Retail Midwest

JLL sells portfolio of nine retail centers in Midwest

JLL sells portfolio of nine retail centers in Midwest,ph01

JLL has closed the sale of a portfolio made up of severael retail centers totaling more than 750,000 square feet in Indiana, Michigan and Ohio.

JLL represented the seller, ShopOne Centers REIT, an owner, operator and manager of grocery-anchored shopping centers. Albanese Cormier Holdings purchased the portfolio in an off-market transaction.

The properties include two Indiana properties, Forest Park Plaza in Brazil and Pine Lake Shopping Center in LaPorte. The five Ohio properties are Amberwood Center in Ashland; Barberton Shopping Center in Barberton; DeVeaux Village Shopping Center and Reynolds Plaza in Toledo; and Perrysburg Market Place in Perrysburg. Additionally, there is one Michigan property, Phoenix Square in South Haven.

The portfolio is 92 percent leased primarily to national tenants like Kroger, Giant Eagle, Anytime Fitness, Michaels, Dollar Tree, Ollie’s Bargain and more. The sale represents an expansion for the buyer into Michigan and Ohio, having already established a strong presence in Indiana.

The JLL Capital Markets team that represented the seller included Managing Directors Clinton Mitchell and Amy Sands along with Senior Managing Directors Frederick Whitman and Kenneth Martin and Managing Director Bill Poffenberger.