Arnold J. Eisenberg Inc. has arranged the sale of Lee Harvard Shopping Center, a 190,000-square-foot retail center in Cleveland, for $12.8 million to First National Realty Partners.
The property was 96 percent occupied at the time of the sale by tenants such as Dave’s, Goodwill, Family Dollar, Cleveland Dental Institute, Huntington Bank, PNC Bank, Oak Street Health, Villa and the U.S. Post Office.
Lisa Wiener and Steve Eisenberg represented the seller, ECP Commercial IV LLC, a subsidiary of Newport Beach, California-based Excelsior Capital Partners.
Lee Harvard Shopping Center was built in 1949. During the 1970s, the center was purchased by the neighborhood residents, and was the first African American-owned and -managed shopping center in the country.
In 1999, the Lee Harvard Shopping Center went through a major redevelopment. Unable to maintain debt servicing, Lee Harvard Shopping Center was purchased through a foreclosure sale. Since the acquisition, Excelsior Capital Partners invested millions into capital improvements, which included a new roof, landscaping improvements, repaving of the parking lot and improvement funds for the 44,500 square feet of space leased since May 2016.
Retail specialists at Arnold J. Eisenberg, Inc. replaced the long-time leasing and management firm and were instrumental in the revitalization of the center. The newly leased space equates to 25 percent of the total leasable area in the center.