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.