CLEVELAND—Devonshire REIT of Whitehouse, OH, has just bought Pavilion Shopping Center, a 249,873-square-foot shopping center east of Cleveland in suburban Beachwood for $34.3 million, or about $137-per-square-foot. Marcus & Millichap facilitated the sale and represented both Devonshire and the seller, a Cleveland-based private joint venture.
Scott Wiles, vice president investments and Craig Fuller, associate vice president investments, both in Marcus & Millichap’s Cleveland office, along with Erin Patton, vice president investments in the firm’s Columbus office, represented the seller. Wiles, Fuller, Patton and CJ Jackson, an associate in the Columbus office, represented Devonshire.
“Pavilion Shopping Center is a well-established, stabilized shopping center in one of Ohio’s strongest suburban settings,” says Wiles. “The center is anchored by Giant Eagle, Cleveland’s No. 1 grocery operator.”
The property sits near I-271 at 24055 Chagrin Blvd., which M&M officials say features traffic counts that exceed 28,000 vehicles per day. The area is quite upscale, and the average annual household income within one mile of the center is $146,700. Furthermore, the shopping center is surrounded by one of the metro area’s most vibrant office submarkets. It features the newly built $117 million world headquarters of the Eaton Corp., a power management company with 2013 sales of $22 billion.
Stein Mart, Marshalls, Big Lots, Petco and Michaels co-anchor Pavilion. Two freestanding out-parcel buildings leased to Ruby Tuesdays and Huntington National Bank were included in the sale.