors
and occupiers. The firm's in-depth local market and global investor knowledge
delivers the best-in-class solutions for clients — whether investment sales and
advisory, debt advisory, equity advisory or a recapitalization.
The
firm has more than 3,000 Capital Markets specialists worldwide with offices in
nearly 50 countries.
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resources on JLL, please visit our newsroom.
CONTACT:
Jenna Sharp
JLL,
Public Relations
Dallas,
TX
M
+1 214 394 3356
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