Shopping center

North Olmsted shopping center sold for $16 million

Stark Enterprises of Cleveland has divested its Brooklor Plaza shopping center near the intersection of Brookpark and Lorain roads in North Olmsted to a subsidiary of Rubin Realty of Valley Stream, New York, in a $16 million transaction, according to Cuyahoga County property records.

Anchored by Golf Galaxy, TJ Maxx and OfficeMax, the center dates back to 1962 and has nearly 107,000 square feet of retail space, according to CoStar, the online real estate data provider. It sits on 7 acres across Brookpark Road from Great Northern Mall and Great Northern Plazas. The county assigns the site a market value of $7 million for property tax purposes.

The center was inherited property from Stark. It was developed to house a former Zayre discount store by the late Fred Stark, the father of Chairman and Stark Chairman Bob Stark. The sale came as Bob Stark stepped into the new role and handed the CEO job over to his son, Ezra Stark, the company’s former chief operating officer and likely longtime successor. The transition was announced on Friday, May 6.

The April 25 sale also comes as the company expands beyond its traditional role as a shopping center to pursue new ventures in the construction of single-family homes for rent, student accommodation and apartments outside the Northeast. east of Ohio. However, Ezra Stark has previously said that the new areas offer growth opportunities as retail growth opportunities have become scarce.

Ezra Stark said in a phone interview on Tuesday May 10 that there was no direct correlation between the title and role changes and the sale of the mall.

“It’s no longer a core property for us,” Ezra Stark said. “It was developed by my grandfather, and we had it for a long time.”

Stark’s other assets in northeast Ohio include Crocker Park in Westlake, Eton Chagrin Boulevard in Woodmere, The Strip in North Canton and The Beacon, apartments in downtown Cleveland.

Mark Rubin, the director of Rubin Realty, signed as an authorized party on the Ohio incorporation documents for Brooklor Associates LLC, the name of the property’s new owner.

Rubin did not call back the acquisition at 2 p.m. on Tuesday, May 10.