KPR Centers Acquires Westwood Town Center in Cleveland Suburb for $28.2M in JLL-Brokered Deal

KPR Centers has acquired Westwood Town Center, a grocery and home improvement-anchored shopping center in Rocky River, Ohio, for $28.2 million, JLL announced July 13. JLL represented the seller, Zeisler Morgan Properties, in the transaction involving the 226,155-square-foot community retail center located in a western suburb of Cleveland.

Property Overview and Tenant Profile

Westwood Town Center sits at 21653 Center Ridge Road in Rocky River, a western suburb of Cleveland. The center, originally constructed in 1988, was 95 percent occupied at the time of sale, with 10,650 square feet of vacancy across two units that JLL characterized as offering immediate value-add potential.

The property's two anchor tenants collectively account for more than half of the center's income. Home Depot, which recently extended its lease, represents approximately 30 percent of income, while Marc's, a regional grocer, accounts for roughly 25 percent. Additional tenants include AMC Theatres, which operates the only six-screen theater within a five-mile radius of the property, along with Dollar Tree, FedEx, and Third Federal Savings & Loan.

Center Ridge Road carries approximately 18,000 vehicles per day past the property. The surrounding trade area encompasses more than 215,000 residents within five miles, with an average household income of $125,000 within one mile.

Deal Structure and Brokerage Team

JLL Capital Markets' Investment and Sales Advisory team led the assignment on behalf of Zeisler Morgan Properties. Senior Director Michael Nieder and Director Brian Page represented the seller.

"Westwood Town Center exemplifies the type of grocery and home improvement-anchored asset that continues to attract strong investor interest," Nieder said in a statement. "The combination of dominant anchor tenants with decades of tenure, affluent demographics, and multiple value-add opportunities in a supply-constrained Cleveland retail market made this an exceptional acquisition for KPR Centers."

At 226,155 square feet and a $28.2 million sale price, the transaction implies a price of approximately $125 per square foot, based on figures provided in JLL's announcement.

Cleveland Retail Market Context

The transaction comes amid what JLL described as historically tight retail market conditions in the Cleveland metropolitan area. The region, which anchors a metro population of approximately 2.1 million residents, reported a retail availability rate of 5.3 percent at the time of the sale — a figure JLL noted is well below pre-pandemic averages.

About the Firms Involved

KPR Centers is a vertically integrated retail and industrial property investor founded in 2009 as an outgrowth of Katz Properties, which was established in 2003. The firm operates across 19 states, with a footprint spanning greater New England, New York State, the Mid-Atlantic, Midwest, Mountain West, and Southeast submarkets. KPR Centers manages in-house retail leasing, property management, and development operations.

Zeisler Morgan Properties Ltd. is a privately owned retail shopping center development company founded in 1976 and headquartered in Cleveland. The firm has developed more than 2 million square feet of shopping centers nationwide and holds current assets in Ohio and North Carolina. Its capabilities span development, investment, leasing, and management.

JLL Capital Markets is a global provider of capital solutions for real estate investors and occupiers, with more than 3,000 specialists in offices across nearly 50 countries. JLL (NYSE: JLL) reported annual revenue of $26.1 billion and operates in more than 80 countries as of March 31, 2026.

Sources

JLL Newsroom: Westwood Town Center in Cleveland Suburb Sells for $28.2M