Maysville Retail Property Draws International Bidders
- Feb 02, 2015
Demand for retail assets in the Greater Cincinnati area is on the rise as foreign and domestic investors alike compete for properties. As a case in point, an investor from Vancouver paid nearly $900,000 for the Maysville Shopping Center in Maysville, Ky.
The 25,232-square-foot property is located at 1200 Forest Ave. in the heart of Maysville. It was 92% occupied at the time of the sale to such tenants as IGA and Family Dollar.
CBRE Group Inc., which marketed the center, said that the property generated international interest and multiple bids. Maysville Shopping Center traded for $895,000, or $35.47 per square foot; the deal closed on January 15. Hank Davis, Jim Vondran and Keith Yearout of CBRE’s Cincinnati office represented the seller.
According to Marcus & Millichap Real Estate Investment Services Inc., retail is thriving in metropolitan Cincinnati. Spending has increased in the region, thanks to rising employment, household income and consumer confidence, and many retailers have been encouraged to expand their footprints.
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Photo credit: CBRE