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IPA Team Closes $46M Power Center Deal Near Akron
Institutional Property Advisors (IPA), a division of Marcus & Millichap, arranged the sale of The Plaza at Chapel Hill, a 458,935-square-foot Giant Eagle, Burlington, and Dicks-anchored regional power center in Cuyahoga Falls, OH, near Akron.
The property sold for $46 million to a partnership of three private equity groups: Baltimore-based America’s Realty LLC, New York-based Borough Equities, and Miami-based Dragonfly Investments.
IPA that marketed the property on behalf of a New York City-based private REIT. Scott Wiles, Erin Patton, and Craig Fuller, senior managing directors, led the sales team, along with Joseph French, Jr., senior director, and CJ Jackson, senior associate. Michael Glass, SVP and division manager, is Marcus & Millichap’s broker of record in Ohio.
“Carl Verstandig, president and CEO of America’s Realty LLC, saw this as an ideal opportunity to further bolster their portfolio of discount retailer-oriented shopping centers in blue-collar Middle America,” said Patton.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition

