Matthews Completes Record-Breaking $31.5M Sale of OH Shopping Center
Matthews Real Estate Investment Services, a commercial real estate investment services and technology firm, completed the $31.55 million sale of Pavilion Shopping Center located at 24055 Chagrin Boulevard in Beachwood, Ohio.
The Pavilion Shopping Center is the second-largest retail plaza transaction in the state this year. Executive VP Ben Snyder, Associate VP Zachary Bates and Market Leader Matthew Wallace represented the seller in the transaction.
The shopping center is on 17 acres of land with 207,000 square feet of leasable area and is 100 percent occupied by 19 tenants. Current tenants include Giant Eagle, Ross Dress for Less, Big Lots, and Michaels.
“Marquee Capital purchased the shopping center as they begin to focus on acquiring high-quality open-air shopping centers at attractive risk-adjusted returns,” said Snyder. “Matthews has had a long-term relationship with the seller who was looking to exit the market.”
Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories.
With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.