CINCINNATI—Colliers International Ohio Investment Services has just completed the sale of two major Midwest retail portfolios, which contain a total of ten individual properties and 1,243,227-square-feet, for nearly $112 million.
One portfolio consisted of three Lowe's Home Improvement stores purchased by Cole Capital for $36.7 million. The three properties have a total 382,000-square-feet were located in Zanesville, Ohio, Fremont, Ohio, and Florence, Kentucky.
The other portfolio consisted of three Walmart-anchored retail centers and four Walmart shadow-anchored centers with a total of 860,938-square-feet. This group was bought by Phillips Edison-ARC Shopping Center REIT Inc., for $75.2 million. These were located throughout the Midwest states, including Ohio, Michigan and Indiana.
The Walmart shadow-anchored centers include tenants such as Marshall's, Jo-Ann Fabric and Craft Store, PetSmart, Staples, Dollar Tree, Rent-A-Center, Sherwin Williams, and other national credit retail tenants.
Phillips has been on a very active buying spree. In early December, GlobeSt.com reported that the REIT just surpassed $1 billion in acquisitions, had acquired 14 centers in the fourth quarter alone, and had a portfolio with 72 shopping centers anchored by 27 leading grocers in 21 states.
"Both portfolios were attractive to investors because of their stability, superior condition and location," says Jeff Johnston, senior vice president with Colliers International in Ohio. "It's good to see institutional capital migrating back into the Midwest for high-quality assets such as these."
Johnston, Chris Prosser and Steve Timmel, also senior vice presidents with Colliers in Ohio, represented the seller in each transaction.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
