LYNDHURST, Ohio — For 20 years, Legacy Village has been a staple of shopping in Northeast Ohio. Now, the Lyndhurst property is on the market.
On Tuesday, Mitchell Schneider, founder and executive chairman of First Interstate Properties, which developed Legacy Village, announced that the shopping, dining, and entertainment area has been listed with a Chicago-based team of the CBRE commercial real estate firm.
So why is this happening?
“We've had a pension fund as our partner for the 22 years we've been in this project. That's a long haul for them. They're looking to harvest the capital that's been involved in projects for some time. They've been a great partner, and we felt we could accommodate them to find a great steward for the property,” Schneider said in a statement.
When Legacy Village opened in October of 2003, it was considered Northeast Ohio's first "lifestyle center." There are over 30 stores for shopping enthusiasts, plus nine restaurants, and the Hyatt Place Legacy Village Hotel.
Schneider says he intends to find a buyer who will secure the property's long-term future.
“Legacy Village is a solid real estate asset that has long legs in front of it, and one of our objectives is to ensure that the buyer is the right kind of a steward for Legacy Village to ensure that it continues to thrive into the future,” Schneider said.
Price expectations and timing have not been made available.