A Cincinnati shopping mall has sold more than $15 million.
Western Hills Marketplace, a 127,645-square foot, 100-percent-occupied shopping center, sold for $15,250,000, according to Institutional Property Advisors (IPA), a division of Columbus-based Marcus & Millichap.
“Western Hills Marketplace is anchored by Dick’s Sporting Goods, Best Buy, and new tenant Aldi, who recently signed a 10-year lease adding a long-term grocery component to the center,” Erin Patton, IPA executive director, said in a release. “The property has an all-national tenant base with significant tenure as six of the eight tenants have been in-place since 2002 or longer.”
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Patton and IPA executive directors Scott Wiles and Craig Fuller represented the seller, a private Ohio-based developer.
The buyer, a New York-based private real estate operating company, was also sourced by Patton, Wiles, and Fuller.
“Despite retail headwinds, especially with retailers in the power center category that this shopping center falls in, we had a very strong response to marketing efforts with over 180 registered buyers and multiple offers throughout a diligent marketing campaign,” Patton also said.
The center is off Glenway Avenue, in the western Cincinnati suburbs.
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The property is home to the only locations for Dick’s Sporting Goods, Best Buy, Aldi, Party City, and Panera Bread west of downtown Cincinnati and south of Interstate 74. Rounding out the tenant roster are small-shop tenants Mattress Firm, Chipotle Mexican Grill, and SportClips.
So far this year, Patton, Wiles, and Fuller have either sold, or put under agreement, $350 million of retail investment property in the Midwest or beyond.