Steubenville, Ohio — Sekulovski Group has arranged the $14 million sale of Rural King Plaza, a 215,360-square-foot shopping center located in Steubenville, roughly 40 miles west of Pittsburgh. A Brooklyn-based private investor acquired the property from PICOA Inc. of Los Angeles. Tony Sekulovski of Sekulovski Group brokered the transaction. Anchor Rural King occupies 104,230 square feet at the center, which was 97 percent leased at the time of sale. Other tenants at the property include Ollie’s and Planet Fitness, which occupy 43,600 and 20,365 square feet respectively. A 17,000-square-foot Dollar …
Lancaster, Ohio — Marcus & Millichap has arranged the $10.6 million sale of Plaza Shopping Center in Lancaster, about 33 miles southeast of Columbus. The 210,522-square-foot property was 87 percent leased at the time of sale to tenants including Ollie’s Bargain Outlet, Planet Fitness, AutoZone, Family Dollar, UPS Store, Rent-A-Center and Buffalo Wild Wings. Scott Wiles, CJ Jackson, Erin Patton and Craig Fuller of Marcus & Millichap represented the seller, an Ohio-based REIT. The team also procured the buyer, Americas Realty LLC.
Cleveland — A partnership between Detroit-based developer Bedrock and the City of Cleveland has unveiled plans for the Cuyahoga Riverfront, an initiative that will feature 3.5 million square feet of new development and adaptive reuse projects across 35 acres of publicly and privately owned waterfront land. According to multiple news outlets including The Plain Dealer and Spectrum News, the project is valued at $3.5 billion. Preliminary plans for the site call for the addition of approximately 2,000 residential units, 850,000 square feet of office space and 12 acres of open …
Longwood, Fla. — Timber Development Corp. has completed the sale of three retail centers for a total of $11.2 million. The properties are located in Nebraska, Ohio and Minnesota. Eric Abbott and Zach Taylor of Marcus and Millichap represented Timber in the $4.6 million sale of the Norfolk, Nebraska, shopping center, which comprises 36,500 square feet and is shadow-anchored by Walmart. Bentley Coe Plaza — a 36,600-square-foot center located in Olmsted, Ohio — was purchased for $4.4 million. Kyle Hartung of Goodman Realty brokered the transaction. AJ Prins of CBRE …
Columbus, Ohio — Bath & Body Works Inc. has appointed Gina Boswell, an industry veteran with more than 30 years of experience, to the role of chief executive officer and member of the Board. Boswell previously served in leadership positions with companies including Unilever, Alberto Culver Co. and The Estee Lauder Cos. and as a board member of the Retail Industry Leaders Association (RILA). Bath & Body’s board of directors voted unanimously in favor of appointing Boswell.
Toledo, Ohio — Gym concept F45 Training has signed a lease to open a 2,100-square-foot location at Talmadge Town Center South in Toledo. Tolson Enterprises owns the shopping center, which is situated near Franklin Park Mall. Michael Murphy, Tjader Gerdom and Haley Kelly of Gerdom Realty & Investment represented F45 Training.
Cincinnati and Boise, Idaho — Kroger Co. (NYSE: KR) and Albertsons Cos. Inc. (NYSE: ACI) have agreed to a merger in which Kroger will acquire all outstanding shares of Albertsons’ common and preferred stock for an estimated total consideration of $34.10 per share, or a total enterprise value of approximately $24.6 billion. The deal includes the assumption of $4.7 billion of Albertsons’ net debt. Both company’s boards of directors unanimously approved the agreement. The purchase price represents an approximately 32.8 percent premium to the closing price of ACI stock on …
Canton, Ohio — Marcus & Millichap Capital Corp. (MMCC) has arranged a $1.9 million loan for the refinancing of a 13,225-square-foot retail property occupied by CVS/pharmacy in Canton. The standalone building is located at 2210 W. Tuscarawas St. Christopher Marks of MMCC arranged the 10-year loan, which features a 4.5 percent interest rate, 30-year amortization schedule and 35 percent loan-to-value ratio.
Columbus, Ohio — CASTO has announced the beginning of construction on its redevelopment of Thurber Village, located in Columbus. Following three years of planning, CASTO will undertake renovations to deliver the mixed-use project. The development will be anchored by a 21,000-square-foot Lucky’s Market and will also include a 13,000-square-foot CVS/pharmacy, 225 apartment homes and structured parking.
Gahanna, Ohio — PEBB Enterprises has sold Hunter’s Ridge Shopping Center, an 84,724-square-foot retail center located in Gahanna, roughly nine miles northeast of Columbus. WB Ventures LLC purchased the property for $10 million. Evan Halkias and Hank Davis of Cushman & Wakefield represented the seller in the transaction. Shadow-anchored by Kroger Marketplace, the center was 93 percent leased at the time of sale. Tenants include Planet Fitness and Goodwill, which together occupy 42 percent of the center’s leasable space. Taco Bell and McDonald’s outparcels are also located at the property …