Westgate Shopping Center in Cleveland MSA trades hands for $51.5M

CHICAGO, Jun. 9, 2025 – JLL Capital Markets announced today that it has arranged a $51.5 million sale of Westgate Shopping Center, a 311,440-square-foot open-air shopping center located in Fairview Park, Ohio, part of the Cleveland MSA.

JLL represented the seller, The RH Johnson Company. The buyer was Phillips Edison & Company.

Westgate Shopping Center, situated at Center Ridge Rd., features excellent visibility with 25,500 vehicles per day and attracts an impressive 6.3 million visitors annually. The center is strategically positioned in a dense, affluent demographic submarket pulling consumers from Cleveland's best suburbs.

Currently 97.2% occupied, the center is anchored by Target. The property boasts an ideal income diversification with sub-10,000 square foot shop space highly diversified with primarily necessity-based tenants.

The thriving retail center has demonstrated outstanding leasing momentum with ownership executing 17 new leases or relocations and 13 extensions, totaling over 130,000 square feet in the past three years. Recent tenants include Planet Fitness on a 15-year lease and numerous national retail brands.

JLL Capital Market’s Investment Sales and Advisory team was led by Senior Director Michael Nieder and Director Brian Page.

“Westgate Shopping Center represents a strong investment opportunity due to positioning within the Cleveland retail market, diversification of income across the rent roll and history of strong sales performance,” Nieder said. “The asset is one of the most visited shopping centers in Ohio, ranking in the top 2% in the state, demonstrating its regional dominance.”

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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Founded in 1992, The R.H. Johnson Company is a privately held real estate company that acquires, develops, manages, and leases retail real estate assets throughout the Midwest. Since its inception, it has developed and acquired over thirty million square feet of power centers, grocery-anchored centers, and single tenant assets leased to first-in-class retailers with a current portfolio comprised of over 50 properties in dozens of markets throughout the Midwest.

Since 1991, Phillips Edison & Company has specialized in grocery-anchored shopping centers with a fully integrated in-house operating platform designed to optimize property value and deliver exceptional shopping experiences. Led by a veteran management team, the company provides comprehensive retail services including acquisition, redevelopment, leasing and management of grocery-anchored retail centers across its national portfolio, with corporate offices in Cincinnati, Park City and Atlanta.