Home Depot and Marc's-anchored Cleveland retail center trades hands for $28.2M

CHICAGO, July 13, 2026 –  JLL Capital Markets announced today that it has arranged the $28.2 million sale of Westwood Town Center, a grocery and home improvement-anchored shopping center located in Rocky River, Ohio, a suburb of Cleveland.

JLL represented the seller, Zeisler Morgan Properties. The buyer was KPR Centers.

Westwood Town Center is strategically located at 21653 Center Ridge Rd., servicing some of Cleveland's most affluent western suburbs with an average household income of $125,000 within one mile. The 226,155-square-foot center benefits from 18,000 vehicles per day on Center Ridge Road and draws from a dense population base of over 215,000 residents within five miles.

Cleveland is Ohio's second largest city and anchors a metropolitan area of 2.1 million residents. The region is experiencing historically tight retail market conditions with availability at just 5.3 percent, well below pre-pandemic averages. 

The community shopping center was originally built in 1988 and features an established tenant roster of grocery, home improvement, entertainment and retail tenants. Major anchors include Home Depot, which accounts for 30 percent of income and recently extended its lease, and a high volume, regional grocer Marc's, which accounts for 25 percent of income. Additional tenants include AMC Theatres, which operates the only six-screen theater within a five-mile radius, Dollar Tree, FedEx and Third Federal Savings & Loan. The property is currently 95 percent occupied.

Westwood Town Center presents significant upside potential for the new owner, with 10,650 square feet of vacancy across two units providing immediate value-add opportunities. 

JLL Capital Market’s Investment and Sales Advisory team representing the seller was led by Managing Director Michael Nieder and Director Brian Page.

"Westwood Town Center exemplifies the type of grocery and home improvement-anchored asset that continues to attract strong investor interest," Nieder commented. "The combination of dominant anchor tenants with decades of tenure, affluent demographics, and multiple value-add opportunities in a supply-constrained Cleveland retail market made this an exceptional acquisition for KPR Centers."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. JLL Capital Markets has more than 3,000 specialists worldwide with offices in nearly 50 countries.

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JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 113,000 as of March 31, 2026. For over 200 years, clients have trusted JLL, a Fortune 500® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.

Zeisler Morgan Properties Ltd. is a privately owned full service retail shopping center development company founded in 1976 and headquartered in Cleveland, Ohio, with a philosophy of developing and retaining properties for generations. The company has developed over 2,000,000 square feet of shopping centers nationwide with current holdings in Ohio and North Carolina. Zeisler Morgan's capabilities span four critical areas: development, investment, leasing and management.

KPR Centers has a defined strategy of acquiring retail and industrial properties within select markets that offer a compelling opportunity to create value. KPR Centers is a vertically integrated investor with in-house retail leasing, management and development operations tailored to maximize value through proactive leasing, repositioning, and redevelopment of its properties. Founded in 2009 as an outgrowth of Katz Properties, which was established in 2003, KPR Centers has since expanded its footprint to 19 states within the greater New England, New York State, Mid-Atlantic, Midwest, Mountain West, and Southeast submarkets. KPR Centers’ successful track record of strategic acquisitions and dispositions has led to transactions and trusted partnerships with public REITs, institutions, private equity groups, and family offices. For additional information, visit www.kprcenters.com