A longstanding fixture at the corner of Cedar and Richmond Rds., the La Place shopping center has been acquired by General Growth Properties (GGP), owner of neighboring Beachwood Place mall.

According to an article published in The Plain Dealer, an affiliate of the Chicago-based GGP took possession of the property on Feb. 13.

The center, most recently owned by Boardwalk Partners LLC, has suffered in past months, losing Peet’s Coffee & Tea, a popular hangout for BHS students, in December. In addition, the Sushi Rock restaurant appears to have shuttered.

According to The Plain Dealer, foreclosure proceedings were initiated on the La Place property in July 2013.

Jonathan Berns, a Boardwalk Partners managing partner, wrote in an email that he was unable to discuss the sale, citing “some legal issues.”

Boardwalk purchased La Place for about $25 million in 2004, The Plain Dealer reported. It is unclear what GGP paid.

Ed Hom, a partner of Ho Wah restaurant, which has been a tenant of the property for 35 years, said he feels Boardwalk “clearly overpaid” for the property.

“When they overpaid, they put themselves behind the eight ball,” Hom said.

“Once you put yourself behind the eight ball, that’s it,” he said, in reference to the mall’s prior financial trouble.

A representative of Mitchell’s Homemade Ice Cream, which has had a La Place location for roughly a decade, expressed interest in the story, but could not be reached at the time of publication.

Ho Wah’s current lease runs through 2021, Hom explained. Hom, who said he considers himself a satisfied tenant, hasn’t spoken in detail yet with GGP, but hopes to renew the lease.

Under the center’s new ownership, however, he said he feels a deal may be met with challenges.

“Negotiating with a big 800-pound gorilla is really difficult,” Hom said he anticipates of the publicly-traded real estate investment trust.

“In watching how [large real estate owners] deal with smaller tenants like us, the outcome is [typically] not good.”

While Hom said the sale has not drastically impacted his restaurant, he has observed some change in the property’s operations.

“The [center] was cleaner under private ownership,” he said. Hom said GGP uses  contracted services for security and maintenance of the property.

As a result, closing time is more stringent for Ho Wah, he explained.

Under Boardwalk’s ownership, Hom continued, patrons could linger past official restaurant hours over a final drink or appetizer, as La Place’s maintenance workers would wait for customers to vacate before securing the exterior doors.

However, GGP’s security officers, Hom said, lock the premises promptly at closing time.

“That’s really a very little matter, [though],” Hom said, explaining that the majority of Ho Wah’s business winds down by 9:00 p.m, which is prior to their closing time.

Beachwood Place senior marketing manager Heidi Yanok said she could not comment at the time of publication.

It is unclear what role, if any, La Place will have in the planned Beachwood Place expansion project.

Sophomore Elon Bortz said the only La Place tenant he patronizes is Mitchell’s.

“I already go to Beachwood Place. I don’t really have a reason to [shop] somewhere else,” Bortz said.

Andrew Feldman, also a sophomore, shared similar sentiments.

“The main reason I go to La Place is almost entirely for the Mitchell’s,” he said.

However, he’s open to seeing more development at the center.

“I think it’s a really nice area. I really haven’t explored it as much as I would want to,” Feldman said.  He added that he hopes to see an Italian restaurant set up shop.

It is unknown if GGP plans to make improvements on their newly-gained property.

Hom said he does not hold a strong opinion on the matter.

“That’s up to [GGP] to decide. I’m not here to spend their money,” he said.

Hom said he has not spoken with other tenants about the sale, but is willing to give the new owner a chance.

“I wish General Growth well, and, hopefully, they’ll offer us a new lease,” he said.