University Corners retail center, located in Cleveland’s University Heights neighborhood, has been purchased for $3 million by Deerfield Beach, Florida-based Konover South LLC. The transaction for the 43,000-square-foot neighborhood center closed on May 4 and marked the company’s second Ohio retail acquisition, said Konover South CEO David Coppa. In September, the company, in a joint venture, purchased one of Cincinnati’s most fashionable Hyde Park Square retail spaces housing a landmark Lululemon store.
University Corners is anchored by Family Dollar, plus other national tenants such as Anytime Fitness, Sherwin-Williams, Boost Mobile and Nationwide Insurance. A loan in the amount of $2.3 million was provided by KS Lending Corp., a Konover South company, and the center was acquired through Ten-X Commercial. Property management will be provided by Konover South Development Corp. and leasing will be handled by Tori Nook and Ben McMillon of Anchor Cleveland.
“We are pleased to announce the purchase of University Corners in Cleveland which is our second retail asset in Ohio,” Coppa said in a statement. “Though there are uncertainties in the marketplace nationally, strong fundamentals of well-positioned markets and real estate will prevail. University Corners is located in the dense well-established community of University Heights and has five colleges and universities within close proximity. We look forward to being a part of this fine community.”
