CLEVELAND—Everyone knows e-commerce has undermined many retailers, forcing store closures and bankruptcies, but each region still has a number of well-occupied retail properties that attract investors.
Institutional Property Advisors, a division of Marcus & Millichap, just helped complete the sale of Marketplace at Four Corners, a 525,708-square-foot shopping center in Aurora, OH, a suburb about 25 miles southeast of Cleveland. The sales price was $55,675,000.
“At the time of the sale, the center was 99% occupied,” says Scott Wiles, senior director. “Highlighted by prominent anchors such as Walmart, Kohl's, Dick's Sporting Goods, and HomeGoods, 96% of the in-place tenancy was leased to national retailers.”
As reported in GlobeSt.com, there have recently been other significant retail investments in the area. Last week officials from Rainier Realty Investments LP said their firm made a majority investment in a 482,534-square foot class A retail power center in North Canton, OH, known as Belden Park Crossings. The firm co-invested with institutional investor and local operator Stark Enterprises in the $67 million center.
Wiles, Erin Patton and Craig Fuller, senior directors, represented the FL-based seller and, with assistance from Dean Zang of the IPA Mid-Atlantic retail team, sourced the buyer, a New York-based 1031 exchange investor. The Patton | Wiles | Fuller IPA team has closed $1.1 billion worth of sales since 2014.
Marketplace at Four Corners, located at 7155-7175 Aurora Rd., is situated in an established retail trade area that serves some of Cleveland's most affluent suburbs. “Walmart is on an existing ground-lease,” adds Wiles, “and the next two largest tenants both renewed their leases within the past 12 months.”
Opened in 2002, Marketplace at Four Corners' other major tenants are Marshalls, Big Lots, Michaels, and PetSmart. The roster of national small shop tenants includes Five Below, Famous Footwear, AT&T, Subway, Best Cuts, and GNC.
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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.
