Ohio Shopping Center Trades for $46M

A three-way partnership purchased the 458,900-square-foot property with financing from First National Bank.
The Plaza at Chapel Hill. Image courtesy of Institutional Property Advisors

A joint venture between America’s Realty, Borough Equities and Dragonfly Investments has completed the $46 million acquisition of The Plaza at Chapel Hill, a 458,935-square-foot shopping center in Cuyahoga Falls, Ohio. First National Bank originated the acquisition loan. At the time of sale, Devonshire REIT owned the property, according to public records. Institutional Property Advisors assisted the seller in the transaction.

Located on 48 acres at 230-564 Howe Ave., the mall was completed in phases between 1985 and 2013. Anchor tenants Burlington and Giant Eagle, as well as retailers Marc’s and T.J. Maxx have been at the location ever since the center opened, according to IPA Senior Managing Director Scott Wiles. The plaza is also home to Dick’s Sporting Goods, Ross Dress for Less and Dollar Tree, among others. The shopping center is close to Ohio Route 8 and roughly 4 miles north of downtown Akron.

Besides Wiles, the brokerage team included, Senior Managing Directors Craig Fuller and Erin Patton, as well as Senior Director Joseph French and Senior Associate CJ Jackson. In May, IPA arranged the $19.3 million sale of Dumfries Health Center, a 99,700-square-foot asset in Dumfries, Va.