Stan Johnson Company Announces $3.0 Million Sale of Retail Shopping Center in Cincinnati, Ohio
Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has announced the sale of a multi-tenant shopping center located at 7074 Harrison Avenue in Cincinnati, Ohio. The 25,600-square-foot unanchored retail center was 94 percent leased at the time of sale to seven tenants, all on triple net leases. Stan Johnson Company’s Patrick Metz represented the private California-based seller. The asset was purchased in a 1031 exchange by MAGNA Properties, an Ohio-based individual investor. The sale, which closed for approximately $3.0 million, reflects a 9.14 percent cap rate.
“Good timing with a client relationship, combined with the high demand for neighborhood centers with a medical component in the current market environment, made for a smooth and successful sale,” said Metz, Associate in Stan Johnson Company’s Cincinnati, Ohio office. “We were pleased to facilitate a positive outcome for both investors.”
The two-story retail center boasts a desirable tenant mix consisting of service-oriented businesses, a restaurant and several medical tenants. The property was constructed in 2006 on 2.3 acres and is just 15 minutes from downtown Cincinnati.
“This asset perfectly illustrates how medical tenants can enhance the desirability of a traditional retail center,” added Metz. “It’s a trend the market has seen in recent years – medical tenants such as urgent care facilities, dentists, veterinarians, and more, occupying vacant retail space and capitalizing on the convenient access, ample parking and foot traffic offered by these properties.”
About Stan Johnson Company:
Stan Johnson Company is one of the nation’s leading commercial real estate brokerage and advisory firms that focuses on investment sales transactions involving retail, office, industrial, healthcare, and specialty properties. The firm provides acquisition, disposition, sale leaseback, capital markets, and advisory services for institutions, developers, investment funds, corporate occupiers, and private investors across the United States. With a historic focus in the single-tenant net lease sector, Stan Johnson Company is now in its fourth decade of operation and has expanded its service platform in order to better serve its valued clients. The firm has completed more than $40 billion in transactions nationwide and continues to be regarded as the Net Lease Authority® as it focuses on continued growth and expansion into other industry sectors and services. To learn more about Stan Johnson Company, please visit: www.stanjohnsonco.com.