Two Kenwood Retail Centers Fetch $32M
- Oct 03, 2014
Two fully occupied retail centers located across the street from one another in Kenwood are under new ownership. A joint venture of Cincinnati-based Jeffrey R. Anderson Real Estate Inc. and Kentucky-based P&P RE L.L.C. sold Kenwood Pavilion and Kenwood City Place to Colorado-based GDA Real Estate Services L.L.C. for $32 million.
Kenwood City Place, the newer of the two properties, opened last November and is anchored by an 11,000 square foot Cooper’s Hawk Winery & Restaurant. The center includes a second building with 17,000 square feet of additional retail space.
Kenwood Pavilion opened in November 1998. The 58,000-square-foot property is home to such tenants as Urban Active, Panera Bread and Sia Spa.
Donald MacLellan, Richard Chichester, Chris DePierro, and Tom Chichester, of Faris Lee Investments, represented both the seller and the buyer.
“Our strategic outreach on this property, combined with a solid market location, created a bidding war resulting in multiple offers for the properties separately and as a portfolio. Ultimately, we procured a national investor in a 1031 exchange that had an interest in a long-term investment in the trade area,” Richard Chichester, Faris Lee’s president & CEO, said in a statement.
“Faris Lee marketed the two properties separately, but we stressed the benefits of the synergy and cross services the various retailers provided to the local community.” added Donald MacLellan, senior managing partner with Faris Lee Investments. “As part of our marketing outreach strategy we focused on the property’s location within one of Ohio’s top retail markets, as well as the prevalence of institutional commercial real estate ownership in the Kenwood submarket, which includes major owners such as Duke Realty, General Growth Properties, Phillips Edison and Blackstone.”
Photo credits: www.farislee.com