AURORA — PEBB Enterprises sold Marketplace at Four Corners "Phase II" to RE Aurora Ohio Family LLC for $15.8 million March 5.
The sale included a 116,436-square-foot building located in Bainbridge across from the former Geauga Lake parking lot on Route 43. Shops include Steinmart, Kirklands, Torrid, Old Navy, Party City and Gabe’s.
According to the Geauga County Auditor’s Office, no cash was involved in the land transfer.
A representative of PEBB Enterprises declined to discuss the terms of the sale.
Representatives from RE Aurora Ohio Family LLC did not immediately respond to a request for comment.
The property was empty when PEBB purchased it at auction in 2013. After investment in the exterior and upgrades to landscaping and lighting, it’s now 100 percent occupied, according to PEBB.
"Marketplace at Four Corners has been an incredible project to work on, in large part due to the retail synergy of the entire shopping center, not just the portion we owned," said Aaron Zucker, PEBB director of leasing. "When you combine industry leading retailers from nearly every sector with the strong sales volumes coming from those storefronts, good things are bound to happen."
The rest of the shopping is also under new ownership.
The adjacent Marketplace Four Corners was sold from MPG Development to Marketplace Associates for about $55.67 million Jan. 30. The purchase included about 125 acres dominated by a shopping center, which includes a Dicks Sporting Goods, Kohls, Walmart, Marshall’s, Five Below, Petsmart, Target, BigLots, Home Depot, and more, according to MPG Development manager Matt McGill. The land is broken into six parcels.
In total, there are 50 stores, more than 3,000 parking spots and 665,607 square feet of retail space at Marketplace at Four Corners, according to MPG’s profile of the shopping center. MPG also states that the average household income in the area is more than $120,000 a year.
Bob Gaetjens can be reached at 330-541-9440, firstname.lastname@example.org or @bobgaetjens_rpc.