Retail i Ohio

Marcus & Millichap sells 105,000-square-foot retail center near Akron

Marcus & Millichap sells 105,000-square-foot retail center near Akron,ph01

The Patton|Wiles|Fuller Group of Marcus & Millichap recently closed the sale of Barberton Shopping Center, a 105,313-square-foot fully occupied grocery-anchored shopping center in Barberton, Ohio.

In conjunction with Joseph French Jr., senior vice president out of the firm’s Westchester office, and C.J. Jackson, a senior associate in the firm’s Columbus office, Erin Patton, Scott Wiles and Craig Fuller had the exclusive listing to market the property on behalf of the seller, a New York-based privately-held REIT.

The buyer, a Texas-based private company, was selected after multiple rounds of bidding and purchased the asset as part of a larger nine-property portfolio acquisition.

Barberton Shopping Center is located at the intersection of Robinson Avenue and 5th Street SE in Barberton, a city within the Akron MSA. Giant Eagle comprises 83 percent of the center’s GLA and has been in-place since 2001, operating a full-service grocery store at the site including a drive-thru pharmacy, state liquor store, bank branch and gas station.

The property also features new 10-year leases with Chipotle and Jimmy John’s on a newly constructed 2-tenant outparcel building, as well as a variety of e-commerce proof small-shop tenants such as Little Caesars, Verizon, Ohio BMV and H&R Block.