JLL Capital Markets has closed the sale of Westgate Shopping Center, a 474,000-square-foot grocery-anchored power center in the Cleveland-area suburb of Fairview Park, Ohio.
JLL marketed the property on behalf of the seller, IRC Retail Centers/DRA Advisors. The R.H. Johnson Company purchased the asset.
Westgate Shopping Center is home to a lineup of Target, Marshalls, EarthFare, Petco, Five Below, Kohl’s, Ulta Beauty and Lowe’s, along with numerous inline shop and restaurant tenants, including Chick-Fil-A, Longhorn Steakhouse, Buffalo Wild Wings, Starbucks and Five Guys. Completed in 1991, the center was most recently renovated in 2014.
The property is situated at the southeast corner of Route 20 and West 210 Street along the main retail corridor in Fairview Park, a suburban community approximately 16 miles southwest of downtown Cleveland. Customers can easily access Westgate Shopping Center via signalized entry. The center pulls from a trade area that includes nearly 102,000 residents with an average annual household income of $81,000 living within a three-mile radius.
The JLL Retail Capital Markets team that represented the seller was led by Managing Directors Clinton Mitchell and Amy Sands and Analyst Kirstey Lein along with Managing Director Bill Poffenberger.