Institutional Property Advisors sells two-property retail portfolio in Northeast Ohio

December 30, 2015  |  Staff Writer  |  Print Article  |  Email this Article

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Institutional Property Advisors, a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, has arranged the sale of a two-property, 193,633-square-foot Giant-Eagle-anchored shopping center portfolio in Northeast Ohio.

The $27.75 million sales price comes out to $143 per square foot. The portfolio is made up of the Amherst Marketplace and Sheffield Crossing shopping centers.

Amherst Marketplace is located at 2201 Kresge Drive in Amherst, Ohio. The property’s tenants include Giant Eagle, Monster Tan and Best Cuts. Sheffield Crossing is located at 5231 Detroit Road in Sheffield Village, Ohio. The property’s tenants include Giant Eagle, Cracker Barrel, SVS Vision Holding, Arby’s, Verizon Wireless and BP Exploration & Oil. Major employers in the area include the Cleveland Clinic, Nordstrom, Oberlin College, Parker Hannifin, the Sheffield-Sheffield Lake city schools and the Amherst local schools.

A brokerage team made up of IPA senior directors Craig Fuller, Scott Wiles and Erin Patton, and Marcus & Millichap vice president investments Seth Richard and Laurie Ann “L.A.” Drinkwater, represented the seller and procured the buyer.

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