sale is completed
Streetsboro's Market Square Plaza has been bought by Interra Properties of Houston, according to Mayor Glenn Broska.
According to Portage County property records, the May 19 sale of the 17- to 18-acre property from Wells Fargo Bank to Interra was for about $2.3 million. The plaza is bound by Routes 43 and 14 to the south and east and Market Square Drive on the northwest side.
"The potential benefit is that they'll revamp that area," said Broska. "I still believe it's a viable retail community. With the proper care and maintenance and tenants, I believe [Interra] will revitalize that area and bring jobs to the community and appropriate retail for residents."
Streetsboro Economic Development Director Rob Peters said the plaza is 128,000 square feet. Current businesses include Chuggers Bar and Grille, Dollar Tree, D Art Nails, Mode of Expressions and Empire Game Center.
It had entered receivership in December 2014. As of March 2016, the Coral Group, the center's former owner, was about $7 million in debt.
Broska said the firm plans to fix the parking lot and perform some "routine maintenance" on the plaza, which has been without an anchor tenant since 2006 when Giant Eagle moved to Streetsboro Crossing on Route 303.
-- Bob Gaetjens, Record-Courier