Simon Caplan, a partner at CRESCO Real Estate, recently sat down with Smart Business to discuss the current commercial real estate market, including the state of retail and Cleveland shopping centers. He discusses how some retail spaces were converted to warehouses or used for non-retail purposes due to the COVID-19 pandemic, highlighting how retail property usage has evolved and revealing the powerful impact the pandemic had on the retail industry. Despite challenges over the last year, expect retail to come “roaring back” soon, according to Caplan.
Pinecrest, located in Orange Village, Ohio, faced possible foreclosure in 2020. Before the pandemic, Pinecrest’s businesses and retailers were doing exceptionally well, but the restrictions due to COVID-19 affected consumer visits to stores and restaurants, causing a decline in daily foot traffic. As a result, a New York-based lender provided financial support to the local development team to avoid foreclosure on the commercial property. With the preservation of this popular retail shopping center, there is still an opportunity to provide economic growth while sustaining jobs for employees.
Like Pinecrest, another Cleveland-area shopping center, Shaker Square, has experienced financial hardship. The future is uncertain for this historic retail shopping center on the city’s east side. Numerous businesses have closed permanently and were unable to maintain the day-to-day operations. There is still optimism that the retail site will be preserved by a few local investors interested in purchasing the property.
Despite the number of shopping centers in Cleveland that have had their fair share of financial woes, it’s apparent that with fewer pandemic restrictions in place, people will be eager to return to a regular routine. In the suburb of Streetsboro, Streetsboro Crossing sees steady traffic patterns due to the location of this commercial shopping center and its prominent anchor tenant, Giant Eagle, a popular grocery store. Additionally, this shopping center has incurred consistent growth because the retailers in the shopping center have established a loyal customer base being located in a residential neighborhood.
Crocker Park is located in Cleveland’s west side suburb of Westlake. Part of the reason that Crocker Park continues to be successful and flourish is because of the location and use of the property. The 120-acre shopping center is a mixed-use property making life convenient for consumers and employees alike. Crocker Park opened in 2004 and continues to add retailers. It was recently announced that Urban Air Adventure Park is one of the newest additions joining this shopping center. Some of the other notable retailers and businesses in Crocker Park are H&M, Regal Cinema, Trader Joes, Hyatt Place, American Greetings and a host of casual and fine dining restaurants. As commercial real estate continues to rebound, mixed-use properties will continue to flourish.
Cleveland has plenty of opportunities for commercial retail growth in the near future. As our economy rebounds, there will be a need for new retail spaces. At CRESCO Real Estate, we have access to commercial properties in the greater Cleveland area to serve retailers seeking space. We can help you find the best location for your commercial real estate needs. Please contact us for more information.
To learn more about how CRESCO, Greater Cleveland’s leading commercial real estate company, can help you with your property needs, contact us at 216.520.1200, or fill out the form below. A CRESCO professional will contact you shortly.