A wintertime aerial view looking southwest from Ridge Road over Ridge Park Square in the western Cleveland suburb of Brooklyn (JLL). CLICK IMAGES TO ENLARGE THEM.
Cleveland-area firm ends 36-year ownership
 JLL Capital Markets announced today that it has secured the sale of Ridge Park Square, a rare dual-grocery anchored regional shopping center located northwest of the Interstate 480-Ridge Road interchange in the western Cleveland suburb of Brooklyn.
Buying the 35-acre, 12-building retail complex on both sides of Northcliff Avenue was RCG Ventures, LLC of Atlanta. JLL worked on behalf of the seller, an affiliate of Zeisler Morgan Properties of the eastern Cleveland suburb of Orange. It is the first time the 36-year-old retail center has sold. Terms of the deal were not disclosed.
RCG is the retail real estate investment arm of Argonne Capital Group, a privately held investment firm, also based in Atlanta. Since its inception in 2003, RCG has specialized in the ownership of best-in-class shopping centers anchored by national tenants, having acquired approximately $3.4 billion in retail assets spanning 36.2 million square feet across 34 states.
Ridge Park Square is strategically positioned at 4788 Ridge Rd., offering exceptional visibility with direct interstate access and 128,284 vehicles per day. This prime location serves as a regionally dominant shopping center in one of Cleveland’s most established retail markets, generating over 6.1 million annual visitors.
Looking from the residential side of Ridge Road, west on Northcliff Avenue, Ridge Park Square includes parcels, structures and retailers on both sides of Northcliff. All of that was sold to RCG Ventures (Google).
The 386,754-square-foot retail center is 95 percent leased. It features a strong dual-grocery anchor tenant mix with Marc’s and Grocery Outlet representing the grocery anchors.
The property boasts a wide mix of tenants, including well-known national retailers such as TJ Maxx, Ross Dress for Less, Lowe’s Home Improvement, Dollar Tree, Five Below, AMC Theatres, Michaels and Ashley Furniture.
JLL Capital Market’s Investment Sales and Advisory team representing the seller was led by Senior Director Michael Nieder and Directors Brian Page and Mohsin Mirza.
“Ridge Park Square represented a generational opportunity to acquire a dual-grocery anchored asset that had never been marketed since its original development in 1989,” said Nieder in a written statement.
Most of the stores at Ridge Park Square are located in the older portion north of Northcliff Avenue, seen in the foreground. But the largest building in the retail center is the Lowe’s Home Improvement store south of Northcliff (Google).
“The property’s exceptional location, tenant performance and exit flexibility resulting from 16 separate tax parcels made it an attractive opportunity for the buyer,” he continued.
While the retail portion of Ridge Park Square north of Northcliff was built in 1989, it was expanded a decade later south of Northcliff with the addition of the Northcliff Shopping Center. Additional out lots were developed in the early 2000s.
“We are pleased to facilitate this significant transaction for both parties,” added Page. “With its dominant market position and multiple value creation opportunities, Ridge Park Square presents excellent potential for RCG Ventures in the years to come.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm offers investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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