RCG Ventures Buys Cleveland Shopping Center

RCG Ventures has purchased Ridge Park Square, a 386,754-square-foot dual grocery-anchored shopping center in Brooklyn, Ohio. Zeisler Morgan Properties sold the asset in a transaction brokered by JLL. This was the property’s first presence on the market since its development.

The deal follows RCG Ventures’ recent acquisition of a $1.8 billion multi-tenant retail portfolio from Global Net Lease Inc. A three-phase transaction, the deal included 99 properties across 28 states, totaling more than 14 million square feet.

A dual grocery-anchored asset

Completed in 1989 at 4788 Ridge Road, Ridge Park Square was 95 percent leased at the time of sale. Marc’s and Grocery Outlet anchor the retail center, which features a tenant roster that also includes TJ Maxx, Ross Dress for Less, Michael’s, Lowe’s Home Improvement, Dollar Tree, Five Below, AMC Theatres, Michaels and Ashley Furniture. 

Ridge Park Square has more than 6.1 million annual visitors. The retail center serves approximately 140,000 households on a 5-mile radius, with average incomes of $67,134 per year, according to RCG Ventures information.

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The property is at the corner of Interstate 480 and Ridge Road, which sees approximately over 128,000 vehicles per day. Downtown Cleveland is within 10 miles north.

JLL Capital Markets Senior Director Michael Nieder, alongside Directors Brian Page and Mohsin Mirza, led the Investment Sales and Advisory team representing the seller.

In the first seven months of the year, retail investment sales in the Cleveland-Akron market amounted to $131.6 million, with 13 properties trading at an average of $113 per square foot, according to Yardi Research Data. The figure is significantly higher than last year’s, when retail sales amounted to $29.8 million through July 2024, with only eight assets changing hands at an average of $42 per square foot.