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| Claudia Steeb |
PHILADELPHIA, PA – JLL announced it has closed the sale of a 209,621-square-foot, single-tenant retail building net leased to a retail corporation and fronting the Fort Steuben Mall in Steubenville, Ohio.
JLL marketed the property on behalf of the seller. Bluejay Management purchased the asset.
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| Marc Mandel |
The property is situated on 16.21 acres at 100 Mall Drive in Steubenville, which is located on the Ohio-Pennsylvania border approximately 40 miles from the Pittsburgh CBD.
The property is just off Route 43 (Sunset Boulevard), a main thoroughfare in the region with traffic counts of 24,150 vehicles a day.
More than 41,000 residents earning an average annual household income of $61,536 live within a five-mile radius of the property.
The building is adjacent to the Fort Steuben Mall, which is home to AMC Theatres, JCPenney, Pet Supplies Plus, Dick’s Sporting Goods, Bath and Body Works. Aaron’s, Payless and Gamestop.
The JLL Retail Capital Markets team that represented the seller was led by Managing Director Marc Mandel and Director Steve Schrenk along with Managing Director Claudia Steeb.
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| Steve Schrenk |
“The Steubenville store is high performing and features rare increases in each of the option periods,” Mandel said.
“Overall, there continues to be strong demand for discount department stores in the net-lease market; however, there have not been many single-tenant trades with this tenant historically due to the fact they own the majority of their real estate.”
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Phone: +1 713 852-3420
