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Inland-PGGM JV Buys Sixth Shopping Center in Greater Cleveland

19 May 2015, 1:17 pm

By Adrian Maties, Associate Editor

Inland Real Estate Corp. and its partner, Dutch pension fund administrator PGGM, have acquired another property in the Greater Cleveland area. The joint venture paid $28.3 million to buy the Creekside Commons shopping center.

The property is located on Mentor Avenue, the prime retail corridor in the Cleveland suburb of Mentor. It has 201,879 square feet of space and is anchored by Kohl’s, Gordmans, Home Goods and Party City. Creekside Commons’ tenant roster also includes other national retailers, such as Five Below, Panera Bread, Payless Shoe Source, LensCrafters, Sally Beauty Supply, GNC and Great Clips. The property was 99 percent leased at the time of the sale.

According to Inland, the $28.3 million purchase price included a $16.5 million mortgage loan on the property, with a maturity date in 2024. The joint venture assumed the loan at closing.

With the acquisition of Creekside Commons, the joint venture now owns six shopping centers, with more than 853,000 square feet of leasable space, in the Cleveland metropolitan area. Earlier this year, it purchased Cedar Center North, a shopping center in South Euclid, for $15.4 million, and in 2013, it paid $24.9 million for Cedar Center South in University Heights.

Photo credit: Inland Real Estate Corp.



Akron City Council Approves Land Purchase for New Dollar Tree Store

12 May 2015, 4:45 am

By Adrian Maties, Associate Editor

At last week’s meeting, the Akron City Council passed legislation that will allow two commercial projects on the city’s west side to move forward. The projects will bring a new Dollar Tree store and a new office building to Akron.

For the Dollar Tree store project, the council approved the purchase of land owned by the Akron Metropolitan Housing Authority on Vernon Odom Boulevard in the Edgewood Urban Renewal Area. The city plans to sell the site to CMD Moon LLC. The developer will then build the new store.

The Dollar Tree will be the second new retail development in the area. Margo Sommerville, Ward 3 Council Representative, said in a statement that the construction of the new Dollar Tree is big news for the Edgewood community, which has been without an operating retail store since 1968. She added that the project will create 15 new jobs.

According to Akron.com, the council also placed an ordinance on the consent agenda for approval at the meeting scheduled for May 11. The ordinance will authorize the city to sell property on White Pond Drive to developer White Pond Building Associates LLC. The company plans to build a new office building on the six-acre site. It will have 40,000 square feet of space and will house between 40 and 50 employees.



Cabela’s to Build 81,000 SF Store in Avon

5 May 2015, 8:02 pm

By Adrian Maties, Associate Editor

Cabela’s Inc. plans to open another store in the state of Ohio. This time, it will be located it the Greater Cleveland area. Construction on the Avon store is expected to start later this year, with an opening set for the fall of 2016. The cost of the project was not disclosed.

Jacobs Real Estate Services LLC is the developer. The Avon store will be located off Exit 153 of Interstate 90, near Chester Road. It will encompass 81,000 square feet of space and will include a cafe, fudge shop, boat shop and gun library. The store will feature log construction, stonework, a mountain replica, an aquarium, wildlife displays, hand-painted murals and even an indoor archery range to offer customers an immersive outdoor experience.

Tommy Millner, CEO of Cabela’s, said in a news release that his company “has been interested in northern Ohio and the greater Cleveland area for some time now.” The Avon store will be the fourth Cabela’s planned for Ohio. The company already operates a store in Columbus, and plans to open two more: in West Chester this fall and in Centerville next spring.

About 225 full-time, part-time and seasonal employees will work at the new store. Most of them will come from Avon and the surrounding area.



Akron-Canton Airport Plans Two New Projects

27 Apr 2015, 9:10 pm

By Adrian Maties, Associate Editor

The Akron-Canton Airport plans to start work this summer on two new construction projects. At a total cost of more than $14 million, the two are part of the airport’s CAK2018 plan, a 10-year, $110 million improvement program.

The first project calls for a redesign of the airport’s entrance road and parking lot in order to reduce congestion and to make way-finding much easier. It was designed by Hammontree & Associates. Northstar Asphalt will develop it in two phases.

Phase One is scheduled to start next month and to be completed this November. The developers will not only reconfigure and widen the entrance road around the front of the airport’s terminal but also upgrade the water, sewer and storm lines.

Phase Two is scheduled to start next April and to be finished in November 2016. It calls for the addition of 250 premium covered parking spaces, LED lighting,  a new entrance, exit lanes, booths and the creation of a more spacious rental car lot.

CAK will invest $11.6 million in this first project, with financing from the Federal Aviation Administration airport improvement program, passenger facility charges, passenger facility charges and airport operating revenue.

The second project, funded in the same way, will cost far less. At $2.7 million, it will upgrade the ticket wing and the front of the terminal building to create more circulation space and add more natural light, higher ceilings, LED lighting and terrazzo flooring. SōL Harris/Day Architecture is the architect. Work will start this June and will take about a year to complete.

Photo credit: Akron-Canton Airport



Inland, PGGM JV Buys Cedar Center North for $15.4M

17 Apr 2015, 8:50 pm

By Adrian Maties, Associate Editor

The joint venture between Inland Real Estate Corp. and Dutch pension fund administrator PGGM continues to add more retail properties to its portfolio. Its most recent acquisition is a  shopping center located in the east Cleveland suburb of South Euclid.

Cedar Center North, as the property is known, was acquired for $15.4 million. The shopping center was constructed in 2012. It totals 61,400 square feet, and, according to the new owners, was 90 percent leased at the time of the sale. Cedar Center North is anchored by PetSmart, with a tenant roster that also includes Panera, Starbucks, Five Guys, Chipotle, Jimmy Johns, Wing Stop, Sport Clips, Sprint and Huntington Learning Center.

As part of the acquisition, the Inland-PGGM joint venture assumed a $10.8 million loan that matures in 2039.

Cedar Center North is located just across the street from Cedar Center South, which the joint venture acquired in 2014. In total, the joint venture has five assets in the Cleveland area totaling more than 651,000 square feet of high-quality retail space.

With the acquisition of Cedar Center North, the Inland-PGGM joint venture’s portfolio now includes 34 high-quality retail assets with nearly 4.6 million square feet of space. Last year, it purchased Phases I and II of Northern Kentucky’s Newport Pavilion, for a total of almost $67 million.

Photo credit: Inland Real Estate Corp.







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