Institutional Property Advisors Arranges Sale of Ohio Shopping Center for $19.9 Million

by Scott Reid

Springfield, Ohio — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $19.9 million sale of Springfield Commons, a 207,497-square-foot shopping center in Springfield.

Lori Schneider of IPA represented the seller, a private investor. American Realty Capital Properties Inc. facilitated the acquisition on behalf of Cole Credit Property Trust IV Inc. Michael Glass of Marcus & Millichap’s Cleveland office is the firm’s broker of record in Ohio. Built in 1995 on 26.5 acres, the asset is located on Springfield’s main retail corridor at 1501 Bechtle Ave. with frontage on Bechtle Avenue, State Route 68 and State Route 41. Tenants at the shopping center include Lowe’s, Best Buy, PetSmart, Aaron’s, Planet Fitness and Mattress Firm.

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