Gorjian of Gorjian Acquisitions completes Northfield Miles Plaza deal for $700,000

Joel Gorjian, Gorjian Acquisitions and Namdar
Realty Group

North Randall, OH Joel Gorjian, president and CEO of Gorjian Acquisitions, has completed the acquisition of the Northfield Miles Plaza shopping center located at 4880 Northfield Rd. The seller was a private investor. The value of the transaction was in excess of $700,000.  Following the acquisition, the buyer obtained a post-closing loan on the property, originated by Uber Capital Group. Beechwood, OH-based Steve Eisenberg of Arnold Eisenberg, Inc. brokerage represented the seller.

“The one-story, 10,471 s/f Northfield Miles Plaza is fully occupied, with an Advance America cash advance and financial services center and a Subway sandwich shop serving as anchor tenants. The acquisition was an all-cash transaction,” said Gorjian.  “North Randall is one of the fastest growing townships in Ohio and the property is located in close proximity to the popular JACK Thistledown Racino gambling, thoroughbred racing, retail, and entertainment complex that is currently undergoing a $70-million redevelopment and expansion. The shopping center has excellent revenue growth potential and we intend to own and operate it long-term,” he said.

Northfield Miles Plaza is situated on a 0.87-acre site with a surface parking lot, near the intersection of I-271 and I-480, traveled through by more than 18,000 cars per day. The village of North Randall is located just minutes from downtown Cleveland and the Cleveland Hopkins International Airport.

Gorjian Acquisitions is a privately held commercial real estate investment and management firm headquartered in Great Neck, NY. The firm has ownership interest in 20 properties nationwide, including mixed-use buildings, shopping centers, medical facilities, multifamily properties, and office buildings. These include: the Eastridge Commons Shopping Center in Flint, MI; the Holiday Office Park in Lansing, MI; the GSA Building in Detroit, MI; the Mall of the Bluffs in Council Bluffs, IA; the DeSoto Square mall in Bradenton, FL; the Jacksonville Regional Shopping Center and the Regency Square Mall, both in Jacksonville, FL; the Uniontown Mall in South Union, PA; the Phillipsburg Mall in Phillipsburg, NJ; the Centereach Commons in Centereach, NY; and the Northwest Arkansas Mall in Fayetteville, AR.