Business & Tech
New York Firm Buys Shaker Towne Center
The transaction for $11.7 million took place in December
Shaker Towne Center is under new ownership as a result of a large transaction.
Katz Properties, a New York-based real estate investment firm, bought the shopping center on Chagrin Boulevard for $11.7 million, according to a Plain Dealer report.
Katz bought the center from Equity Investment Group in Fort Wayne, Ind. on Dec. 19.
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Shaker Towne Center is home to Heinen's, Boston Market, GameStop and more. According to EIG's website, the property is about 91 percent occupied. The company had recently signed leases with Dollar Tree and Salon Lofts.
"We have been looking for the right foothold in the Midwest," Daniel Katz, a company principal, said in a written statement obtained by the Plain Dealer.
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"We plan to continue acquiring new properties in this region going forward."
A message has been left for Katz inquiring about future plans at Shaker Towne Center.
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