Golden Gate Shopping Center, based in Mayfield Heights, has been sold for an amount in excess of $47m.
The purchasers are a joint venture formed by Hornig Capital Partners LLC and Hutensky Capital Partners of Hartford, Conn. The seller is Forest City Enterprises Inc.
The 371748ft center was built during 1958 and was renovated during 1995. It includes anchors such as Jo-Ann Fabrics, OfficeMax, H.H Gregg, Golf Galaxy, PetSmart and Marshalls.
The managing partner at Hornig Capital, Daren W. Hornig, stated his pleasure at the acquisition. He said the company will add value to the company due to its tenant base and position.
Hornig Capital was formed approximately one year ago. It has acquired two investment properties during the 12 month period and is planning more for the remainder of this year.
Goodman Real Estate Services Group LLC concluded the sale and stated that Golden Gate has remained one of the top properties for new retailers entering the area.
The transaction is representative of the largest single asset retail center purchase in the Greater Cleveland market for the past two years.
1 JULY 2014, USA
More about shopping malls in the USA