First National Realty Expands Ohio Retail Footprint
- Nov 25, 2020
First National Realty Partners has acquired West Market Street Station, a 54,232-square-foot, Whole Foods Market-anchored shopping center in Akron, Ohio. S.J. Collins Enterprises, the initial developer, sold the property after five years of ownership. According to public records, the 2015 land sale included a $11.9 million construction loan from State Bank & Trust Co.
The property is located at 1745 W. Market St. in Wallhaven neighborhood, along the U.S. Route 18 retail corridor. Cleveland is 30 miles north of the asset, while Interstate 77 is less than 5 miles away.
West Market Street Station opened in the fall of 2017. The current tenant roster includes Salon Lofts and Orange Theory Fitness. There are 71,000 residents with an average income of roughly $70,000 living within a 3-mile radius of the site.
Earlier this year, another Whole Foods-anchored asset changed hands in suburban Chicago. The 50,000-square-foot, single-tenant building traded in a 1031 exchange for roughly $25 million.