Matthews™ Brokers $28.4M Sale of Midwest Grocery-Anchored Center

Cleveland, OH – Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, brokered the sale of Southland Crossings, a grocery-anchored shopping center located at 300 Doral Drive, Boardman, OH. The 245,678 square foot property represents the third-largest grocery-anchored center sold in Ohio in 2021. The transaction closed at $28,400,000 and was handled by Senior Associate Jonah Yulish, Associate Vice President Zack Bates, Executive Vice President and National Director Ben Snyder.

 

Matthews™ represented the seller, a private client, who was interested in selling to take advantage of the high price points in the grocery-anchored retail market. The shopping center is anchored by Giant Eagle, the dominant supermarket in the Cleveland MSA and is 91.3 leased, including prominent tenants such as Ross Dress for Less, PetSmart, Michaels, DSW, and Bob’s Discount Furniture.

 

“This investment offered buyers a great opportunity with having over 90 percent of the spaces occupied and anchored by a core supermarket in the area,” Snyder said. “This allowed us to list at a profitable price for our client.”

 

The buyer was sourced through an existing relationship with the agents. With the acquisition, the buyer received a unique and immediate value-add opportunity with seven vacant inline shop units, plus several long-term leases in place.

 

“Southland Crossings is one of the most heavily trafficked shopping centers in the submarket,” Yulish said. “Having strong relationships with both the seller and buyer allowed us to accomplish both parties’ goals and execute a smooth closing process.”

 

For more information or to contact Jonah Yulish, Zack Bates, and Ben Snyder, please visit www.matthews.com.

 

About Matthews™

Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Founded in El Segundo, CA, and strategically positioned with over 400 agents and support staff in over 13 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.