By Timea Matyas
Arnold J. Eisenberg Inc. has arranged the $12.8 million sale of Lee Harvard Shopping Center in Cleveland to First National Realty Partners. ECP Commercial IV, a subsidiary of Excelsior Capital Partners, is the former owner of the 190,00-square-foot retail property. Arnold J. Eisenberg represented the seller in this transaction.
Located at 4071 Lee Road, the shopping center serves around 125,000 residents living within a three-mile radius. At the time of the sale, the asset had a 96 percent occupancy rate, with tenants including Dave’s, Goodwill, Family Dollar, Cleveland Dental Institute, Huntington Bank, PNC Bank, Oak Street Health, Villa and the US Post Office. Many of the key tenants have been operating their businesses in the center for more than 15 years.
A shopping center with history
Originally built in 1949, Lee Harvard Shopping Center was the first African American-owned and -managed shopping center in the country. Residents from the neighborhood initially purchased the property in the 70s. In 1999, the center went through a major redevelopment. Following a foreclosure sale, Excelsior Capital Partners began investing in capital improvements at the shopping center. The company upgraded the roof and landscaping, repaved the parking lot and renovated 44,500 square feet of leasable space.
Arnold J. Eisenberg Inc. President Steve Eisenberg and Broker Lisa Wiener worked on behalf of the seller in this deal. Lately, the buyer has been active in the Cleveland market. First National Realty Partners also acquired Walgreens, a commercial asset located on a neighboring pad. The company paid almost $18.4 million for the property.
Image via Google Street View