Suburban Dayton Power Center Sold by IPA
HUBER HEIGHTS, Ohio, Aug. 16, 2017 – Institutional Property Advisors (IPA), a division of Marcus & Millichap, announces the sale of North Heights Plaza, a 182,453-square-foot power center located in Huber Heights, Ohio.
“We were able to execute on a very difficult sale for our client,” says Craig Fuller, senior director. “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. ”
Fuller, Scott Wiles, senior director, and Erin Patton, senior director, represented the seller, a national real estate investment trust and procured the buyer, a private real estate investment fund.
The property is located at 8280 Old Troy Pike in Huber Heights, 7.5 miles north of downtown Dayton and directly in between Dayton International Airport and Wright-Patterson Air Force Base. Wright State University and the National Museum of the United States Air Force are nearby.
Built in 1990, North Heights Plaza is anchored by Dick’s Sporting Goods and Big Lots, which combine to make up 44 percent of the center’s gross leasable area. Other national retail tenants include Five Below, Great Clips, Sally Beauty Supply, Verizon Wireless, and Firehouse Subs.