Cincinnati Shopping Center Sold through Marcus & Millichap
- Feb 24, 2016
Cincinnati—Marcus & Millichap recently arranged the sale of the Ridgewater Plaza shopping center in Cincinnati for a $10.5 million price tag. The property was 98 percent occupied at the time of the deal.
The 175,028-square-foot grocery-anchored retail center located at 5371-5385 Ridge Ave. was sold by New York-based Garrison Investment Group to Frayer Enterprises of Oklahoma. The location places Ridgewater one-half a mile from an exit on Interstate 71, transited by 138,000 vehicles every day.
The property was built in 1973 and 80 percent of the center’s total gross leasable area is currently divided among anchor retailer Remke Markets (64,700 square feet), Lowe’s, Big Lots, Office Depot and Fallas Discount Stores. Other tenants include Sally Beauty Supply, GameShop, Fast Signs and National Cash Advance. Remke Markets has been a tenant at the site since 1988 and Big Lots since 1994.
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