CLEVELAND (May 5, 2020) – University Corners retail center located in Cleveland’s University Heights neighborhood was purchased for $3 million by Konover South LLC, based in Deerfield Beach, Fla. In making the announcement, Konover South CEO David Coppa said the transaction for the 43,000-square-foot neighborhood center was closed on May 4 and marked the company’s second Ohio retail acquisition. In September, the company, in a joint venture, purchased one of Cincinnati’s most fashionable Hyde Park Square retail spaces housing a landmark Lululemon store.
Located at 2151-2193 S. Taylor Road at Cedar Road, University Corners is anchored by Family Dollar plus other national tenants such as Anytime Fitness, Sherwin-Williams, Boost Mobile and Nationwide Insurance. A loan in the amount of $2,300,000 was provided by KS Lending Corporation, a Konover South company, and the center was acquired through Ten-X Commercial. Property management will be provided by Konover South Development Corp. and leasing will be handled by Tori Nook and Ben McMillon of Anchor Cleveland who may be reached at 216-342-2523.
Coppa stated, “We are pleased to announce the purchase of University Corners in Cleveland which is our second retail asset in Ohio. Though there are uncertainties in the marketplace nationally, strong fundamentals of well-positioned markets and real estate will prevail. University Corners is located in the dense well-established community of University Heights and has five colleges and universities within close proximity. We look forward to being a part of this fine community.”
At the helm as CEO of Konover South since 2010, David Coppa has transformed the venerable 63-year-old family business into a recognized leader in retail infill centers primarily in Florida, North Carolina and Ohio.
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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., phone 954-354-8282. Visit the company’s website at www.konoversouth.com.