Small Town Retail Attracts Investors

COLUMBUS, IN—Retail Properties of America Inc. just decided to sell its 175,934-square-foot Clifty Crossing Shopping Center in Columbus, IN to American Realty Capital Properties Inc. This transaction was completed after a marketing effort that caught the interest of many potential buyers, perhaps a sign that with all the capital searching for deals, investors are now willing to look beyond core and even secondary markets and check out product in the nation’s smaller towns.

“We conducted a national sales effort, and the well-leased power center attracted many competitive offers from investors throughout the country, not just from the Midwest,” Janice Sellis, capital markets director at Transwestern, tells GlobeSt.com. Sellis and Transwestern’s Paul Barile, capital markets director, represented Retail Properties of America in the transaction.