Hendon Properties, Axiom Realty, and Peaceable Street Capital Acquire The Shoppes at Parma in Cleveland-Area Deal

A joint venture of Hendon Properties, Axiom Realty, and Peaceable Street Capital has acquired The Shoppes at Parma, a 734,199-square-foot open-air shopping center located at 7971 W Ridgewood Dr in Parma, Ohio, within the Cleveland MSA. The transaction was announced July 30, 2026.

The acquisition marks the fifth asset added to the Hendon Properties Opportunity Fund, which launched in February 2024 and now holds more than 1.3 million square feet of retail space across its portfolio. Financial terms of the transaction were not disclosed.

Property Overview: Anchors, Outparcels, and Foot Traffic

The Shoppes at Parma — formerly known as Parmatown Mall, which opened in 1956 — is anchored by a Walmart Supercenter (179,982 sq. ft.), Dick's Sporting Goods (50,000 sq. ft.), Burlington (45,079 sq. ft.), and Marc's (48,688 sq. ft.). The property also includes six outparcels occupied by quick-service and service-oriented tenants including Crumbl Cookies, T-Mobile, Five Guys Burgers & Fries, and Panera Bread Company.

Hendon Properties reports the center draws 7.7 million annual visits, placing it in the top 1–2% of U.S. retail properties by foot traffic. The site is situated in Parma, an inner-ring suburb approximately 10 miles southwest of downtown Cleveland, along W Ridgewood Drive near Day Drive and Snow Road.

The dual grocery-anchor configuration — Marc's and Walmart Supercenter — is a structure the acquiring partnership describes as uncommon among retail assets of this type. Lance Hagaman, Director of Acquisitions for Hendon Properties, said the format supports consistent customer traffic and tenant mix stability.

"Our acquisition of The Shoppes at Parma represents exactly the type of investment we seek — high quality retail centers anchored by best-in-class brands that serve essential community destinations," Hagaman said. "Centers like The Shoppes at Parma with dual grocery anchors are rare and exceptionally well-positioned because they generate consistent customer traffic, support a healthy mix of complementary retailers, and demonstrate resilience across market cycles. We believe this asset offers a compelling combination of stability, growth potential, and long-term value."

Business Plan: Leasing, Management, and Capital Improvements

Charlie Hendon, Chief Executive Officer and President of Hendon Properties, pointed to the property's outparcel collection as an additional income diversification element and outlined the partnership's operational approach going forward.

"In addition to its outstanding anchor lineup, the property's collection of outparcels further strengthens the asset by diversifying income streams and enhancing the overall customer experience," Hendon said. "We're excited to build upon the center's historic foundation through proactive management, thoughtful leasing, and strategic capital improvements where appropriate."

The stated business plan — centered on leasing activity, asset management, and targeted capital expenditures — reflects a core-plus investment strategy rather than ground-up redevelopment. The original enclosed mall has undergone multiple rounds of renovation and partial redevelopment into its current open-air configuration over the past decade.

Hendon Properties Opportunity Fund Portfolio

The Shoppes at Parma is the fifth asset acquired through the Hendon Properties Opportunity Fund since its February 2024 launch. Prior acquisitions include:

• Plaza at Riverchase (197,840 sq. ft.) — Hoover, Alabama, Birmingham MSA, acquired in 2024
• East West Shops (85,565 sq. ft.) — Austell, Georgia, acquired in 2024
• East Cobb Station (205,810 sq. ft.) — Marietta, Georgia, Atlanta MSA, acquired in 2024
• Sandy Plains Village (174,175 sq. ft.) — Roswell, Georgia, Atlanta MSA, acquired in 2025

The Parma acquisition extends the fund's geographic reach beyond its prior concentration in Southeastern markets into the Midwest. Across all five assets, the fund's holdings now exceed 1.3 million square feet of retail GLA, with a consistent emphasis on suburban, necessity-based, and grocery-anchored community centers.

Market Context: Grocery-Anchored Retail and Capital Trends

The acquisition comes as investor interest in grocery-anchored and necessity-based retail centers remains elevated. Grocery-anchored and neighborhood center formats have been among the more stable retail property types, supported by consistent demand tied to essential spending. The broader retail landscape has seen a bifurcation between well-located, high-traffic assets and weaker properties, with store openings reaching a new high in 2024 even as closures increased at underperforming locations.

The Shoppes at Parma's foot traffic ranking and dual grocery-anchor structure position it among the stronger-performing assets in its category. Stabilized, grocery-anchored power centers in Midwest markets have generally traded at mid-6% to low-7% cap rates, depending on lease term and tenant quality, though no cap rate was disclosed for this transaction.

Persons interested in leasing space at The Shoppes at Parma may contact Evan Staley, Senior Director of Leasing at Hendon Properties, at 404.926.1533 or evan@hendonproperties.com.

About the Companies

Hendon Properties, which celebrated its 40th anniversary in 2025, is an Atlanta-based full-service development, brokerage, and management firm focused on community and regional shopping centers and credit tenant build-to-suit developments. Axiom Realty is a retail real estate investment, development, and operating company specializing in grocery-anchored and necessity-based shopping centers throughout the eastern United States. Peaceable Street Capital served as capital partner in the joint venture.

Sources: Hendon Properties — Hendon Acquires The Shoppes at Parma