The RH Johnson Company sold Westgate Shopping Center in Fairview Park, Ohio, to Phillips Edison & Company for $51.5M. The 311,440‑s.f. open-air center is 97.2% occupied, featuring Target, Lowe’s, Kohl’s, Marshalls and Petco as anchor stores.
Property: Westgate Shopping Center in Fairview Park, Ohio
Price: $51.5M
Seller: The RH Johnson Company
Buyer: Phillips Edison & Company
Westgate Shopping Center is located on Center Ridge Road in the Rocky River submarket, an affluent area that attracts consumers from Cleveland’s best suburbs.
“This center pulls consumers from one of the most desirable zip codes in the Cleveland metropolitan area. It’s the top 2% most visited center in Ohio,” said Brian Page, director at Jones Lang LaSalle Americas, Inc. (JLL), who represented the seller.
Westgate attracts 6.3 million visitors annually and is 97.2% occupied with big-box, service and specialty stores. It also features dining options.
The property has demonstrated steady leasing momentum with ownership, executing 17 new leases or relocations and 13 extensions in the past three years. Recent tenants include Planet Fitness on a 15-year lease and other national retail brands.
Part of the allure of the property came with the fact that “a majority of the rent roll is shop tenancy, allowing for future net-operating-income growth while still benefiting from best-in-class anchor stores like Target and Lowe’s,” said Page.
Along with Page, Michael Nieder, senior director of JLL represented the seller, RH Johnson Company.
The buyer, Phillips Edison & Company, specializes in the acquisition, redevelopment, leasing and management of grocery-anchored shopping centers.
