Investors Buy Two Cuyahoga Falls Shopping Centers
- Nov 19, 2014
Two Cuyahoga Falls shopping centers have changed hands this month in separate transactions. The Plaza at Chapel Hill and the Shoppes at Chapel Hill are both located on Howe Avenue.
Devonshire REIT Inc. bought the larger of the two properties, The Plaza at Chapel Hill. The real estate investment trust announced the acquisition on Nov. 12. It purchased The Plaza at Chapel Hill together with two other properties, the 174,384-square-foot Oak Park Town Center, in Chattanooga, Tenn., and the 105,698-square-foot Forest Park Plaza, in Brazil, Ind. Devonshire REIT paid $88.4 million for the three shopping centers.
The Plaza at Chapel Hill is located on Highway 8. It offers 456,044 square feet of space and is home to several national tenants, among them Giant Eagle, TJ Maxx and Dick’s Sporting Goods. At the time of the sale, the shopping center was 94.3 percent occupied.
“Each of these properties sits at the gateway entrance to their respective city, is the dominant shopping center in the area, and boasts an exciting mix of tenants. With 95 percent average occupancy and predominantly national tenants, the centers provide both stable cash flow and upside potential. The Plaza at Chapel Hill is especially noteworthy because it’s the single-largest property acquisition in the history of Devonshire, and it offers 18 acres of undeveloped space that’s already drawing significant interest,” Mike Denman, executive vice president of real estate operations for Devonshire REIT, said in a statement for the press.
According to Crain’s Cleveland, Damar Ltd. sold the Shoppes at Chapel Hill to Akron Jupiter L.L.C. and Akron NPR L.L.C., two affiliates of Boca Raton-based Pebb Enterprises. The sale price was $10.5 million. The shopping center is located at 645 Howe Ave. It was constructed in 1992 and offers 85,000 square feet of space. Its tenant roster includes national retailers such as Michael’s, Staples and Panera Bread.
Photo credit: Devonshire REIT