Stan Johnson Company Arranges Acquisition of Florence Shops Near Cincinnati, Ohio for $5.5 Million
Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has announced the sale of Florence Shops, a 50,068-square-foot multi-tenant shopping center in a southern suburb of Cincinnati, Ohio. Located at 7541-7565 Mall Road in Florence, Kentucky, the property was fully leased at the time of sale. Stan Johnson Company’s Patrick Metz represented MAGNA Properties, an Ohio-based individual investor, in the $5.5 million acquisition. The seller was a local developer.
“I was excited to get this to the finish line for my client,” said Metz, Associate in Stan Johnson Company’s Cincinnati, Ohio office. “This asset is in a great area, located in one of the most dominant retail corridors in the Cincinnati MSA. I believe this will be a great fit for the buyer, as they transition from multi-family investments into the multi-tenant retail sector.”
The two-building retail center is situated on 4.1 acres, and the investment features additional development potential on an adjacent pad site. Located within a robust retail corridor, neighboring tenants include Kroger, Old Navy, ULTA, and Barnes & Noble among many others. The center was last renovated in 2015.
“This is the second area acquisition made by the buyer in recent weeks,” added Metz. In February 2021, MAGNA Properties purchased a multi-tenant retail/medical center in northwest Cincinnati for $3.0 million. The property had been marketed by Metz at Stan Johnson Company on behalf of the former owner.
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.