N.Y.-based firm buys Midway Market Square

Midway Market Square, 1180 W. River Road N., in Elyria has been bought out by a New-York based real estate company.

The buyer, Madison Properties USA, LLC purchased Midway Market Square at the end of December last year for $20 million.

The land covers about 11 properties including Target, Pet Supplies Plus, Jo-Ann Fabrics & Crafts, Home Depot, Jamie’s Carpet Shop, Nicole Kay’s Boutique, Giant Eagle, Dick’s Sporting Goods, IHOP and Ross Medical Education Center.

Idy Salamon, Madison Properties’ executive director, said there are no plans to interrupt the businesses currently on the parcel, but they do plan to make some changes.

“We don’t have plans to displace the businesses, but we do plan to make a new parking lot on the parcel,” Salamon said.

Salamon did not elaborate on where the parking lot will be located on the property.

Jeff Green Partners and the Hoffman Strategy Group were hired as consultants in August 2015 by the city to develop a plan for the parcel that would attract buyers, said Jerry Hoffman, president of the Hoffman Strategy Group.

“The report was about the potential usage of the property such as a multifamily hotel and other uses that would optimize the property,” Hoffman said.

Meanwhile, the parcel where Olive Garden, 1635 W. River Road N., sits was sold for $1.8 million in December, according to records from the Lorain County Auditor’s Office.

The report also showed that the parcel was sold by AT Midway Elyria OH LLC, based in Phoenix, to CLH Corporation, which is based in Illinois.