Retail i Ohio

Marcus & Millichap sells 229,000-square-foot shopping plaza in Ohio

river-valley-plaza

Institutional Property Advisors, a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, recently negotiated the sale of River Valley Plaza, a 229,142-square-foot shopping plaza in Lancaster, Ohio.

Institutional Property Advisors, a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, recently negotiated the sale of River Valley Plaza, a 229,142-square-foot shopping plaza in Lancaster, Ohio.

The sales price was $15.8 million.

Erin Patton, Craig Fuller and Scott Wiles, all IPA senior directors, represented the seller, a Columbus-based owner and procured the buyer, a Canadian investment group.

The property is located at 1300 River Valley Blvd. in Lancaster, within an area dense with retail. The River Valley Mall, located next door, is anchored by Sears, J.C. Penney, Dick’s Sporting Goods, Elder-Beerman and Regal Cinemas.

Target has been in place since 1994, and has multiple renewal options with 10 percent rent increases. Hobby Lobby recently extended its lease into 2025 and T. J. Maxx just signed on for an additional five years. Subway has been a tenant since 1990.