June 2014

In one of the largest single asset retail transactions in Greater Cleveland over the last two-year period, Kyle Hartung and Jim Becker of Goodman Real Estate Services Group LLC, and Jacob Fedder of CBRE, represented Forest City Enterprises and their partner in the sale of Golden Gate Shopping Center in Mayfield Heights, Ohio. The buyer of the asset is Hornig Capital Partners, LLC, a New York based privately held real estate investment company led by managing partner Daren W. Hornig. HCP purchased the property as part of a joint venture with B&D Holdings and Hutensky Capital Partners at a price of $47,050,000.

The property is 371,748-square-feet and is anchored by Marshalls, Golf Galaxy, h.h. gregg, PetSmart, Jo-Ann, OfficeMax, Cost Plus World Market, and K&G Menswear. Golden Gate has long been considered one of the premier shopping centers in Northeast Ohio. Over the years as retailers have come and gone, Golden Gate has remained one of the “must have” properties for the newest retailers entering the region. Originally developed over fifty years ago, it has not only remained viable, but has thrived for the past half-century. This continued success is remarkable given the changes in the local and national retail landscape. Its location in a stable demographic area along with interstate exposure have contributed greatly to this success; however, its longevity is especially incredible considering the evolution of retail over the past twenty-five years and associated competing shopping center growth throughout the region. Today, Golden Gate continues to be a dominant, nationally-tenanted shopping center that commands the attention of almost any retailer entering Northeast Ohio. Unquestionably, this is due to the attention it receives from the large customer traffic it has continued to draw year after year.

Goodman Real Estate Services Group is a commercial real estate brokerage located in Cleveland, Ohio. Kyle Hartung, as Director of Investment Sales, specializes in marketing or acquiring investment real estate for his clients on a national basis. Kyle 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. Jim Becker, as Senior Associate, is responsible for implementing real estate programs for both retailers and landlords. He has leased Golden Gate for the seller and will continue to do so under its new ownership. Jim can be reached at 216.831.8200 ext. 204.