IPA Brokers Sale of 526 KSF Ohio Shopping Center
- Feb 07, 2018
Institutional Property Advisors has facilitated the sale of Marketplace at Four Corners, a 525,708-square-foot shopping center in Aurora, Ohio, for $55.7 million. A New York-based 1031 exchange investor purchased the retail asset from the Florida-based seller. Anchored by Walmart, Kohl’s, Dick’s Sporting Goods and HomeGoods, the shopping center was almost fully occupied at the time of the deal.
Located at 7155-7175 Aurora Road, Marketplace at Four Corners is approximately 25 miles southeast of Cleveland in an established retail trade area that serves the metro’s suburbs. The property is easily accessible from interstates 271 and 480. Opened 16 years ago, Marketplace at Four Corners includes major tenants such as Marshalls, Big Lots, Michaels and PetSmart, but also small shop tenants: Five Below, Famous Footwear, AT&T, Subway, Best Cuts and GNC. Walmart is on an existing ground-lease and the next two largest tenants both renewed their leases the past year.
Senior Directors Scott Wiles, Erin Patton and Craig Fuller, together with Dean Zang of the IPA Mid-Atlantic retail team, worked on behalf of both the buyer and the seller in this deal. Last year, the same IPA team brokered the sale of North Heights Plaza, an 182,453-square-foot shopping center in Dayton, Ohio.
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