SPRINGFIELD, OHIO, September 18, 2019 – Top Midwest investment sales team Patton | Wiles | Fuller Group of Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Springfield Plaza, a 156,630-square foot shopping center located in Springfield, Ohio.
Scott Wiles, Erin Patton, and Craig Fuller, Senior Vice Presidents and Executive Directors with Marcus & Millichap’s National Retail Group, had the exclusive listing to market the property on behalf of the Illinois-based private seller. The buyer, a private Maryland-based investment group, was sourced by Patton, Wiles, and Fuller on day 2 of marketing and secured new 75 percent LTV bank financing at closing.
Springfield Plaza is located at 1510-1608 Upper Valley Pike in Springfield, Ohio, a country seat town located 25 minutes northeast of Dayton. The center is anchored by Dunham’s Sports and Ollie’s Bargain Outlet, with other well-known tenants including JoAnn, Sherwin-Williams, CosmoProf, and The Reserves Network. At the time of sale, the center was approximately 70% occupied presenting substantial upside opportunities in lease-up or redevelopment.
Year to date, Patton, Wiles, and Fuller have either sold, or have under pending agreement, just over $500 million of retail investment property throughout numerous states spanning the Midwest and beyond.
REBusiness Online – https://rebusinessonline.com/marcus-millichap-brokers-sale-of-156630-sf-shopping-center-in-springfield-ohio/