Colliers International in Ohio recently completed the sale of four single-tenant retail center assets with a combined value of more than $11 million. Three of the four retail centers were located in Southwest Ohio and the fourth was located in Cleveland.
The assets include a Harley-Davidson® dealership, Eddie Merlot’s Steakhouse, Discount Drug Mart Plaza and T.G.I. Friday’s.
The sellers were represented by Chris Prosser, Jeff Johnston and Steve Timmel, brokerage senior vice presidents with Colliers International Ohio Investment Services. Ryan Fisher, senior Associate for Colliers Cleveland, also assisted with the sale of Discount Drug Mart Plaza. Peter Block,executive vice president for Colliers Chicago, contributed to the sale of Harley-Davidson®.
“We continue to see increased investor appetite within the single-tenant net lease arena. With the increased demand, we also are seeing dramatic cap rate compression,” said Prosser. “These four sales were all extremely well-located assets, leased to successful retail operators with varying lease terms remaining. Interest for each asset was significant.”