Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a retail bank branch located at 10600 Harrison Avenue in Harrison, Ohio. The 6,400-square-foot property is triple net leased to KeyBank. Patrick Metz of Stan Johnson Company represented the local private seller. A 1031 exchange buyer from Omaha, Nebraska purchased the property for approximately $2.1 million, reflecting a 6.55 percent cap rate.
“This is the second of two KeyBank locations that we sold for the owner in the last few months,” said Metz, Associate in Stan Johnson Company’s Cincinnati, Ohio office. “For both locations, KeyBank has been the tenant since 1980 and had recently renewed their lease ahead of schedule, illustrating their commitment. Both locations continue to be top of the market performers for KeyBank.”
With convenient access to Interstate 74, the property is located at a signalized corner in a dense retail corridor less than 30 minutes northwest of downtown Cincinnati. Area tenants include Kroger, Home Depot, CVS Pharmacy and AutoZone, among many others.
“Compared to the previous sale, the Harrison, Ohio location was a higher price point asset situated on a larger 2.0-acre lot,” Metz added. “In addition to KeyBank’s highlights, we were able to tell a great story of the value of owning a large corner lot with traffic light access in one of southwest Ohio’s fastest growing markets.”