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Erie Commons. Image courtesy of CommercialEdge
America’s Realty has purchased Erie Commons and Great Lakes Plaza, two shopping centers totaling 312,866 square feet in Mentor, Ohio, in a $14.6 million deal.
Devonshire and Sachs Cos. were the sellers, according to CommercialEdge data. Eastern Union arranged the $10.9 million in acquisition financing provided by First Bank, with Senior Managing Director Marc Tropp working on behalf of the borrower. The financing carried a loan-to-value ratio of 75 percent.
The 232,386-square-foot Erie Commons property encompasses two buildings completed in 1973. Devonshire acquired the shopping center in 2014 for $18.3 million, according to CommercialEdge data. The center sits on a 23-acre site at 7960-8000 Plaza Blvd. Situated at 7830 Plaza Blvd., Great Lakes Plaza comprises 80,480 square feet of retail space and was completed in 1997. Both properties are located in Cleveland’s Lake County submarket, near the intersection of Route 20 and Interstate 90.
The acquisition of the two shopping centers brings America’s Realty’s Ohio portfolio to 18 retail centers, totaling approximately 3.4 million square feet. The company currently owns 113 properties nationwide.
Since the beginning of 2022, the retail sector has been making a strong comeback. The sector has remained resilient in recent months and continues to rebound from challenges brought on by the COVID-19 pandemic. Many retailers are focus on creating a positive shopping experience and fostering a sense of community.
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