< Back

Stark Completes Sale of Stow Site
May 15th, 2006

Stan Bullard of Crain's Cleveland Business covers the sale of the Stow Falls Center property.

Shopping center developer Robert L. Stark Enterprises Inc. of Woodmere Village has sold a grocery-anchored shopping center in Stow for $13 million.

Bob Stark, president of the company best known as the co-developer of Crocker Park in Westlake and Eton in Woodmere, on May 1 sold the shopping center at 857 Graham Road to SFC Enterprises LLC of Beachwood, according to Summit County land records.

Through an administrative assistant, Mr. Stark said he sold the property at the request of investors whom he wouldn’Äôt identify.

SFC Enterprises is an investment group led by Vincent Giorgi, who said the group bought the property because it considers it a good investment. Mr. Giorgi operates Omega Real Estate Management Inc. in Beachwood, which also manages shopping centers in Sheffield Village in Lorain County and Willowick in Lake County for other investor groups.

Anchored by a Tops grocery store with a Sears Hardware store and Litehouse Pools as tenants, the 91,325-square-foot center is 98% leased, said Mark Luttner, a senior associate at broker Marcus & Millichap’Äôs Chicago office who was on a team that marketed the property for Stark.

The shopping center was built in 1995, he said.

Shopping centers with grocery stores are favored investments nationally because they offer investors stability by providing long-term homes for essential neighborhood retailers.

< Back