Carter Properties Pays $42M for Grocery-Anchored Shopping Center

West Bay Plaza is located just 15 miles from downtown Cleveland. Image courtesy of CommercialEdge

Carter Properties has purchased West Bay Plaza, a 147,135-square-foot grocery-anchored shopping center in Westlake, Ohio. Heritage Development sold the asset for $41.7 million, according to CommercialEdge data. The same source shows that Goldman Sachs provided a $29.2 million loan for the acquisition.

JLL Capital Markets brokered the transaction, with Director Michael Nieder and Managing Director Keely Polczynski leading the Investment Sales and Advisory team working on behalf of the seller. Goodman Real Estate Services Group’s Vice President & Director of Investment Sales Kyle Hartung represented Carter Properties in the deal.

Completed in 1974, the property underwent a cosmetic renovation from 2018 to 2022. West Bay Plaza comprises three buildings on a 17-acre site. The center is anchored by HomeSense, Sierra Trading Post, Ulta and Fresh Thyme Market, which serves as the most trafficked location in the state of Ohio. At the time of the sale, the property was 92.5 percent occupied by tenants such as DryBar, Pet Supplies Plus, Kirkland’s, Chipotle, Chase and Club Pilates.

At the beginning of this year, Orion Real Estate Group and Limestone Asset Management have jointly purchased a 188,389-square-foot retail center in Miami, for $70.5 million. JLL Capital Markets brokered the transaction and Goldman Sachs provided the acquisition financing.

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A well-located asset

Situated at 30100 Detroit Road, the retail center is within the Western Cuyahoga County. The grocery-anchored shopping center is near Interstate 90, which provides direct access to downtown Cleveland. West Bay Plaza serves a population of almost 150,000 individuals within a 5-mile radius, in an area where the average household income exceeds $125,000, with an overall buying power of $7 billion.

Crocker Park, a lifestyle center with a mix of retail, office and luxury residences, is within walking distance of the retail center. The Class A, mixed-use development receives approximately 10 million visitors annually, drawing significant consumer demand to West Bay Plaza.