Hines REIT Lands First Retail Property
- Jan 10, 2017
Cincinnati—Hines Global REIT II Inc. has purchased two retail centers in Cincinnati, Rookwood Pavilion and Rookwood Commons. The two buildings operate as a single property, referred to as Rookwood, and have a combined 600,071 square feet of gross leasable space. The acquisition represents Hines Global REIT II’s sixth purchase and is the first retail property in its portfolio. Eastdil Secured represented the seller in the transaction.
Located next to each other on 2699 Edmondson Road and 3805 Edwards Road, the two assets are a few minutes from the I-71. Known as a lifestyle center, Rookwood serves a populated urban trade area from its location approximately 5 miles northeast of the metro’s central business district. The shopping center is in close proximity to the Cincinnati neighborhoods of Hyde Park, Oakley, Columbia-Tusculum and Mount Lookout.
The luxurious mall features more than 70 stores and restaurants. Rookwood is 97 percent leased to leading retailers, including Whole Foods, REI, Nordstrom Rack, T.J. Maxx, Joseph-Beth Booksellers, P.F. Chang’s and J. Alexander’s.
“We were attracted to Rookwood because it contains an outstanding collection of retailers in an affluent, urban trade area with high barriers to entry. The center serves shoppers from all over Cincinnati and Northern Kentucky, including over 50,000 students at neighboring University of Cincinnati and Xavier University,” said Sherri Schugart, president & CEO of Hines Global REIT II, in a prepared statement.
Images courtesy of Rookwood