WADSWORTH, OH, February 27, 2020 – Top Midwest investment sales team Patton | Wiles | Fuller Group of Marcus & Millichap (NYSE: MMI), based in Cleveland and Columbus, today announced the sale of Wadsworth Crossings, a 118,145-square-foot regional power center located in Wadsworth, OH, according to Michael Glass, regional manager of the firm’s Cleveland and Columbus offices. The asset sold for $16,000,000 which equates to $135 per square foot.
Erin Patton, Scott Wiles, and Craig Fuller, Senior Vice Presidents and Executive Directors of Marcus & Millichap’s Institutional Property Advisors division, had the exclusive listing to market the property on behalf of the seller, a publicly traded REIT. Numerous offers were generated and the Texas-based private buyer was secured by Patton, Wiles, and Fuller after a competitive bid process. The buyer placed a non-refundable deposit at contract signing and secured new financing at closing.
Wadsworth Crossings is located at 1183 Williams Reserve Boulevard in Wadsworth, OH, a middle-class bedroom community in the Cleveland MSA. The development is anchored by Target, Lowe’s, and Kohl’s, all of which are corporate-owned and were not included in the sale. The subject property’s tenants include Planet Fitness, OfficeMax, Petco, Beef O’ Brady’s, Kay Jewelers, Huntington Bank, Fresenius Kidney Care, and several other restaurants and service businesses. Wadsworth Crossings sits just off the interchange of Interstate 76 and Route 261, a short drive from the city center.
Year to date, the Patton | Wiles | Fuller Group has sold over 2.6 million square feet of retail shopping centers and net-leased properties, totaling over $260 million in sales dollars.
REBusiness Online – https://rebusinessonline.com/marcus-millichap-brokers-16m-sale-of-regional-power-center-in-ohio/