$55.7 Million Shopping Center Sale Brokered by IPA
AURORA, Ohio, Feb. 6, 2018 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) announces the sale of Marketplace at Four Corners, a 525,708-square-foot shopping center in Aurora, Ohio. The sales price is $55,675,000.
“At the time of the sale, the center was 99 percent occupied,” says Scott Wiles, senior director. “Highlighted by prominent anchors such as Walmart, Kohl’s, Dick’s Sporting Goods, and HomeGoods, 96 percent of the in-place tenancy was leased to national retailers.”
Wiles, Erin Patton and Craig Fuller, senior directors, represented the Florida-based seller and, with assistance from Dean Zang of the IPA Mid-Atlantic retail team, sourced the buyer, a New York-based 1031 exchange investor. A market leader in Midwest shopping center sales, the Patton | Wiles | Fuller IPA team has closed $1.1 billion worth of sales since 2014.
Marketplace at Four Corners, located at 7155-7175 Aurora Road in Aurora, is situated approximately 25 miles southeast of Cleveland in an established retail trade area that serves some of Cleveland’s most affluent suburbs. “Walmart is on an existing ground-lease,” adds Wiles, “and the next two largest tenants both renewed their leases within the past 12 months.”