Thursday, April 11, 2013

Retail Center Trades Hands in Cincinnati, OH Metro Area


  
Village at the Mall, Florence, KY


 FLORENCE, Ky., April 10, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Village at the Mall, a 92,764-square foot shopping center in the Cincinnati/Northern Kentucky metropolitan area. The terms of the sale were not disclosed.

Joel Dumes
            Joel Dumes, a vice president investments, and Charles Bulger, an associate, both in the Cincinnati office of Marcus & Millichap, represented the seller, a private investment group. The buyer is a private investor.

            “Well performing multi-tenant retail properties in the Cincinnati area are being targeted by investors as household formation and income growth drive retail sales,” says Dumes. “Northern Kentucky has been outperforming other areas of the metro as tight vacancy gives owners the leverage to raise rents.”

Charles Bulger
            The property is located at 7606 Mall Road in Florence, Ky. at the corner of Kentucky Route 18 and Mall Road, just off interstates 71 and 75 and across from the 856,000-square foot Florence Mall. Village at the Mall has two access points, one of which is a signalized intersection that also serves Florence Mall.

Developed in 1991, Village at the Mall is 100 percent occupied. Major tenants include Five Guys Burgers and Fries, a brand new Aspen Dental, a new freestanding Vitamin Shoppe, a ground-leased Chipotle, Party City, The Tile Shop, Pier 1 Imports, Dollar Tree, Casual Male and HoneyBaked Ham.

The property includes three pad sites totaling more than 10,000 square feet.

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

Ben Johnson,
Marketing Director
(925) 953-1736

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