{"id":1004761098,"date":"2025-06-10T03:58:30","date_gmt":"2025-06-10T11:58:30","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004761098"},"modified":"2025-06-25T01:44:34","modified_gmt":"2025-06-25T09:44:34","slug":"phillips-edison-buys-cleveland-shopping-center-for-52m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/phillips-edison-buys-cleveland-shopping-center-for-52m\/","title":{"rendered":"Phillips Edison Buys Cleveland Shopping Center for $52M"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-large is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/06\/Westgate-Shopping-Center-in-Fairview-Park-Ohio.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004761100\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/westgate-shopping-center-in-fairview-park-ohio-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/06\/Westgate-Shopping-Center-in-Fairview-Park-Ohio-edited.jpg\" data-orig-size=\"1279,960\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Westgate Shopping Center in Fairview Park, Ohio\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/06\/Westgate-Shopping-Center-in-Fairview-Park-Ohio-edited.jpg?w=1024\" height=\"769\" width=\"1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/06\/Westgate-Shopping-Center-in-Fairview-Park-Ohio-edited.jpg\" alt=\"Aerial shot of Westgate Shopping Center, a 10-building, 311,440-square-foot retail property in Cleveland\u2019s Fairview Park suburb. \" class=\"wp-image-1004761100\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/06\/Westgate-Shopping-Center-in-Fairview-Park-Ohio-edited.jpg 1279w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/06\/Westgate-Shopping-Center-in-Fairview-Park-Ohio-edited.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/06\/Westgate-Shopping-Center-in-Fairview-Park-Ohio-edited.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/06\/Westgate-Shopping-Center-in-Fairview-Park-Ohio-edited.jpg?resize=1024,769 1024w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><figcaption class=\"wp-element-caption\">Westgate Shopping Center comprises 10 buildings spread across a 34-acre site. <em>Image courtesy of JLL<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Phillips Edison &amp; Co. has purchased Westgate Shopping Center, a 311,440-square-foot retail property in Cleveland\u2019s Fairview Park suburb, for $51.5 million. JLL brokered the deal on behalf of the seller, The RH Johnson Co.<\/p>\n\n\n\n<p>The asset previously changed hands in 2021, when RH Johnson bought it from DRA Advisors in a portfolio sale, according to CommercialEdge information. Wells Fargo Bank issued a permanent $36.6 million acquisition loan for that transaction.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-a-cleveland-area-shopping-center\">A Cleveland-area shopping center<\/h2>\n\n\n\n<p>Completed in 1994 at 3181 Westgate Drive, the retail center comprises 10 buildings across a 34-acre site. The tenant roster at the Target-anchored property includes Kohl\u2019s, Lowe\u2019s, Marshalls, Petco, Applebee\u2019s, Starbucks, Five Guys, Chick-fil-A and Pizza Hut. The property was 97.2 percent leased at the time of sale. <\/p>\n\n\n\n<p>During the past three years, the retail center has secured 17 new leases or relocations, as well as 13 extensions, amounting to 130,000 square feet. Planet Fitness recently signed a 15-year lease at the property.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/retails-resilience-draws-private-capital-back\/\">Retail\u2019s Resilience Draws Private Capital Back<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>Westgate Shopping Center is just off Center Ridge Road, which sees approximately 25,500 vehicles per day. The asset serves a population of more than 100,000 within a three-mile radius with an average household income over $110,900. Downtown Cleveland is some 10 miles east. The property is also adjacent to Linden and Bohlken parks, as well as the Lutheran West Stadium.<\/p>\n\n\n\n<p>JLL Capital Markets Senior Director Michael Nieder and Director Brian Page led the Investment Sales and Advisory team that represented the seller.<\/p>\n\n\n\n<p>Earlier this year, Phillips Edison purchased a 142,000-square-foot, grocery-anchored shopping center in\u00a0Orlando, Fla., in a joint venture with Cohen &amp; Steers Income Opportunities\u00a0REIT Inc. <a href=\"https:\/\/www.commercialsearch.com\/news\/cohen-steers-phillips-edison-buy-orlando-shopping-center\/\">Oak Grove Shoppes<\/a> marked the second acquisition for the partnership.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/retail-investment-sales-volume-rises\/\">Retail investment sales<\/a> volume saw a 13 percent increase in the first quarter of this year, compared to the same period in 2024, according to Newmark research. This momentum was supported by a 4.6 percent rise in property values, marking the highest figure of all commercial real estate categories. Overall, the sector is still resilient, with grocery-anchored centers continuing to attract investor attention.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>JLL brokered the deal on behalf of the seller. <\/p>\n","protected":false},"author":3619,"featured_media":1004761100,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1584,21783,13,21742,21749],"tags":[32796,33063],"class_list":["post-1004761098","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cleveland","category-investment","category-midwest","category-latest","category-retail","tag-jll","tag-phillips-edison-company"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Phillips Edison Buys Cleveland Shopping Center for $52M - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Phillips Edison &amp; Co. bought Westgate Shopping Center, a retail property in Fairview Park, Ohio, near Cleveland.\" \/>\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\/phillips-edison-buys-cleveland-shopping-center-for-52m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Phillips Edison Buys Cleveland Shopping Center for $52M\" \/>\n<meta property=\"og:description\" content=\"Phillips Edison &amp; Co. bought Westgate Shopping Center, a retail property in Fairview Park, Ohio, near Cleveland.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/phillips-edison-buys-cleveland-shopping-center-for-52m\/\" \/>\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=\"2025-06-10T11:58:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-06-25T09:44:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/06\/Westgate-Shopping-Center-in-Fairview-Park-Ohio-edited.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1279\" \/>\n\t<meta property=\"og:image:height\" content=\"960\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Maria Maruta\" \/>\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\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/phillips-edison-buys-cleveland-shopping-center-for-52m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/phillips-edison-buys-cleveland-shopping-center-for-52m\/\",\"name\":\"Phillips Edison Buys Cleveland Shopping Center for $52M - 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