A joint venture between affiliates of Midland Atlantic Properties and Next Realty, has completed the acquisition of Waterstone Center, a 160,000-square-foot shopping center in Cincinnati, Ohio.
The financial terms of the transaction were not disclosed.
Waterstone Center is located in the Mason submarket, in the heart of the northeast quadrant of Cincinnati, one of the most sought-after submarkets in the metro area. The property sits along a prime retail corridor on Fields Ertel Road with average vehicle counts of over 30,000 a day.
The property is fully leased and features a diverse tenant line-up including Best Buy, Ross Dress for Less, Michaels, Old Navy, Petco, and Verizon. Target and Costco are “shadow anchors” of the center and help to generate strong traffic to Waterstone Center. Notable recent leasing efforts include a lease with Ross Dress for Less, replacing the former Barnes & Noble.
Waterstone Center is the latest acquisition for Midland Atlantic Properties’ third investment fund. This shopping center is representative of the focus of the firm’s retail real estate investments throughout the years – a dominant infill shopping center with strong tenancy within an attractive submarket.
Waterstone Center is the fourth acquisition for Next Realty Fund X and the second retail acquisition for the company in Cincinnati. The first property that Next Realty acquired in Cincinnati, Kings Automall Shopping Center, is located adjacent to Waterstone Center.
