Saturday, December 8, 2012

$10 Million Shopping Community Hits the Market in Marietta, OH

Lafayette Center, Marietta, OH
 MARIETTA, OH – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has received the exclusive listing for Lafayette Center, a multi-tenant shopping community in Marietta, Ohio, 125 miles northwest of Columbus. The 109,856-square foot property is listed at $10.1 million, or $92 per square foot.

Steven Siegel
Steven Siegel, a first vice president investments in Marcus & Millichap’s Manhattan office, is spearheading the marketing efforts for the seller.

 Michael Kook, an associate in the same office, and Ashish Vakhariya, a senior associate in the firm’s Detroit office, are also providing representation.

Michael Kook
Michael Glass, vice president and regional manager of Marcus & Millichap’s Cleveland and Columbus offices, is the firm’s broker of record in the state of Ohio.

“Conveniently situated on a prime retail corridor just off Interstate 77, also known as Vietnam Veterans Memorial Highway, this asset is anchored by five national tenants and shares its location with four national big box stores,” Siegel says. 

“Additionally, its 9,371 vacant square feet provide an exceptional upside. An investor with a strong knowledge of the retail market stands to do very well with this property,” Siegel concludes.

 Ashish Vakhariya
Located on Pike Street, a heavily trafficked thoroughfare that sees 27,300 cars per day, Lafayette Center is currently 91.5 percent occupied by a number of national and regional tenants including Peebles (18,515 square feet), Jo-Ann Fabrics (9,000 square feet), Family Dollar (8,450 square feet) and Hibbett Sporting Goods (6,000 square feet).

Michael Glass
The asset is surrounded by national retailers McDonald’s, Arby’s, Applebee’s, Burger King and Chase Bank. It is just across Pike Street from Big Lots, Bridgeport Equipment and Kroger Square, a 43,500-square foot neighborhood center anchored by Kroger.

 A few steps away are Kmart and the River’s Edge center, anchored by Walmart Supercenter, Anytime Fitness and Sally Beauty Supply. Lowe’s Home Improvement, also in the immediate area, rounds out the list.

For a complete copy of the company's news release, please contact:

Public Relations
(925) 953-1716

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