CINCINNATI—The real estate investment banking firm Savills LLC, in affiliation with Mid-America Real Estate Group, has just been appointed exclusive adviser for the sale of Newport Pavilion, a new 471,000-square-foot, class A shopping center in Newport, KY, on behalf of Anchor Investment Partners, a regional investment partnership.
Newport Pavilion is an open-air center, anchored by major national retailers including a Kroger Marketplace, Target Supercenter, Dick's Sporting Goods, TJ Maxx, Ulta, Petsmart, and Michael's. The center also includes restaurants such as Panera Bread, Chick-Fil-A, Chipotle, Buffalo Wild Wings, and IHOP. The property is currently 95% leased and Savills officials say it will soon be 99% percent leased. Furthermore, all major tenants have new, long-term leases which should give investors a highly predictable cash flow.
The center is located across the Ohio River just one mile from the Cincinnati CBD and has nearly 3,000 feet of frontage along I-471, providing exceptional visibility and access to a traffic count of 125,000 cars per day. There are 250,000 residents with a five-mile radius and 250,000 employees within a 10 minute drive of the property.
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