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| Amy Sands |
CHICAGO, IL – JLL Capital
Markets announced today that it has closed the $17.7 million sale of Derby
Square, a 125,250-square-foot neighborhood shopping center anchored by Giant
Eagle in the Columbus-area suburb of Grove City, Ohio
JLL advised the seller, a joint venture between
Madison International Realty and SITE Centers Corp. A private buyer based in
the Midwest acquired the asset.
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| Derby Square shopping center, Grove City, OH |
Housing the only Giant Eagle location within a
seven-mile radius, Derby Square is 99 percent leased and home to a diverse
roster of national and local tenants, including Once Upon a Child, Plato’s
Closet, Novacare Rehabilitation, Salon Lofts, City Barbeque, Batteries + Bulbs,
H&R Block and Allstate Insurance.
Starbucks and Huntington National Bank
occupy two non-owned outparcel pads and help drive traffic to the center.
 |
| Clinton Mitchell |
Derby Square is situated on 12.015 acres at
2161-2263 Stringtown Rd., in Grove City, a suburb 11 miles southwest of
downtown Columbus. The property’s location along Springtown Road exposes it to
more than 35,000 vehicles per day and is close to Interstate 71, one of Columbus’
primary travel corridors.
The area, which is one of the fastest-growing
Midwestern markets, contains nearly 53,000 residents earning an average annual
household income of $86,552 within a three-mile radius of the property.
The JLL Retail Capital Markets team representing
the seller was led by Managing Directors Amy Sands and Clinton Mitchell and
Director Michael Nieder, along with Managing Director Bill Poffenberger.
 |
| Michael Nieder |
“We received incredible market interest, as
investors continue to be drawn to stable, neighborhood grocery-anchored retail
centers with strong historical performance,” Mitchell said. “Furthermore, the
Columbus market has been one of the most dynamic markets in the Midwest over
the past several years, which attracted several new-to-market investors from
other regions of the country.”
JLL Capital Markets is a full-service global
provider of capital solutions for real estate investors and occupiers.
The
firm's in-depth local market and global investor knowledge delivers the
best-in-class solutions for clients — whether investment sales and advisory,
debt advisory, equity advisory or a recapitalization.
 |
| Bill Poffenberger |
The firm has more than
3,000 Capital Markets specialists worldwide with offices in nearly 50
countries.
For more news, videos and research resources on
JLL, please visit our newsroom.
About Madison International Realty
Madison International Realty (madisonint.com) is
a leading liquidity provider to real estate investors worldwide.
Madison
provides equity capital for real estate owners and investors seeking to
monetize embedded equity, to replace capital partners seeking an exit and to
recapitalize balance sheets.
About SITE Centers
SITE Centers is an owner and manager of open-air shopping
centers located in suburban, high household income communities.
The company is
a self-administered and self-managed REIT operating as a fully integrated real
estate company and is publicly traded on the New York Stock Exchange under the
ticker symbol SITC.
CONTACT:
Kimberly
Steele
JLL
Manager
Public Relations
Phone: +1 713 852 3420
Email: Kimberly.Steele@am.jll.com
jll.com.
sitecenters.com.
