Seeing opportunity in the 16 empty shops at Westgate Shopping Center in Fairview Park, an affiliate of retail-focused The R.H. Johnson Co. of Kansas City, Missouri, has acquired the regional lifestyle center.
That’s the word according to JLL Retail Capital Markets of Chicago, which announced Monday, July 19, that it had sold the center on the corner of West 210th Street and Center Ridge Road for the prior owner, IRC Retail Centers/DRA Advisors of New York City.
A sale price was not disclosed by JLL.
Online Cuyahoga County property records did not show a transaction for the 500,000-square-foot shopping center as of 2 p.m. Monday, July 19. The new owner updated the online realty data site CoStar listing for the shopping center shortly after noon July 19 and did not disclose a sale price, noting the sale was part of a multi-property transaction.
IRC Retail Centers/DRA Advisors acquired the property for $74 million in 2013, according to county records. The county assigned the lifestyle center anchored by Kohl’s, Lowe’s and Target a market value of $52.6 million for the 2020 property tax year.
Chris Seelig, a Colliers senior vice president who heads a team that had been leasing Westgate since February, said the group had generated multiple prospective tenants prior to the sale. He said it will continue to try to close the deals with the new owner. He declined to identify the prospects.
Westgate is one of the most prominent retail locations in the West Shore area. The open-air center was built on the site of the former Westgate Mall, which had served the community since 1954 and was demolished by 2006.
The R.H. Johnson Co. has no other assets in Ohio, according to its website.