First National Grows Cleveland Footprint

First National Realty Partners has purchased Marc’s Grocery Center, a 63,317-square-foot, grocery-anchored neighborhood retail center in South Euclid, Ohio. Marcus & Millichap’s Institutional Property Advisors brokered the $14.8 million deal on behalf of the seller.

DeVille Developments previously owned the asset, according to Yardi Matrix information. The firm had acquired the property, a former strip plaza, in 2015 for $1.6 million, and redeveloped it starting that same year. The current retail center came online in 2018.

This year’s retail market trends indicate that high construction costs are likely to push owners toward choosing renovations and redevelopments over new-build projects. Grocers and discount retailers, as well as service-oriented tenants, will help settle net absorption in 2026.

A neighborhood retail center near Cleveland

Located at 4519 Mayfield Road, the asset consists of two one-story buildings on 7.6 acres. Marc’s Grocery occupies the largest suite, totaling 45,500 square feet. The tenant roster also comprises retailers such as AT&T, Starbucks, NextDoor Urgent Care, Great Clips and Subway. The property was 94 percent leased at the time of sale.

Marc’s Grocery Center serves roughly 116,000 residents within a 3-mile radius. The area’s average household income reaches $115,000, according to First National Realty Partners.

Just off Mayfield Road, the property is 10 miles northeast of downtown Cleveland. The buyer owns multiple other assets within 7 miles of the property, including Lee Harvard Shopping Center, built in 1949 and redeveloped in 1949, and Shore Center Plaza.

IPA Senior Managing Director Erin Patton arranged the transaction on behalf of the seller.