Marcus & Millichap brokered the sale of Madison Shopping Center, a 72,048-square-foot community shopping center located in Madison, Ohio. The asset sold for $3 million.
Scott Wiles, Erin Patton and Craig Fuller, senior managing directors in Marcus & Millichap’s Cleveland and Columbus offices, had the exclusive listing to market the property on behalf of the seller, who was the original developer of the Property and is based in Florida. Wiles, Patton, and Fuller also sourced the purchaser, an Ohio-based private investor, who was awarded the deal after a competitive bidding process that saw multiple offers. The purchaser was not in a 1031 exchange and procured new life insurance company acquisition financing at 70 percent loan-to-value.
Madison Shopping Center is located at 6581 N Ridge Road in Madison, Ohio, a small city near Lake Erie and within Ohio’s wine country, approximately one-hour east of Cleveland. The center is anchored by Tractor Supply Co. and co-anchored by Bealls. Additional tenants at the time of sale included Goodwill, Snap Fitness, Eagle Financial Services, and TNT Tanning. The shopping center is situated at one of the busiest intersections in the area and within the only nationally-tenanted retail pocket in a 15-mile radius, providing strong traffic and a regional draw of consumers from the surrounding semi-rural area.
