Cleveland, OH – Matthews Real Estate Investment Services™, the nation’s fastest-growing real estate firm, is pleased to announce the sale of a 182,334 square foot community center located in Solon, OH, Uptown Solon. The property is comprised mainly of national tenants, including Bed Bath & Beyond, Old Navy, Ulta, Petco, Lumber Liquidators, and Orange Theory Fitness, among many others. Executive Vice President & National Director Ben Snyder, and Associate Vice President Zack Bates, facilitated the sale of the shopping center for $10.1M. This sale marks one of seven multi-retail sales in the state of Ohio with a purchase price greater than $10M since the onset of COVID-19, according to CoStar.
The property is positioned in one of the most sought-after submarkets in the Cleveland MSA, with over 100,000 people within a five-mile radius and an average household income in excess of $110,000. The seller was a subsidiary of Retail Value Inc., an independent publicly traded company trading under the ticker symbol “RVI” on the NYSE. RVI focuses on realizing value in its business through operations and the sale of its assets.
“Through a previous relationship, Zack and I were already connected with the seller,” said Ben Snyder. “Prior to joining Matthews™, we worked at SITE’s predecessor.”
The buyer, United Growth, is a fully integrated development service and investment company. As a company that targets value-add properties, this asset served a perfect opportunity. Uptown Solon provides unique value-add and redevelopment opportunities.
“The key features offered by Matthews™, such as proprietary technology, expansive database, and primarily, the extensive nationwide reach, were highlighted once again,” said Zack Bates. “We were able to connect a buyer from the west coast with a seller and a deal located in the Midwest.”
For more information regarding this sale or if you have any other questions related to shopping center investment sales, please reach out to Ben Snyder and Zack Bates. To view current listings, please visit www.matthews.com.
Matthews Real Estate Investments Services™, the nation’s fastest-growing commercial real estate brokerage firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Founded in El Segundo, CA, and strategically positioned with over 300 agents and support staff in over 10 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.
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