Huber Heights and Vandalia, Ohio — Marcus & Millichap has brokered the sale of a Dayton-area retail portfolio occupied by Wendy’s for $4.6 million. The two properties in the portfolio are located in Huber Heights and Vandalia. CJ Jackson, Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap marketed the portfolio on behalf of the seller, a private investor. Buyer information was not disclosed.
Cincinnati — Phillips Edison & Co. Inc. (PECO), an internally managed REIT, has filed a registration statement with the Securities and Exchange Commission to offer 17 million shares of its common stock to the public. The Cincinnati-based shopping center owner also intends to grant the underwriters a 30-day option to purchase up to an additional 2.5 million shares of its common stock. The initial public offering (IPO) price is expected to be between $28 and $31 per share. Adjusting for the one-for-three reverse stock split that was executed on July …
Beavercreek, Ohio — Washington Prime Group Inc. (NYSE: WPG) and Synergy & Mills Development will redevelop a former department store building at The Mall at Fairfield Commons in Beavercreek into office space. The store spans two stories and 150,000 square feet in suburban Dayton. The project will be called The Meridian at Fairfield Commons. Synergy plans to begin construction to redevelop the existing building into office, laboratory and research and development space starting in late 2021. The project is part of a larger strategy by WPG to diversify its tenancy …
Solon, Ohio — Matthews Real Estate Investment Services has arranged the $10.1 million sale of Uptown Solon Shopping Center in Solon, about 20 miles southeast of Cleveland. The 182,334-square-foot property is home to Bed Bath & Beyond, Old Navy, Ulta, Petco, Lumber Liquidators and Orange Theory Fitness. Ben Snyder and Zack Bates of Matthews brokered the sale. The seller was a subsidiary of Retail Value Inc. The buyer, United Growth, is a development and investment company that targets value-add properties.
Columbus, Ohio — Washington Prime Group (NYSE: WPG), an Ohio-based owner-operator of regional malls and shopping centers, has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas. WPG cited insurmountable operating challenges tied to the COVID-19 pandemic as the primary catalyst behind the move. Against that backdrop, both CNBC and Reuters reported that many of the company’s tenants were unable to pay rent at various points in time over the last 16 months as public health mandates and lockdowns decimated foot traffic throughout …
Springfield and Urbana, Ohio — A joint venture between Timber Development Corp. and Honey and Vinegar Realty has acquired two shopping centers located in Ohio. Acquisitions include Eastside Square, a 20,000-square-foot center shadow-anchored by a 205,000-square-foot Walmart Supercenter in Springfield, Ohio; and Urbana Commons, an 18,000-square-foot center shadow-anchored by a 185,000-square-foot Walmart Supercenter in Urbana, Ohio. Jack Cornell of SRS Real Estate Partners represented the seller in the transaction.
Streetsboro, Ohio — JLL Capital Markets has brokered the sale of Streetsboro Crossing in suburban Cleveland for $10.5 million. Grocer Giant Eagle anchors the 89,436-square-foot retail center. Other tenants at the property, which was nearly 94 percent leased at the time of sale, include Pet Supplies Plus, Palm Beach Tanning, GNC, Great Clips and Sally Beauty. Completed in 1996 and renovated this year, the center is situated on 19.6 acres. Amy Sands, Clinton Mitchell, Kirstey Lein and Bill Poffenberger of JLL represented the seller, an affiliate of Chicago-based Pine Tree. …
Cincinnati — Phillips Edison & Co. Inc. (PECO) has filed a registration statement on Form S-11 with the U.S. Securities and Exchange Commission for a proposed public offering in conjunction with the listing of its stock on a national stock exchange. The number of shares to be offered and the price range for the proposed offering have not yet been determined. The Cincinnati-based retail REIT intends to list its stock under the ticker symbol “PECO.” Morgan Stanley & Co. LLC, BofA Securities and J.P. Morgan Securities LLC will be acting …
Strongsville, Ohio — CBRE’s National Retail Partners Midwest Team has brokered the sale of SouthPark Mall in Strongsville, a suburb of Cleveland. The sales price was undisclosed. The 1.4 million-square-foot regional mall is located at 500 Southpark Center. Anchor tenants include Dick’s Sporting Goods, Cinemark, Kohl’s, Macy’s, Dillard’s and JCPenney. CBRE represented the seller, a private equity firm. An East Coast-based private investment firm was the buyer.
Worthington, Ohio — Direct Retail Partners has received the final zoning approval to begin construction on Phase I of the redevelopment of the Shops at Worthington Place in Worthington, a northern suburb of Columbus. The project, known as High North, will transform the shopping mall into a mixed-use development, anchored by a 125,000-square-foot Class A office building. Five floors of office space will sit atop four levels of structured parking. The first floor will be surrounded by a WiFi-enabled public courtyard. Dining and grocery options like Panera Bread, First Watch, …