Two Cincinnati-Area Retail Properties Sell; More Expected
- Jul 29, 2013
The recovering Cincinnati economy is attracting investors. Recently, two large multi-tenant assets have sold for a combined $75 million, and Marcus & Millichap Real Estate Investment Services expects the sale of retail assets in the area to gain traction during the course of the year.
Rubenstein Real Estate Co., a private real estate company based in Overland Park, Kan., paid $30 million for the Colerain Towne Centre. New York-based Kimco Realty Corp. was the seller and was represented by Joe Girardi and Ben Wineman of Mid-America Real Estate Corp.’s Investment Sales Group. The buyer was self-represented.
Colerain Towne Centre is a 400,000-square-foot power center located on 37 acres of land in the northeast quadrant of Colerain Avenue and Interstate 275 in Colerain Township. It is anchored by a Walmart Supercenter, Dick’s Sporting Goods, Jo-Ann Fabrics, PetSmart and Hobby Lobby. Kimco acquired the property in 2000 for more than $26.5 million.
The Cincinnati Enquirer reported that American Pacific International Capital, a Portland, Ore.-based private investment company backed by Chinese investors, is the new owner of Tri-County Mall. The property was acquired at a Hamilton County Sheriff’s auction for $45 million. The opening bid was $35 million.
Tri-County Mall is located at the interchange of State Route 747 and Interstate 275 in the northern suburb of Springdale. It opened in 1960. With more than 1.3 million square feet of leasable space, the mall is estimated to be 60 to 70 percent occupied. It is home to more than 150 retailers, including Macy’s, Dillard’s, Sears and BJ’s Restaurant.
The Hamilton County sheriff valued the property at $52.5 million, significantly less than the $179.5 million price tag in 2005. The mall fell on hard times in recent years and went into foreclosure in 2012. American Pacific International Capital President Wilson Chen said after the auction that he will continue to run the property as a mall and that he plans to invest in it and “bring it back to its old glory.”
Photo credit: Google Maps
Charts courtesy of Marcus & Millichap Real Estate Investment Services