Cedar Center South Sells for $24.9 Million

by Nate Hunter

University Heights, Ohio — Inland Real Estate Corp. has acquired the Whole Foods-anchored center.

University Heights, Ohio — Inland Real Estate Corp. has acquired Cedar Center South, a 139,000-square-foot shopping center in suburban Cleveland, for $24.9 million through Dutch pension fund advisor PGGM, its joint venture partner. A 45,300-square-foot Whole Foods grocery store and a 12,100-square-foot CVS/pharmacy, both on long-term leases, anchor Cedar Center South. The 83 percent-leased center also includes a mix of other national and local retailers. Cedar Center South is situated approximately eight miles east of downtown Cleveland in the inner ring suburb of University Heights. Including Cedar Center South, Inland currently has an ownership interest in four retail centers totaling more than 592,000 square feet of leasable area within the Cleveland metro area.

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