JUST SOLD | Shoppes at Chapel Hill, Target Shadow-Anchored Center - $10,500,000 | 84,758 SF | 8.89% Cap Rate
Kyle Hartung of Goodman Real Estate Services Group LLC recently brokered the $10,500,000 sale of the Shoppes at Chapel Hill, a nationally anchored shopping center located in Cuyahoga Falls, Ohio. Hartung exclusively represented the seller of the property and also procured the buyer, a real estate investment and development company based in Florida.
The property features 84,758 square feet of prime retail space and outlots shadow anchored by Target. Currently 98.5% leased, over 95% of the shopping center’s tenants are national and regional chain-store retailers, most with longevity of tenancy in the property. Tenants include Michaels, Staples, Panera Bread, Jimmy John’s, Aaron’s, Brick House Tavern + Tap, and others. Originally developed in 1992, the property has remained nationally tenanted along a shopping corridor with limited new space for retailers entering the market, which has allowed the property to maintain its high level of occupancy. This trend is expected to continue for years to come.
Goodman Real Estate Services Group is a commercial real estate brokerage company specializing in marketing or acquiring real estate for its clients. Kyle Hartung is the Director of Investment Sales and can be reached at 216-381-8200, Ext. 205 and looks forward to discussing any investment sales needs, whether you are interested in selling, acquiring, or evaluating the current position of your property.