Southland Shopping Center​

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Middleburg Heights, OH

 

Southland Shopping Center is a 422,000-square-foot dominant dual-grocery anchored retail center located in a dense suburb of Cleveland. The center is anchored by Giant Eagle and Marc’s Grocer, the top two traditional grocers by market share in the Cleveland MSA, and is further supported by a diversified lineup of national tenants including Crunch Fitness, Marshalls, Petco, Five Below, and Dollar Tree. At the time of acquisition, the asset was 80.7% leased, presenting a compelling value-add opportunity with significant upside through the lease-up of two large endcap spaces, 12 shop vacancies totaling approximately 34,000 square feet, and the potential development of future outparcels.

 

Southland Shopping Center is strategically positioned with exceptional access and visibility from Pearl Road, West 130th Street, and Smith Road, benefiting from multiple points of ingress and egress, including signalized entrances. The property is located in a strong and growing retail corridor surrounded by major national tenants and is supported by dense demographics, with more than 217,000 people within a five-mile radius. The trade area continues to gain momentum due to significant recent and ongoing development nearby, including its proximity to Cleveland Hopkins International Airport and the proposed new Cleveland Browns stadium.

 

This was a strategic acquisition for PMAT, purchased at an attractive basis with meaningful upside and well below replacement cost. PMAT was able to acquire the center through its longstanding relationship with the seller. The combination of durable grocery anchors, strong in-place traffic and sales, and meaningful lease-up and development upside made this a highly attractive opportunity.