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Lake County shopping center sells for $9.75 million – Crain’s Cleveland Business

Lake County shopping center sells for $9.75 million – Crain’s Cleveland Business

An affiliate of L2 Partners of Miami has bagged the shopping center at 6079 Andrews Road in Mentor-on-the-Lake in a $9.75 million transaction.

The seller, a Solon-based investor group called Lakeway Woods Associates LLC, traded the property to 6079 Mentor on the Lake on Jan. 21, according to Lake County land records.

With about 73,000 square feet of selling space, the center consists of a Giant Eagle store and a PNC bank branch. The center was developed in 1971 by a unit of the former Forest City Realty Trust of Cleveland, records indicate. It has changed hands three times with the latest sale.

L2’s website said it favors investing in grocery-anchored shopping centers, pharmacies, medical offices and turnaround opportunities.

L2 said it has acquired a portfolio it values at $1.1 billion since 2014. The company did not respond to two phone calls and an email by 11 a.m. Thursday, Jan. 28.


Published at Thu, 28 Jan 2021 16:18:45 +0000

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Written by Riel Roussopoulos

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