Seeing prospect in the 16 empty retailers at Westgate Procuring Middle in Fairview Park, an affiliate of retail-focused The R.H. Johnson Co. of Kansas Town, Missouri, has acquired the regional life style heart.
Which is the word in accordance to JLL Retail Cash Markets of Chicago, which declared Monday, July 19, that it experienced sold the center on the corner of West 210th Street and Center Ridge Street for the prior operator, IRC Retail Facilities/DRA Advisors of New York City.
A sale selling price was not disclosed by JLL.
On the net Cuyahoga County assets information did not exhibit a transaction for the 500,000-square-foot shopping middle as of 2 p.m. Monday, July 19. The new proprietor updated the on-line realty information internet site CoStar listing for the browsing middle soon immediately after midday July 19 and did not disclose a sale selling price, noting the sale was section of a multi-assets transaction.
IRC Retail Centers/DRA Advisors acquired the assets for $74 million in 2013, in accordance to county data. The county assigned the lifestyle heart anchored by Kohl’s, Lowe’s and Concentrate on a marketplace worth of $52.6 million for the 2020 assets tax yr.
Chris Seelig, a Colliers senior vice president who heads a team that had been leasing Westgate given that February, explained the team had created various prospective tenants prior to the sale. He mentioned it will continue to try out to close the promotions with the new proprietor. He declined to determine the prospective buyers.
Westgate is a person of the most outstanding retail locations in the West Shore area. The open-air middle was designed on the web site of the former Westgate Shopping mall, which experienced served the neighborhood due to the fact 1954 and was demolished by 2006.
The R.H. Johnson Co. has no other property in Ohio, according to its internet site.