Institutional Property Advisors Closes $76 Million Regional Shopping Center Portfolio Sale in Columbus Ohio
December 18, 2024
COLUMBUS, Ohio, Dec. 18, 2024 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the $76.3 million sale of a 622,000-square-foot open-air regional shopping center portfolio in Central Ohio. The Wal-Mart-anchored properties are 395,074-square-foot Taylor Square in Reynoldsburg and Tuttle Crossing, a 226,718-square-foot center in Dublin.
“With nearly 15% population growth since the 2010 census, Columbus is the fastest-growing major metro in the United States,” said Erin Patton, IPA senior managing director. “These two well-maintained assets received major capital expenditures from previous ownership and are poised for additional value creation in growing suburbs of Columbus.” Patton and IPA’s Scott Wiles and Craig Fuller represented the seller, a partnership between New York-based Island Capital and Casto, a local firm. The buyer was a partnership between DLC Management and Principal Asset Management.
Built between 2000-2003, Taylor Square is the largest and busiest shopping center in its trade area. The Walmart Supercenter-anchored center is located off Interstate 70 exit ramps at Route 256, which see 97,000 and 38,000 vehicles per day, respectively. The shopping center was 99% occupied at the time of the sale and receives 8 million annual customer visits. The tenant roster features JoAnn, Marshalls, Dollar Tree, Famous Footwear, Bath & Body Works, and Smokey Bones.
Tuttle Crossing was built on 19 acres just off Interstate 270 exit ramps at Tuttle Crossing Boulevard, which see 118,000 and 30,000 vehicles per day, respectively. The top tenants by gross leasable area are Best Buy, Morris Home Furniture, Ross, Golf Galaxy, and Cost Plus.
“With nearly 15% population growth since the 2010 census, Columbus is the fastest-growing major metro in the United States,” said Erin Patton, IPA senior managing director. “These two well-maintained assets received major capital expenditures from previous ownership and are poised for additional value creation in growing suburbs of Columbus.” Patton and IPA’s Scott Wiles and Craig Fuller represented the seller, a partnership between New York-based Island Capital and Casto, a local firm. The buyer was a partnership between DLC Management and Principal Asset Management.
Built between 2000-2003, Taylor Square is the largest and busiest shopping center in its trade area. The Walmart Supercenter-anchored center is located off Interstate 70 exit ramps at Route 256, which see 97,000 and 38,000 vehicles per day, respectively. The shopping center was 99% occupied at the time of the sale and receives 8 million annual customer visits. The tenant roster features JoAnn, Marshalls, Dollar Tree, Famous Footwear, Bath & Body Works, and Smokey Bones.
Tuttle Crossing was built on 19 acres just off Interstate 270 exit ramps at Tuttle Crossing Boulevard, which see 118,000 and 30,000 vehicles per day, respectively. The top tenants by gross leasable area are Best Buy, Morris Home Furniture, Ross, Golf Galaxy, and Cost Plus.
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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.