BWE secured a $31.8 million loan to refinance and fund the long-term business plan of Market Square at Montrose, a Home Depot-anchored shopping center in Fairlawn, Ohio, part of the Greater Akron area.
Brian Bruening, vice president in BWE’s Cleveland, OH office, originated the floating-rate loan with no interest rate caps on behalf of the borrower.
Located at 4020 Medina Road, Market Square at Montrose boasts 506,870 square feet of retail space and is currently 88% leased. Anchored by Home Depot, additional tenants include Dick’s, Staples, Cost Plus, Steak N Shake, Golf Galaxy, and more. A new lease with Tesla has also been recently executed, and letters of intent are being negotiated with a slate of other tenants with national presences.
Situated in Fairlawn, a suburb located just northwest of Akron, OH, the Market Square at Montrose is well-positioned in the 3rd ranked trade area in Northeast Ohio and is surrounded by some of the state’s highest income municipalities.
