Southland Shopping Center in Middleburg Heights has a new owner, and the money came from far out of town. A New Orleans based investor scooped up the sprawling open air power center for nearly $60 million, according to local reporting, betting big on one of the south suburbs’ busiest retail crossroads.
The center, anchored by Giant Eagle, Marc’s and a lineup of discount and service tenants, sits at the heavily traveled Pearl Road and Smith Road intersection and has long been a go to retail stop for surrounding communities. City leaders and market listings have repeatedly highlighted the property’s steady foot traffic and nearby redevelopment efforts as reasons investors keep circling the site.
The transaction and price were first reported by Crain’s Cleveland Business, which identified the buyer as a New Orleans investor and said the deal closed this week. Crain’s reporting notes that city officials describe Southland as a high traffic asset for the region. At the time of that report, neither the buyer nor the seller had released public statements on the sale…