Marcus & Millichap Division Sells 182 KSF Retail Center
- Aug 17, 2017
Institutional Property Advisors, a division of Marcus & Millichap, sold North Heights Plaza, an 182,453-square-foot power center in Huber Heights, a suburb of Dayton, Ohio. IPA represented the seller in this transaction, a national real estate investment trust, but also procured the buyer, a private real estate investment fund.
Located at 8280 Old Troy Pike, the asset is less than eight miles north of downtown Dayton and in between Dayton International Airport and Wright-Patterson Air Force Base. The Wright State University and the National Museum of the United States Air Force are also nearby. Built in 1990, North Heights Plaza has two anchor tenants that make up 44 percent of the center’s gross leasable space. Other national retail tenants include Five Below, Great Clips, Sally Beauty Supply, Verizon Wireless or Firehouse Subs.
Senior Directors Craig Fuller, Scott Wiles and Erin Patton worked on behalf of both the seller and the buyer in this deal. Anchored by Big Lots and Dick’s Sporting Goods, the retail center experienced problems following the loss of a major tenant—HHGregg.
“The center was challenged by the loss of one of the anchor tenants, HHGregg, and another anchor, Dick’s Sporting Goods, was on a short-term lease. Nevertheless, we demonstrated the inherent strengths of the asset to the market and sourced a strong buyer,” said Fuller, in prepared remarks.
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