Thursday, June 16, 2011

$71 Million Shopping Center Portfolio Up for Grabs in Five States

CLEVELAND, OH, June 16, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has received the exclusive listing for a 10-property shopping center portfolio.

The listing price of $71.86 million represents $71 per square foot. The properties, which encompass approximately one million square feet, are located in Indiana, Illinois, Missouri, Ohio and Texas.

 The retail assets may be purchased together or separately.

James Stonehill and Scott Wiles in Marcus & Millichap’s Cleveland office, along with Erin Patton in the Columbus office, are representing the seller.

“These properties are either adjacent to strong regional shopping malls in their respective markets or are shadowed by big-box retailers such as Walmart Supercenter, Home Depot and Sam’s Club,” says Stonehill. “Nine out of the 10 centers are anchored by national or regional retailers.”

“Individually or as a group, these assets offer new ownership stable cash flow,” adds Wiles. “They are 86 percent leased with limited tenant lease rollover.”

The properties in the portfolio are:
  • Great Lakes Plaza, Mentor, Ohio, 81,399 square feet
  • Ingram Plaza, San Antonio, Texas, 52,231 square feet
  • Lake Plaza, Waukegan, Ill., 124,939 square feet
  • North Ridge Plaza, Joliet, Ill., 225,597 square feet
  • Matteson Plaza, Matteson, Ill.,179,492 square feet
  • Washington Plaza, Indianapolis, Ind., 50,303 square feet New Castle Plaza, New Castle, Ind., 91,648 square feet
  • Teal Plaza, Lafayette, Ind., 101,087 square feet
  • Lincoln Crossing, O’Fallon, Mo., 37,801 square feet
  •  Regency Plaza, St. Charles, Mo., 76,846 square feet
 “Marcus & Millichap creates markets for retail properties through our relationships with the broadest pool of private and institutional investors nationwide,” concludes Patton. “By combining unrivaled transaction expertise, in-depth market knowledge and the industry’s most powerful marketing platform, we maximize value for investors.”    
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

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