Institutional Property Advisors, a division of Marcus & Millichap, closed the sale of The Plaza at Chapel Hill, a 458,935-square-foot Giant Eagle, Burlington and Dicks-anchored regional power center in Cuyahoga Falls, Ohio.
The property sold for $46 million to a partnership formed by three private equity groups: Baltimore-based America’s Realty LLC, New York-based Borough Equities and Miami-based Dragonfly Investments, who together have acquired more than $150 million of shopping centers, including this acquisition.
The sale was brokered by an IPA team that had an exclusive agreement to market the property on behalf of the seller, a New York City-based private real estate investment trust. Scott Wiles, Erin Patton and Craig Fuller, IPA senior managing directors, led the sales team, along with Joseph French, Jr., IPA senior director, and CJ Jackson, senior associate. Michael Glass, senior vice president and division manager is Marcus & Millichap’s broker of record in Ohio.
Rounding out the roster of major tenants is Ross Dress for Less, Shoe Carnival and Citi Trends. The buyer was procured by the IPA team and, after a brief extension of escrow due to the COVID-19 crisis, financing was provided through Chris Nevin, senior vice president at First National Bank.
Built in several phases on 48 acres between 1985 and 2013, the property is located along Howe Avenue just off Ohio Route 8 exit ramps. Ninety-seven percent of the center’s occupied gross leasable area is leased to national and regional retailers, with 96 percent of existing tenants signed to triple-net leases.
Other notable tenants occupying small-shop space include Dollar Tree and America’s Best, along with Skecher’s, Third Federal, Quest Diagnostics, Ideal Image, Sally Beauty Supply and Great Clips. Additionally, Arby’s recently commenced a new 20-year ground lease on an outparcel near Giant Eagle.
