We are pleased to announce that we have negotiated the completion of a note purchase for Cedar Center North, a 61,420 sf shopping center in Cleveland, Ohio.
Cedar Center North is located at the busy intersection of Cedar Road and Warrenville Center Road in the South Euclid community. Built in 2012, the multi-tenant retail center sits on 7.1 acres and includes 61,420 rentable sf.
The retail asset’s tenancy profile is a mix of national and regional brands including PetSmart, Starbucks, Panera Bread, Chipotle Mexican Grill, Five Guys, and Wing Stop. Currently, 80% occupied, there are 24 suites ranging in size from 900 SF to 14,166 SF.
The original mortgage was secured in 2014 for $11,000,000, Konover purchased the note for $9,500,000 in an all-cash purchase.
Konover currently has two assets in the Ohio market. University Corners retail center is located one mile from Cedar Center North in Cleveland’s University Heights neighborhood and was purchased in May of this year. Michigan Terrace was purchased in 2019 and is home to Lululemon in Cincinnati’s Hyde Park Square.
David Coppa, CEO of Deerfield Beach-based Konover South, said, “Cedar Center North is a terrific asset in a mature market in which we are currently looking to expand. Given the challenges the pandemic has brought to certain retail uses, this asset has experienced an increase in recent vacancies. As we begin to normalize in 2021, we believe we will see an increase in leasing activity and are confident in the strength and longevity of this market and property.”
At the helm as CEO of Konover South since 2010, David Coppa has transformed the venerable 62-year-old family business into a recognized leader in retail infill ground-up centers, primarily in Florida’s core markets. Coppa is now in his 20th year in the family business, which was founded by the legendary Simon Konover in 1957. Built on a legacy of family tradition spanning three generations, Konover South continues the successful track record of The Simon Konover Organization, an industry-leading real estate company since 1957. Konover South is a fully integrated acquisition, development, and management company operating throughout the southeastern United States. Led by David Coppa, CEO, Konover South, LLC, is headquartered at 431 Fairway Drive, Deerfield Beach, Fla.