CLEVELAND—Health-oriented grocery stores have become all the rage in many parts of the US, and securing one as a tenant can help keep older properties up-to-date and packed with customers. That was Daren W. Hornig's idea when he recently helped sign Fresh Thyme Farmers Market to anchor Golden Gate Shopping Center in east suburban Mayfield Heights.
As reported in GlobeSt.com, his New York-based Hornig Capital Partners, which along with Hutensky Capital Partners and B&D Holdings, bought the property, a retail mainstay in the submarket for decades, for $47 million in 2014. It one of the biggest retail deals in the metro region that year.
"By and large, Golden Gate was a soft goods oriented shopping center that had done real well for 50 years," Hornig tells GlobeSt.com. And although the center was about 95% occupied when the partners bought it, he felt that to truly achieve its potential, the property needed a grocery store.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
