The Cooper Commercial Investment Group has closed the sale of the two-tenant Southgate Plaza Outlot Center in Heath, Ohio.
The center includes Five Guys Burger and Fries and Great Clips. The investment is shadow-anchored by major retailers Hobby Lobby and Best Buy.
Ownership recently renovated the center in 2017 and executed new long-term leases with both national tenants, both of which are on NNN leases with upcoming rental increases.
Dan Cooper of Cooper Commerial Investment Group represented the seller, a private investment group based in Cleveland. The buyer, a private investment group based in the Midwest, was located within the first week of the property being listed for sale.
The asset sold for $1.65 million, representing a 6.93 percent CAP rate.
