Kroger-Anchored Shopping Center Sale in Ohio Closed by Institutional Property Advisors
“Kroger has been an integral part of Consumer Square West since 1989 and recently exercised a five-year option and added a fuel station,” said Scott Wiles, IPA senior managing director. “Their long-term tenancy is a consistent theme within the center, which features a rent roll of 20-plus years of average lease tenure and tenant mix where 62% of its gross leasable area is leased to longstanding anchor tenants.” Wiles and IPA’s Erin Patton and Craig Fuller represented the seller, a New Jersey-based private investor, and procured the buyer, First National Realty Partners (FNRP).
Consumer Square West is located five miles from Downtown Columbus, seven miles from Ohio State University, and adjacent to Hollywood Casino, Columbus’s only full-service casino. Its highway-proximate location provides easy access to the roughly 84,000 cars per day passing on Interstate 270, and its infill population base of over 8,000 people within a mile, and more than 260,000 within five miles, creates a supportive environment for long-term tenant success.
“Complementing Kroger, co-anchors Bargain Hunt, Planet Fitness, and Chuck E. Cheese make Consumer Square West a true community meeting place,” added Patton. The capitalization of the acquisition involved the buyer’s assumption of an existing 2016-procured Rialto CMBS loan, and the buyer maintains post-closing upside via approximately 15,000 square feet of vacant space along with the opportunity to replace below-market rental rates.
IPA’s Patton, Wiles, and Fuller team are leading experts in Midwest retail asset sales with trailing 12-month property closings totaling $588 million, encompassing 4.4 million square feet.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.