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.”