Matthews Real Estate Investment Services, a commercial real estate investment services and technology firm, completed the $31.55 million sale of Pavilion Shopping Center located at 24055 Chagrin Boulevard, Beachwood, Ohio.
The Pavilion Shopping Center is the second-largest retail plaza transaction in the state of Ohio this year. Executive VP Ben Snyder, Associate VP Zachary Bates and Market Leader Matthew Wallace represented the seller in the transaction.
The shopping center is on 17 acres of land with 207,000 square feet of leasable area and is 100 percent occupied by 19 tenants. Current tenants include Giant Eagle, Ross Dress for Less, Big Lots, and Michaels.
“Marquee Capital purchased the shopping center as they begin to focus on acquiring high-quality open-air shopping centers at attractive risk-adjusted returns,” said Snyder. “Matthews has had a long-term relationship with the seller who was looking to exit the market.”