Institutional Property Advisors Brokers $46M Shopping Center Sale
The Marcus & Millichap division marketed the property and procured the buyer for the 458,935-square-foot, Ohio power center.
CUYAHOGA FALLS, OH – The Marcus & Millichap division, Institutional Property Advisors has brokered the $46 million sale of a 458,935-square-foot, regional power center in Cuyahoga Falls, OH.
One of the largest shopping center assets in Northeast Ohio, The Plaza at Chapel Hill sold to a partnership comprising Baltimore-based, America’s Realty LLC, New York-based, Borough Equities and Miami-based, Dragonfly Investments. Together, the three private-equity groups have acquired more than $150 million in shopping centers, including this recent acquisition.
The shopping center was 90% occupied by 26 tenants at the time of the sale. 97% of the center’s occupied gross leasable area is leased to national and regional retailers, with 96% of existing tenants signed to triple-net leases.
Anchored by Giant Eagle, Burlington and Dicks Sporting Goods, the property is additionally tenanted by Marc’s, T.J. Maxx, Ross Dress for Less, Shoe Carnival and Citi Trends, as well as notable small-space tenants, including Dollar Tree, America’s Best, Skecher’s, Third Federal, Quest Diagnostics, Ideal Image, Sally Beauty Supply and Great Clips.
“Four of the five largest tenants, Giant Eagle, Burlington, Marc’s, and T.J. Maxx comprise 58% of the occupied gross leasable area and are all original occupants with leases extending back to 1985/1986,” said IPA senior managing director, Scott Wiles. “To see nearly 35 years of longevity from multiple tenants in light of the myriad economic cycles and demographic shifts over the past three decades is a testament to the strength of the property and the submarket.”
IPA exclusively marketed the property, procured the buyer and brokered the sale on behalf of the seller, a New York City-based, private REIT. Led by senior managing directors, Wiles, Erin Patton and Craig Fuller, the IPA sales team additionally consisted of senior director, Joseph French and senior associate, CJ Jackson. SVP and division manager, Michael Glass serves as Marcus & Millichap’s broker of record in Ohio.
Financing for the transaction was provided through First National Bank SVP, Chris Nevin, upon a brief escrow extension due to the COVID-19 crisis.
“The purchase agreement was executed prior to the COVID-19 pandemic, and the buyer was performing due diligence as the broad business shutdowns and operating restrictions took effect across Ohio,” commented French. “We were fortunate to have a well-qualified buyer under agreement who was committed to completing the acquisition from day one and continued to work with us and the seller every step of the way.”
Situated on 48 acres of land along Howe Ave., the property was developed throughout several phases between 1985 and 2013.
