{"id":1004099917,"date":"2014-07-03T20:50:13","date_gmt":"2014-07-04T04:50:13","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=274185"},"modified":"2020-04-06T01:04:38","modified_gmt":"2020-04-06T09:04:38","slug":"joint-venture-buys-cleveland-area-shopping-center-for-47m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/joint-venture-buys-cleveland-area-shopping-center-for-47m\/","title":{"rendered":"Joint Venture Buys Cleveland-Area Shopping Center for $47M"},"content":{"rendered":"<p style=\"text-align: justify;\"><em>By Adrian Maties, Associate Editor<\/em><\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/07\/Golden-Gate-Plaza.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-274222\" title=\"Golden-Gate-Plaza\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/07\/Golden-Gate-Plaza.jpg\" alt=\"\" width=\"300\" height=\"187\" \/><\/a>A joint venture between two East Coast companies has purchased the Golden Gate Shopping Center in Mayfield Heights. New York-based Hornig Capital Partners LLC and Hutensky Capital Partners of Hartford, Conn., paid $47.1 million for the premier retail plaza. Cleveland-based Forest City was the seller. The deal represents one of the largest single-asset retail sales in the Cleveland market in the past two years.<\/p>\n<p style=\"text-align: justify;\">The property was constructed in 1958. It offers 371,748 square feet of space and is anchored by well-known stores such as Marshalls, PetSmart, Golf Galaxy, h.h. gregg, OfficeMax and Jo-Ann Fabrics. Golden Gate&#8217;s convenient location, at the intersection of Mayfield Road and Interstate 271, makes it easily accessible from many of the neighboring Cleveland suburbs. The property was last renovated in 1995.<\/p>\n<p style=\"text-align: justify;\">Joseph Khouri, first vice president at CBRE Inc., represented the buyers in the transaction. Goodman Real Estate Services Group LLC represented Forest City.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/07\/clret.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-274221\" title=\"clret\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/07\/clret.jpg\" alt=\"\" width=\"300\" height=\"284\" \/><\/a>&#8220;I am very proud to be part of such a monumental transaction in the Cleveland market. It is gratifying to see hard work pay off while providing the highest level of service and ultimately value to our client. We represent a number of active buyer-clients currently pursuing quality unlisted or off-market retail assets in Ohio in various asset categories from $10 to $100 million,\u201d Khouri said in a news release.<\/p>\n<p style=\"text-align: justify;\">In its second-quarter retail market report for the Cleveland-Akron area, Marcus &amp; Millichap says that investor demand for multi-tenant assets has accelerated. Sales activity has surged 60 percent over the past 12 months, with the average sales price rising 5 percent to $114 per square foot.<\/p>\n<address style=\"text-align: justify;\"><em>Photo credit: <\/em><a href=\"https:\/\/www.forestcity.net\" target=\"_blank\" rel=\"nofollow\"><em>Forest City<\/em><\/a><em><\/em><\/address>\n<address style=\"text-align: justify;\"><em>Chart courtesy of <\/em><a href=\"https:\/\/www.marcusmillichap.com\/\" target=\"_blank\" rel=\"nofollow\"><em>Marcus &amp; Millichap<\/em><\/a><em><\/em><\/address>\n","protected":false},"excerpt":{"rendered":"<p>A joint venture between two east coast companies has purchased the Golden Gate Shopping Center in Mayfield Heights. New York-based Hornig Capital Partners, LLC and Hutensky Capital Partners of Hartford, Connecticut, have paid $47.05 million for the premier retail plaza. Cleveland-based Forest City was the seller. The deal represents one of the largest single asset retail sales in the Cleveland market during the past two years.<\/p>\n","protected":false},"author":925,"featured_media":1004506013,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1584,21742],"tags":[39423,1815],"class_list":["post-1004099917","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cleveland","category-latest","tag-cleveland","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Joint Venture Buys Cleveland-Area Shopping Center for $47M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/joint-venture-buys-cleveland-area-shopping-center-for-47m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Joint Venture Buys Cleveland-Area Shopping Center for $47M\" \/>\n<meta property=\"og:description\" content=\"A joint venture between two east coast companies has purchased the Golden Gate Shopping Center in Mayfield Heights. New York-based Hornig Capital Partners, LLC and Hutensky Capital Partners of Hartford, Connecticut, have paid $47.05 million for the premier retail plaza. Cleveland-based Forest City was the seller. The deal represents one of the largest single asset retail sales in the Cleveland market during the past two years.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/joint-venture-buys-cleveland-area-shopping-center-for-47m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-07-04T04:50:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-06T09:04:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/Golden-Gate-Plaza.jpg?w=1024\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Adrian Maties\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/joint-venture-buys-cleveland-area-shopping-center-for-47m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/joint-venture-buys-cleveland-area-shopping-center-for-47m\\\/\"},\"author\":{\"name\":\"Adrian Maties\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/6dfc8d1c9006c9fd1c89d69133130109\"},\"headline\":\"Joint Venture Buys Cleveland-Area Shopping Center for $47M\",\"datePublished\":\"2014-07-04T04:50:13+00:00\",\"dateModified\":\"2020-04-06T09:04:38+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/joint-venture-buys-cleveland-area-shopping-center-for-47m\\\/\"},\"wordCount\":279,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/joint-venture-buys-cleveland-area-shopping-center-for-47m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2021\\\/03\\\/Golden-Gate-Plaza.jpg\",\"keywords\":[\"Cleveland\",\"National\"],\"articleSection\":[\"Cleveland\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/joint-venture-buys-cleveland-area-shopping-center-for-47m\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/joint-venture-buys-cleveland-area-shopping-center-for-47m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/joint-venture-buys-cleveland-area-shopping-center-for-47m\\\/\",\"name\":\"Joint Venture Buys Cleveland-Area Shopping Center for $47M - 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