Lakewood Shopping Center Purchased for $12.3 Million

LAKEWOOD, OH — A shopping center just up the road from Lakewood Hospital has been purchased for $12.3 million, reported Cleveland.com.

The Lakewood City Center, located at the intersection of Warren Road and Detroit Avenue, will be owned by Lakewood Station LLC. The company is a subsidiary of Cincinnati-based real estate trust Phillips Edison & Company.

The 67,000-square-foot shopping center, anchored by a Marc's grocery store, was previously owned by Lakewood Associates, an affiliate of the Coral Investment Company.

The Lakewood City Center features businesses such as Rent-a-Center, Gamestop, T-Mobile and Chipotle Mexican Grill.

Whether or not the new owners are planning on sprucing up the shopping center is unknown.

"It is our understanding that they plan to continue operating the property as a retail center with the current tenants," city Planning and Development Director Dru Siley told Cleveland.com.

Patch has left a message with Phillips Edison & Company.