CANTON, OH, July 13, 2020 – 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 30th Street Plaza, a 157,055-square-foot Giant Eagle-anchored community shopping center located in Canton, OH. The asset sold at auction for $6,150,000.
Erin Patton, Scott Wiles, and Craig Fuller, Senior Managing Directors and principals of the Patton | Wiles | Fuller Group (PWF), marketed the property in conjunction with the Ten-X auction platform on behalf of the seller, a New York-based public REIT. The auction was held in June and the asset saw multiple bidders. The winning bidder, an out-of-state private investment group with other Ohio holdings, closed 35 days after executing the purchase agreement. “Given the tumultuous times, our client valued the certainty of closing provided by auctioning the asset versus the uncertainty that comes with the long contingency periods involved a normal sale. The successful sale of 30th Street Plaza speaks to the great execution of joint marketing efforts by our team and Ten-X to bring buyers to the table amidst the COVID-19 pandemic to bid on a larger, older shopping center asset with high vacancy in a secondary market,” said Patton. “As evidenced by this sale, buyer demand for value-add shopping centers remains strong despite the circumstances, as investors remain attracted by the low basis, high returns, and high upside potential afforded by this subset of retail centers,” added Wiles.
30th Street Plaza is located at 3100 Cromer Avenue NW, just east of the Interstate 77 and Ohio Route 62 interchange. Giant Eagle has been in-place in a freestanding building for 20 years occupying 51 percent of the gross leasable area of the center, and operates a full-service grocery store at the site with a Huntington Bank branch & ATM, state liquor store, drive-thru pharmacy, and GetGo gas station. The center was 67 percent occupied at the time of sale with other tenants including Pet Supplies Plus, Family Wholesale, Great Clips, Main Moon Chinese, Plaza Barber, and more. The plaza was constructed in 1952 and 1965, with the Giant Eagle box constructed in 2000. Canton has an MSA population of 400,000 and is also part of the larger Northeast Ohio region which is home to a population of more than 3.5 million. The city is best known as home to the Pro Football Hall of Fame and the birthplace of the National Football League.
Year-to-date, the Patton | Wiles | Fuller Group has sold over $180 million of retail shopping centers and net-leased real estate, comprising 1.9 million square feet throughout 12 states. The team is successfully navigating the COVID-19 pandemic, having closed more than a dozen transactions during the height of business closures, including the sale of a $46 million Ohio power center in June. “Investors are definitely back in action and finding ways to get deals done. We’ve put 14 shopping centers and 18 net-leased properties under agreement in recent weeks and look forward to a strong third quarter,” said Patton in closing.