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Cedar Center North Sells for $15.4 million

Michelle Jarboe McFee
The Plain Dealer
 April 03, 2015

SOUTH EUCLID, Ohio- Inland Real Estate Corporation has purchased the Cedar Center North shopping center in this East Side suburb, putting retail stretches at two corners of Cedar and Warrensville Center roads under a single landlord’s control.

Inland, a publicly traded real estate company based in Illinois, announced late Thursday that it paid $15.4 million for the 61,400-square-foot shopping center, which is just a few years old. Inland made the acquisition through a joint venture with PGGM, a Dutch pension fund administrator.

The sellers were the Coral Company of Cleveland and Canton-based Deville Apartments who finished off Cedar Center North in 2012. Coral also developed Cedar Center South, a Whole Foods-anchored center across the street, and sold that project to Inland and PGGM in 2013. Between the two properties, Inland now controls more than 200,000 square feet of stores and restaurants at the high-profile East Side intersection.

The company owns five properties, surpassing 651,000 square feet, in Greater Cleveland.

“Cedar Center North is a vibrant, high-traffic center with a strong tenant base of in-demand retailers, restaurants and service providers, situated in an infill location with excellent demographics,” Mark Zalatoris, Inland’s president and chief executive officer, said in a news release.

The center is 90 percent leased to tenants including PetSmart, Panera, Starbucks, Five Guys, Chipotle and Jimmy Johns. The sale did not include the freestanding GFS Marketplace store or a Bob Evans restaurant, which are independently owned, or just under 3 acres owned by the city, which is marketing its property for development.

As part of the deal, Inland assumed a $10.8 million loan on Cedar Center North. That debt is scheduled to mature in 2039.

Inland Real Estate Corp. is not the same company that owned and auctioned off the troubled University Square shopping center at the southeast corner of Cedar and Warrensville. Until 2013, University Square belonged to Inland Western Retail Real Estate Trust, Inc., a separate real estate investment trust that now calls itself Retail Properties of America, Inc.

Both REITs are part of the Inland Real Estate Group of Companies, Inc., one of the largest commercial real estate and finance groups in the United States.