JLL Capital Markets arranges sale of the 543,378-square-foot, Target-anchored open-air retail portfolio located in the Toledo, OH MSA

  

Keely Polczynski

PHILADELPHIA, PA – JLL Capital Markets has closed the sale of the Monroe Street Portfolio, a 543,378-square-foot collection of three, adjacent, open-air shopping centers located in Toledo, Ohio. The price was not disclosed.

 

 Jim Galbally

JLL represented the seller

 and procured the buyer, Triple BAR Group. The deal was managed by J.C. BAR Properties, along with Triple Crown Corporation.

The 94%-occupied portfolio includes Franklin Place, Monroe Street Marketplace and a Fresh Thyme Market-anchored center.

 

The properties feature an excellent credit profile and stable, predictable revenue stream with high-performing credit and anchor tenancy that includes Target, Golf Galaxy, Gabe’s, Bob’s Discount Furniture, Marshalls, HomeGoods, PetSmart, Five Below, Fresh Thyme and more.

 

The portfolio is one of the dominant, center-of-gravity open-air shopping centers in the extended trade radius along the Monroe Street Corridor (+22,000 VPD), ranking as the 3rd most visited property within a 30-mile radius with over 5.0 million visits over the last 12 months.

Michael Nieder

The property has enjoyed excellent leasing momentum since 2020 with over 45,200 square feet of new leases signed and 83,000 square feet of renewals executed.

 

The JLL Retail Capital Markets team that represented the seller was led by Senior Managing Director Jim Galbally, Senior Director Michael Nieder, Managing Director Keely Polczynski and Director Patrick Higgins.

 

“Investor interest for the portfolio was robust during the marketing process despite challenging macroeconomic conditions, underlining the strength of fundamentals and the durability of cash flows in the retail asset class,” said Higgins.

 

Patrick Higgins.

 

“The Monroe Street portfolio enjoys excellent positioning within the market and an excellent national credit and tenant lineup, which makes it a destination for high-performing retailers and consumers alike,” added Nieder.

 

“We continue to see robust investor demand for large format retail centers due to the high yield premium compared to other asset classes, as well as the excellent fundamentals in the retail asset class,” said Galbally.

 

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Contact:

 

Jenna Sharp

JLL, Public Relations, Capital Markets

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com