Fairview Centre, the 43-year-old shopping center located on Lorain Road, may be in for a makeover if a potential buyer purchases the property.
At her March 9 State of the City address to the Fairview Park Chamber of Commerce, Mayor Eileen Patton announced that a real estate holding company has expressed interest in the property. (Read more about the mayor’s State of the City report on page 5.)
The mayor, who declined to name the potential buyer, said the transaction was not yet a done deal. She said the company specializes in investing in underperforming retail properties.
Patton said two representatives of the company visited the city last week.
“Two top executives flew in to meet with us to learn more about our community, our residents, our neighborhoods, surrounding shopping areas, our schools and our parks,” Patton told Chamber members. “We had an exceptionally good day with them as we highlighted and we promoted the qualities of our great community, and the good, dedicated businesses that are presently at our center.
“Positive and exciting changes in this area may well be on the horizon,” Patton told the Chamber audience.
The owner of Fairview Centre, Mark Schwartz, did not return a call from West Life seeking comment by presstime.
According to the commercial real estate website loopnet.com, Fairview Centre was listed as being for sale in May 2010 and was taken off the market in January. The website stated the purchase price was reduced to $11 million.
The mayor told West Life that the investor indicated some renovation of the shopping center would take place if the purchase is completed. The potential buyer would obviously seek to fill the numerous vacant stores at Fairview Centre, the mayor said.
The Blockbuster Video store, which maintains a prominent location in the shopping center, will close soon. The former Revco / CVS drugstore spot has been vacant for years.
Company officials did not indicate any specific type of business they would pursue, according to the mayor.
The executives indicated they would like to complete the transaction in April, Patton said. They planned to travel to the Pittsburgh headquarters of Giant Eagle, the grocery store anchor at Fairview Centre, to meet with executives there, the mayor added.
The executives also indicated they would either renovate and lease or tear down the former Fairview Park Post Office building, which was closed within the past year, according to Patton.
Patton told West Life she is hopeful the sale of the shopping center will be completed. She added she would like to see the shopping center thrive.
“Our demographics are excellent,” the mayor said regarding the potential of Fairview Centre.