A joint venture has acquired The Plaza at Chapel Hill, a 458,935-square-foot regional power center in Cuyahoga Falls, Ohio, anchored by Giant Eagle Burlington, and Dicks.
The property sold for $46 million to a partnership formed by three private equity groups: Baltimore-based America’s Realty LLC, New York City–based Borough Equities and Miami-based Dragonfly Investments, which together have acquired more than $150 million of shopping centers including this acquisition.
The seller is a New York City–based private REIT.
“90 percent occupied by 26 tenants at the time of sale, The Plaza at Chapel Hill is one of the largest shopping center assets in Northeast Ohio,” said Scott Wiles, senior managing director at Marcus & Millichap’s Institutional Property Advisors, which brokered the sale. “Four of the five largest tenants — Giant Eagle, Burlington, Marc’s and T.J. Maxx — comprise 58 percent of the occupied gross leasable area and are all ori
