Marcus & Millichap closed the sale of Village Crossings Shopping Center, an 89,008-square-foot Aldi-anchored community shopping center in Cincinnati, Ohio.
The asset sold for $6.85 million, which exceeded 93 percent of the list price.
The sale was led by Scott Wiles, senior managing director, and CJ Jackson, senior associate, along with Erin Patton and Craig Fuller, senior managing directors and principals of the Patton| Wiles|Fuller Group of Marcus & Millichap.
The team had the exclusive listing to market the property on behalf of the seller, a private REIT. The buyer, America’s Realty LLC, was also secured by the listing team. Based in Pikesville, Maryland, America’s Realty is a privately-held shopping center operator led by president and chief executive officer Carl Verstandig.
The buyer secured new 70 percent loan-to-value permanent financing from a credit union.
Village Crossings Shopping Center is located at 10400 Reading Road on Cincinnati’s affluent north side, just off of the Interstate-75 exit at Glendale Milford Road. The property benefits from dual grocery anchors, with CAM International Market in-place since 2002, and Aldi in-place since 2007. Additionally, JOANN occupies nearly 20 percent of the gross leasable area and has been in-place since 2000. Rounding out the tenant roster is a variety of small-shop tenants including H&R Block, Breakthrough Fitness, Mala Hot Pot, Firestone and more.
