Redeveloped retail center in top Cleveland suburb sells

CHICAGO, Nov. 27, 2023 – JLL Capital Markets announced today that it has closed the sale of West Bay Plaza, a 147,135-square-foot, recently redeveloped, high-performing, grocery-anchored shopping center in the affluent and well-established Cleveland suburb of Westlake, Ohio.

JLL represented the seller, and Carter Properties acquired the asset. Kyle Hartung, Vice President – Director of Investment Sales at Goodman Real Estate Services Group LLC, represented the buyer on the transaction.

Redeveloped from 2018 to 2022, the 92.54-percent-occupied West Bay Plaza is anchored by Fresh Thyme Market, HomeSense, Sierra Trading Post and Ulta. The Fresh Thyme Market serves as the most trafficked location in the state of Ohio. Additional tenants include, DryBar, Pet Supplies Plus, Kirkland’s, Chipotle, Chase and Club Pilates. The property features a WALT of 7.3 years.

Situated at 30010 Detroit Rd., West Bay Plaza is located just 15 miles from downtown Cleveland. The property is optimally located off I-90 and sits adjacent to Crocker Park, a Class A lifestyle Center with a sophisticated mix of retail, office and luxury residences. Crocker Park receives over 10 million annual visitors and draws synergistic consumer demand to West Bay Plaza. Within a five-mile radius of the property is a population of almost 150,000, an average household income of over $125,000 and an overall buying power of $7 billion.

The JLL Capital Markets Investment Sales and Advisory team was led by Michael Nieder and Keely Polczynski.

“We received incredible market interest with investors recognizing the strength of the tenant mix, the A+ location within the submarket and the physical condition of the center due to the recent re-development, which requires minimal future capital expenditures,” added Nieder. 

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Carter Properties is a family-owned business that specializes in real estate investment, management, development, and leasing, that was founded by Miles Carter in 1962.