Saturday, May 9, 2015

Southwestern Ohio Shopping Center Sells for $19.9 Million

Lori Schneider

SPRINGFIELD, OH – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of Springfield Commons, a 207,497-square-foot shopping center located in Springfield, Ohio. 

The property sold for $19,900,000.

Lori Schneider, IPA executive director, advised the seller, a private investor. American Realty Capital Properties Inc. facilitated the acquisition on behalf of Cole Credit Property Trust IV Inc.  

Michael Glass, first vice president and regional manager in Marcus & Millichap’s Cleveland office, is the firm’s broker of record in Ohio.

“It is challenging to find a stabilized center leased entirely to national retailers of this quality,” says Schneider. 

“Our marketing campaign targeted both private and institutional investors seeking a core asset with in-place debt allowing for ease of acquisition and management.”

Michael Glass

Built in 1995 on 26.5 acres, the investment real estate asset is located on Springfield’s main retail corridor at 1501 Bechtle Ave. with frontage on Bechtle Avenue, State Route 68 and State Route 41.

Springfield Commons’ tenants are Lowe’s, Best Buy, PetSmart, Aaron’s, Planet Fitness and Mattress Firm.

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

Gina Relva
Public Relations Manager
Marcus & Millichap Capital Corporation

(925) 953-1716

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