News Release: PEBB Enterprises Finalizes Sale of Cleveland-Area Shopping Center

PEBB Enterprises sells Marketplace at Four Corners “Phase II” to RE Aurora Ohio Family LLC for $15.8 million.  The closing was finalized yesterday.

Four Corners is a 116,436 square foot center located in the Southeast Greater Cleveland area and is considered a premier shopping center including national retailers such as Steinmart, Kirklands, Torrid, Old Navy, Party City and Gabes.

The property was 100% vacant when PEBB purchased it at auction in 2013.  After significant investment in the exteriors and upgrades to landscaping and lighting, as well as new ground-up development and an aggressive leasing program, PEBB was able to reinvigorate the center which is now 100% occupied – a complete turnaround.

PEBB Director of Leasing Aaron Zucker commented, “Marketplace at Four Corners has been an incredible project to work on in large part due to the retail synergy of the entire shopping center, not just the portion we owned. When you combine industry leading retailers from nearly every sector with the strong sales volumes coming from those storefronts, good things are bound to happen.”

This is the second retail property sale for PEBB this year in Ohio, after recently closing on the sale of 32 East in Cincinnati, OH, another successful redevelopment for the company.