• Wed. Nov 29th, 2023

    Beachwood, Ohio Sees $31.5 Million Sale of Pavilion Shopping Center

    ByEmma Wolukau-Wanambwa

    Nov 21, 2023
    Beachwood, Ohio Sees $31.5 Million Sale of Pavilion Shopping Center

    Beachwood, an eastern suburb of Cleveland, recently witnessed a significant real estate transaction with the sale of Pavilion Shopping Center. The deal, brokered by Matthews Real Estate Investment Services, amounted to a whopping $31.5 million.

    The Pavilion Shopping Center, located at 24055 Chagrin Blvd., is a bustling retail property spanning 207,000 square feet. Despite the challenges faced by the retail industry, this shopping center boasts a full occupancy with 19 tenants. Giant Eagle, Ross Dress for Less, Big Lots, and Michaels are among the prominent anchor tenants that contribute to the center’s success.

    The undisclosed seller was represented by Ben Snyder, Zachary Bates, and Matthew Wallace from Matthews Real Estate, a top-notch real estate agency known for its expertise in investment and brokerage services. On the other side of the transaction was Marquee Capital, the buyer.

    Remarkably, this deal registers as the second largest shopping center transaction that has taken place in Ohio this year. The brokerage team at Matthews Real Estate Investment Services provides a testament to their commitment to facilitating successful real estate transactions.

    As the retail landscape continues to evolve, real estate sales like this one become increasingly noteworthy. The Pavilion Shopping Center’s allure lies in its ability to attract and retain a diverse range of tenants, ensuring a vibrant and thriving retail atmosphere for the local community.

    FAQs

    Q: Who brokered the sale of Pavilion Shopping Center in Beachwood?

    A: Matthews Real Estate Investment Services acted as the broker for the sale of Pavilion Shopping Center.

    Q: What is the total leasable area of the shopping center?

    A: The Pavilion Shopping Center spans over 207,000 square feet of leasable area.

    Q: Did the shopping center have any vacant units at the time of the sale?

    A: No, the Pavilion Shopping Center was fully occupied by its 19 tenants at the time of the sale.

    Q: Who were the anchor tenants of the shopping center?

    A: Some of the anchor tenants at the Pavilion Shopping Center were Giant Eagle, Ross Dress for Less, Big Lots, and Michaels.

    Q: Who was the buyer of the shopping center?

    A: Marquee Capital acquired the Pavilion Shopping Center.