BARBERTON, OHIO, September 3, 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 Barberton Shopping Center, a 105,313-square-foot, 100 percent occupied grocery-anchored shopping center located in Barberton, Ohio.
In conjunction with Joseph French Jr., Senior Vice President out of the firm’s Westchester office, and C.J. Jackson, a Senior Associate in the firm’s Columbus office, Erin Patton, Scott Wiles, and Craig Fuller, had the exclusive listing to market the property on behalf of the seller, a New York-based privately-held REIT. “We received numerous competitive bids for the asset given that its anchor tenant, Giant Eagle, is the #1 grocer in the market and has over 8 years remaining on its existing lease,” said Scott Wiles. The buyer, a Texas-based private company, was selected after multiple rounds of bidding and purchased the asset as part of a larger 9-property portfolio acquisition.
Barberton Shopping Center is located at the intersection of Robinson Avenue & 5th Street SE in Barberton, Ohio, a city within the Akron MSA. Giant Eagle comprises 83% of the center’s GLA and has been in-place since 2001, operating a full-service grocery store at the site including a drive-thru pharmacy, state liquor store, bank branch, and gas station. The property also features new 10-year leases with Chipotle and Jimmy John’s on a newly constructed 2-tenant outparcel building, as well as a variety of e-commerce proof small-shop tenants such as Little Caesars, Verizon, Ohio BMV, H&R Block, and Best Cuts to name a few.
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. “We have several large, regional shopping centers under agreement and slated to close in Q3 and Q4, and have continued to see a highly receptive buyer pool for assets priced correctly in today’s market. With summer coming to an end, we are planning the launch of a wave of new shopping center offerings and are expecting buyer interest in grocery-anchored retail centers to remain strong thanks to historically low interest rates,” said Wiles.