Marcus & Millichap has arranged the sale of Ridgewater Plaza, a 175,028-square-foot grocery-anchored shopping center in Cincinnati. The sales price is $10.5 million.
“With less than one year remaining on the non-credit anchor lease and significant deferred maintenance, this assignment mandated that our team reach far and wide to source the right investor,” says Craig Fuller, a vice president investments in Marcus & Millichap’s Cleveland office. “Because of our tactical approach, we successfully marketed and sold the asset to an opportunistic out-of-area buyer and delivered the best possible results for all parties.”
Fuller, along with partners Erin Patton and Scott Wiles, who are also vice presidents investments and are based in the firm’s Columbus and Cleveland offices, respectively, represented the seller, a New York-based private fund. The buyer, a private firm based in Texas, placed new debt at closing.
The property is located at 5371-5385 Ridge Ave. in Cincinnati, one-half mile from an exit on Interstate 71 that sees 138,000 cars per day. More than 10,000 people reside within a mile of the center, which was 98 percent occupied at the time of the sale.
Built in 1973 and shadow-anchored by Lowe’s, Ridgewater Plaza is anchored by a 64,700-square-foot Remke Markets, Big Lots, Office Depot, and Fallas Discount Stores, which together account for 80 percent of the center’s total gross leasable area. Other tenants are a mix of national and local retailers, such as Sally Beauty Supply, GameStop, Fast Signs and National Cash Advance. Remke Markets has been a tenant since 1988 and Big Lots has been at the center since 1994.