Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Boardman Center Plaza, a 136,500-square-foot mall-shadowed regional shopping center located in Youngstown, Ohio. The asset sold within five percent of its list price.
Scott Wiles, Erin Patton, and Craig Fuller, senior managing directors in Marcus & Millichap’s Columbus and Cleveland offices, exclusively marketed the listing for the seller, a Canadian private investor, and procured the buyer, a Texas-based private investor. The buyer was awarded the deal after a competitive bidding process with multiple offers.
Boardman Center Plaza is located at 7334 Market Street in Youngstown, Ohio. The asset was 52 percent occupied at the time of sale with strong value-add and redevelopment potential of its sole vacancy – a 65,878-square-foot retail box.
Boardman Center Plaza tenants include Guitar Center, Legends Food + Drink, FastSigns, Factory Boot Outlet, Harbor Pet Center, and more. Included in the sale was a two-tenant outparcel building leased to Five Guys and Jimmy John’s. The property is located directly across the street from Southern Park Mall with Macy’s, JCPenney, Planet Fitness, H&M, Hibbett Sports, dozens of shop retailers and restaurants, and the newly developed DeBartolo Commons, a $30 million outdoor community space.