Hamilton, Ohio — Marcus & Millichap’s The Klink Group has brokered the $2.5 million sale of a Raising Cane’s ground lease in Hamilton, about 20 miles north of Cincinnati. The newly constructed property is located at 1479 Main St. Jordan Klink of Marcus & Millichap’s The Klink Group marketed the property on behalf of the seller, Cincinnati-based West Hamilton Investments LLC. Peak 1031 Exchange Inc., a qualified intermediary for a private investor based in California, was the buyer. Bria Yik, a real estate agent affiliated with California-based Real Estates Unlimited, …
University Heights, Ohio — Cushman & Wakefield has arranged the $38.3 million sale of Cedar Center South in University Heights, about nine miles east of Cleveland. Anchored by Whole Foods Market, the 138,881-square-foot shopping center is located on Cedar Road. It is 91 percent leased to tenants such as CVS/pharmacy, Dollar Tree and Goodwill. Evan Halkias, Michael Marks, Hank Davis and Lane Breedlove of Cushman & Wakefield represented the undisclosed seller. Mike Ryan, Brian Linnihan, Richard Henry and Taylor Crowder of Cushman & Wakefield arranged a $25.7 million acquisition loan …
Cleveland — DealPoint Merrill has completed its purchase of the former Richmond Town Square regional mall in Cleveland. Built in 1966, the mall was home to over 90 stores until its closure in 2021. DealPoint plans to redevelop the site into Belle Oaks Marketplace, a $200 million mixed-use development. The 1.6 million-square-foot project is set to include 40,000 square feet of restaurants; an outdoor community entertainment venue; 791 Class-A apartment units; 315,000 square feet of grocery and retail stores; and an 80,000-square-foot renovated Regal Cinema theater complex. Construction is expected …
Cincinnati — An affiliate of Next Realty LLC has acquired the Kings Automall Shopping Center, a 67,000-square-foot retail center in Cincinnati. The property is home to tenants such as Planet Fitness, Mirage Restaurant, Play it Again Sports, Salon Concepts, Penn Station, LensCrafters, Samarkand Food Market, Kings Ford, Queens Nails and Your CBD Store. There is currently one 1,400-square-foot vacancy. The acquisition marks Next’s first purchase in Cincinnati. The seller and sales price were not disclosed.
Fairview Park, Ohio — JLL Capital Markets has brokered the sale of Westgate Shopping Center, a 474,000-square-foot power center located in the Cleveland suburb of Fairview Park. The center is home to tenants including Target, Marshalls, EarthFare, Petco, Five Below, Kohl’s, Ulta Beauty, Lowe’s, Chick-fil-A, Longhorn Steakhouse, Buffalo Wild Wings, Starbucks Coffee and Five Guys. Clinton Mitchell, Amy Sands, Kirstey Lein and Bill Poffenberger of JLL represented the seller, IRC Retail Centers/DRA Advisors, in the disposition of the property to R.H. Johnson Co.
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 …