Real Estate Developer Buys "Marc's Plaza" on Detroit for $12.3 Million

A major retail center in Lakewood has been sold to a large real estate development firm for more than $12 million, according to a recent report.

The Coral Company, which owned Lakewood Town Center on Detroit Avenue, sold the property to developer Philips Edison & Co. on March 10, according to Cuyahoga County real estate records.

The property, which is known locally to Lakewood residents as "Marc's plaza," is aptly home to local grocer Marc's Deeper Discount Stores, which anchors the shopping center.

The 67,000 sq. ft. shopping plaza's other tenants include mobile retailer T-Mobile, Pet Supplies Plus, a Palm Beach Tan tanning salon, a Chipotle restaurant, and several other smaller businesses.

City resident Kara McCullough, who frequents the shopping center, said she hopes the buyout brings positive changes to the site's parking lot situation, which she described as "a mess."

"Hopefully the new owner figures out a way to increase parking and alleviate the traffic issues," she told Patch. "It's awful. No parking and bad traffic flow."

What changes the new ownership will bring to the highly-trafficked shopping center is unknown at this time. A Philips Edison & Co. representative was not available for comment Tuesday.

[Image courtesy of The Coral Co.]