Bucksbaum, Steiner Get $165M in Financing for Cincinnati Suburb Retail Center
- Nov 12, 2014
A joint venture between Bucksbaum Retail Properties, L.L.C. and Steiner + Associates, along with financial partner Mount Kellett Capital Management L.P., received $165 million in construction financing for Liberty Center, a 626,791-square-foot retail town center development in Liberty Township, a northern Cincinnati suburb.
HFF secured the loan through a single capital source.
The retail portion of the center is part of a larger mixed-use development that will include 75,000 square feet of office space, 241 multi-housing units and a 130-room AC Marriott Hotel. Dillard’s will also build a 200,000-square-foot department store to anchor the town center. Other tenants on board include Dick’s Sporting Goods, Cobb’s CineBistro, Kona Grill, Cheesecake Factory and Brio Tuscan Grill.
“The development is a true live-work-play experience, with strong anchors in Dillard’s, Dick’s and Cobb’s,” Michael Gigliotti, HFF’s managing director, told Commercial Property Executive. “The development is designed to be more than retail, a place to spend a significant amount of time. The hotel, apartment, and office portions round out the mixed-use components.”
Additionally, there will be parks, open spaces, concert/performance areas, and outdoor dining at both street level and rooftop level.
“A retail development was actually a welcomed change of pace for many construction lenders that are inundated with apartment construction requests,” Gigliotti said. “The lending community also gravitated to the property’s strong pre-leasing performance and surrounding resident demographics.”
Located at 7454 Liberty Way, Liberty Center is situated on 65 acres, and fronts both Interstate 75 and State Route 129, one of the most heavily trafficked crossroads in the area with an average of 175,000 vehicles per day.
“For more than a decade, Cincinnati’s path of growth has been towards the north along the I-75 corridor, while Dayton is growing towards the south,” Gigliotti added. “This combination of MSAs plays right into Liberty Center’s location.”
According to the managing director, Cincinnati as a market is actually quite underserved by high-quality retail centers compared to cities of similar size and demographics.
“Many of the retailers that signed on for the project expressed a need for another store in the market, but had limited choices for high-quality centers for which to locate their additional store,” he said. “Liberty Center has provided that option.”
The HFF team was led by Gigliotti and director Daniel Kaufman.
This isn’t the only news out of Ohio, as NorthPoint Development recently announced it will transform a 173.5-acre site adjacent to the General Motors Lordstown Assembly Plant into a 1.5 million-square-foot industrial park.