Retail i Ohio

IPA sells 525,000-square-foot retail center in Ohio

IPA sells 525,000-square-foot retail center in Ohio,ph01

Institutional Property Advisors, a division of Marcus & Millichap, closed the sale of Marketplace at Four Corners, a 525,708-square-foot shopping center in Aurora, Ohio.

The sales price was more than $55.6 million. At the time of the sale, the center was 99-percent occupied.

The center is anchored by Walmart, Kohl’s, Dick’s Sporting Goods and HomeGoods.

Scott Wiles, Erin Patton and Craig Fuller, senior directors with IPA, represented the Florida-based seller and, with assistance from Dean Zang of the IPA Mid-Atlantic retail team, sourced the buyer, a New York-based 1031 exchange investor.

Marketplace at Four Corners, located at 7155-7175 Aurora Road in Aurora, is situated about 25 miles southeast of Cleveland in an established retail trade area that serves some of Cleveland’s most affluent suburbs.

Marketplace at Four Corners’ other major tenants are Marshalls, Big Lots, Michaels and PetSmart. The roster of national small shop tenants includes Five Below, Famous Footwear, AT&T, Subway, Best Cuts and GNC.