The 141,616-square-foot Salem Plaza shopping center in Dayton, Ohio, was recently purchased by Namdar Realty Group in all-cash transaction with plans to retain and operate the property long-term.
Joel J. Gorjian, vice president of Acquisitions & Dispositions at Namdar completed the acquisition of the property located at 45-15 Salem Ave., with New York City-based Garrison Investment Group as the seller and Marcus & Millichap as the broker.
Gorgian said the firm is currently pursuing additional acquisition opportunities in the Midwest, particularly in Ohio, due to the state’s positive overall economic outlook and pro-business climate.
Burlington Coat Factory occupies 70 percent of Salem Plaza’s gross leasable area. Family Dollar is the second tenant. The one-story shopping center is located a half mile from highway 49.
Gorjian is currently negotiating nine additional real estate acquisitions, which includes seven in the Midwest. The firm’s acquisition strategy focuses on underperforming properties with value-added potential, negotiated through off-market deals.
Gorjian and Namdar target retail, office, and medical properties nationwide, particularly in the Midwest, Southeast, and Northeast. Gorjian recently purchased the Midway Plaza shopping center in Tallmadge, OH; the Severance Town Center in Cleveland Heights, OH; and 6500 St. Claire Avenue, a single-tenant retail property in Cleveland, OH.