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| Erin Patton |
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| Dean Zang |
WESTERVILLE, OH – Marcus & Millichap (NYSE: MMI), a
leading commercial real estate investment services firm with offices throughout
the United States and Canada, announced the sale of a 99,380-square foot Kohl’s
department store in Westerville, Ohio.
The commercial real estate asset
sold for $10,750,000, which equates to $108 per square foot.
“The out-of-state 1031-exchange buyer was attracted to the
asset because Kohl’s continues to reinvest in this location and reports strong
store sales,” says Dean Zang, first vice president investments in Marcus
& Millichap’s Washington D.C. office.
Zang, along with Mark Taylor, first vice president
investments in Philadelphia, represented the buyer, SPMC Urban Properties.
“The asset commanded multiple offers from many qualified
buyers due to the strength of the location and the Kohl’s corporate-guaranteed
lease,” adds Craig Fuller, vice president for the Marcus &
Millichap’s Cleveland office.
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| Mark Taylor |
Together with Fuller, Scott Wiles, vice presidents
investments in Cleveland, and Erin Patton, vice president investments in
Columbus, represented the seller, Garrison Central II LLC.
The triple-net-leased commercial real estate asset is
located directly off Interstate 270 in a shopping plaza with an Office Max and
a Marc’s discount drugstore and grocery store.
Other nearby retailers include Walmart, Kroger and Tuesday
Morning. There are 95,069 residents within a three-mile radius of the property
and 227,083 within five miles.
For a complete copy
of the company’s news release, please contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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