CINCINNATI, OH, February 27, 2020 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Western Hills Marketplace, a 127,645-square foot, 100 percent occupied shopping center located in Cincinnati, Ohio. The asset sold for $15,250,000.
“Western Hills Marketplace is anchored by Dick’s Sporting Goods, Best Buy, and new tenant Aldi, who recently signed a 10-year lease adding a long-term grocery component to the center,” said Erin Patton, IPA executive director. “The property has an all-national tenant base with significant tenure as six of the eight tenants have been in-place since 2002 or longer.”
Patton and IPA executive directors Scott Wiles and Craig Fuller represented the seller, a private Ohio-based developer. The buyer, a New York-based private real estate operating company, was also sourced by Patton, Wiles, and Fuller. “Despite retail headwinds, especially with retailers in the ‘power center’ category that this shopping center falls in, we had a very strong response to marketing efforts with over 180 registered buyers and multiple offers throughout a diligent marketing campaign,” added Patton. “We left no stone unturned providing maximum exposure to qualified parties and were able to close with the first and only buyer we went under contract with.” The buyer procured new permanent financing at closing.
The center is located along Glenway Avenue, a major thoroughfare connecting the western Cincinnati suburbs to Downtown Cincinnati. The property is home to the only locations for Dick’s Sporting Goods, Best Buy, Aldi, Party City, and Panera Bread west of Downtown and south of Interstate 74, making it a true destination for the surrounding dense infill population. Rounding out the tenant roster are small-shop tenants Mattress Firm, Chipotle Mexican Grill, and SportClips.
Year to date, Patton, Wiles, and Fuller have either sold, or put under agreement, $350 million of retail investment property throughout numerous states spanning the Midwest and beyond. “We have launched over a dozen new grocery-, big box-, or junior box-anchored listings since the beginning of this year and have seen a highly receptive buyer pool for assets priced correctly in today’s market. We have numerous centers under contract slated to close in Q2 and Q3, and with interest rates back down to historically low levels, we expect buyer interest in anchored retail centers to remain strong,” said Erin Patton.
Dayton Daily News – https://www.daytondailynews.com/business/soutwestern-ohio-mall-sells-for-million/69KbKhCJoCBbxy7RLIrOZP/