The L-shaped Westwood Town Center on Center Ridge Road in suburban Rocky River has a new owner (JLL). CLICK IMAGES TO ENLARGE THEM.
Local owner sells to NYC firm
A popular, well-leased, strip-shopping center in Cleveland’s western suburbs was just sold by a local firm to a larger, national company based in New York City.
JLL Capital Markets announced today that it has arranged the $28.2 million sale of Westwood Town Center, a grocery and home improvement-anchored shopping center located in Rocky River. The 18-acre Westwood has 23 retail spaces.
JLL represented the seller, Zeisler Morgan Properties of Cleveland’s eastern suburb Orange which had owned Westwood since 1997, Cuyahoga County property records show. The buyer was KPR Centers whose headquarters are in Manhattan.
This is the second large retail center sold by Zeisler Morgan in Greater Cleveland in the past year. Last August, Ridge Park Square in Brooklyn was acquired by Atlanta-based RCG Ventures, LLC. JLL handled that transaction, too.
Westwood Town Center is strategically located at 21653 Center Ridge Rd., servicing some of Cleveland’s most affluent western suburbs with an average household income of $125,000 within one mile. The 226,155-square-foot center benefits from 18,000 vehicles per day on Center Ridge and draws from a dense population base of over 215,000 residents within 5 miles.
Beyond its streetside signage, Westwood Town Center features a landmark clock tower and faux dormers plus chimneys, giving it a mixed-use look. But its tenants are entirely retail (Google).
It’s the second retail center in Rocky River to sell in 13 months. In June 2025, Westgate Shopping Center, also on Center Ridge, sold for $51.5 million. Most of Westgate is in Fairview Park, however. And JLL handled that deal, too.
Cleveland is Ohio’s second-largest city and anchors a metropolitan area of 2.1 million residents. JLL market reports say the region is experiencing historically tight retail market conditions with availability at just 5.3 percent, well below pre-pandemic averages.Â
The community shopping center was originally built in 1988 and features an established tenant roster of grocery, home improvement, entertainment and retail tenants. The property is currently 95 percent occupied.
Major anchors include Home Depot, which accounts for 30 percent of income and recently extended its lease, and a high volume, regional grocer Marc’s, which accounts for 25 percent of income.
Additional tenants include AMC Theatres, which operates the only six-screen theater within a 5-mile radius, Dollar Tree, FedEx and Third Federal Savings & Loan. The sale doesn’t include two outlot parcels for McDonalds and Taco Bell which are owned separately.
Most of the 18-acre Westwood Town Center property in Rocky River is comprised of parking. This view is looking east (Google).
Westwood Town Center presents significant upside potential for the new owner, JLL representatives said, with 10,650 square feet of vacancy across two units providing immediate value-add opportunities.Â
JLL Capital Market’s Investment and Sales Advisory team representing the seller was led by Senior Director Michael Nieder and Director Brian Page.
“Westwood Town Center exemplifies the type of grocery and home improvement-anchored asset that continues to attract strong investor interest,” Nieder said in a written statement.
“The combination of dominant anchor tenants with decades of tenure, affluent demographics, and multiple value-add opportunities in a supply-constrained Cleveland retail market made this an exceptional acquisition for KPR Centers,” Nieder added.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. JLL has an office in Cleveland.
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