Institutional Property Advisors, a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, has closed the sale of Springfield Commons, a 207,497-square-foot shopping center located in Springfield, Ohio.
The property sold for $19.9 million.
Lori Schneider, IPA executive director, advised the seller, a private investor. American Realty Capital Properties Inc. facilitated the acquisition on behalf of Cole Credit Property Trust IV Inc.
Built in 1995 on 26.5 acres, the investment real estate asset is located on Springfield’s main retail corridor at 1501 Bechtle Ave. with frontage on Bechtle Avenue, State Route 68 and State Route 41.
Springfield Commons’ tenants are Lowe’s, Best Buy, PetSmart, Aaron’s, Planet Fitness and Mattress Firm.