CLEVELAND—Developers don’t plan on launching many new retail projects in the Cleveland area over the next few years, and a New York-based firm has decided that means now is the time to make a big investment in the market.

Hornig Capital Partners, LLC, along with its joint venture partner Hutensky Capital Partners of Hartford, CT, and New Jersey-based B&D Holdings, just acquired Golden Gate Shopping Center, a retail plaza in suburban Mayfield Heights, from Forest City Enterprises for $47 million. It was one of the largest single asset retail deals in the greater Cleveland market during the past 24 months.

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