Shaker Heights and Glenville are both great submarkets for retail real estate ownership.
CLEVELAND (PRWEB) October 30, 2021
Gideon Gratsiani The Foreclosure and Auction expert at CRE-Pro, LLC, a diversified private equity firm based in Miami, has announced that a subsidiary has acquired Glenville Towne Center. A neighborhood shopping center built in 2000 that is anchored by creditworthy tenants Oak Street Health, Huntington Bank, Citi Trends and DLTR Villa. The asset is located in Cuyahoga County, Ohio, in the densely-populated submarket of Glenville. The property boasts over 200,000 people living within three miles of the site.
Additionally, Glenville Towne Center is one of the only shopping centers serving this population, which will help to ensure that occupancy remains stable. The official announcement was made by the foreclosure and auction expert Gideon Gratsiani, CRE-Pro, LLC’s Founder.
Mr. Gideon Gratsiani, the Foreclosure and Auction expert, cited the fantastic population density combined with one of the most under-served major markets for retail in the country as compelling reasons for the purchase. Mr. Gideon Gratsiani, the Foreclosure and Auction expert said “This is our second retail asset in the city of Cleveland, and they have one common denominator: Shaker Heights and Glenville are both great submarkets for retail real estate ownership.”
The partnership plans light upgrades to the shopping center that will enhance the curb appeal, such as refreshing the landscaping regiment and installing new awnings. Additionally, they will aggressively market the one vacant suite. “Coming out of the pandemic, second-generation restaurant space is in high demand. We anticipate having a new tenant signed up shortly,” said Nicholas Perrone, Vice President of Investments for CRE-Pro, LLC.
CRE-Pro, LLC would like to extend their appreciation to the seller, Hakimi Capital Group, Steve Koutsantonis of Cedar Williams for brokering the transaction, Tracy Ols of Hanna Commercial Real Estate for property management and leasing services, and Michael Duval of Franklin Savings Bank for lending on the project.
About CRE-Pro, LLC
CRE-Pro, LLC is a nationally-focused, diversified private equity real estate firm specializing in acquiring quality real estate at discounts to their market value. Combined, the Partners have over 40 years of experience in the real estate industry, spanning across all facets of commercial and residential real estate ownership and management.
Hanna Commercial Real Estate
Hanna Commercial Real Estate is a full-service commercial real estate firm in every sense of the word. They offer a complete spectrum of services to deliver whatever your real estate needs may be. Their services range from auctions to property management to renegotiating a lease or marketing a portfolio of investment-grade multifamily housing.
For more information, contact Nicholas Perrone at [email protected]
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