An affiliate of Next Realty, LLC has acquired the Kings Automall Shopping Center, a multi-tenant neighborhood center at 9950-9998 Kings Automall Drive in Cincinnati, Ohio.
Terms of the transaction, made on behalf of Next Realty Fund IX, LP, were not disclosed.
This acquisition, the 11th made on behalf of Next Realty Fund IX, LP, furthers the firm’s Multi-Solution™ strategy that emphasizes diversification across geography, asset classes and revenue streams. It is the first acquisition for the firm in Cincinnati and the fourth acquisition the firm has completed in the past six months.
“Next continues to execute its Multi-Solution™ investment strategy that expands into new markets and broadens the range of properties we’ll acquire including opportunities that leverage our core retail competency,” says Andy Hochberg, CEO and Managing Principal, Next Realty.
Kings Automall Shopping Center is a 67,000-square-foot center that sits at the entrance to the Kings Automall corridor off Interstate 71 (125,000 vehicles-per-day) and Fields Ertel Road (33,000 vehicles-per-day). The center is located about 17 miles northeast of downtown Cincinnati.
The center includes a diverse mix of national, regional, and local tenants, several of whom have been at the property for the past 20+ years, including:
· Planet Fitness, a fitness center.
· Mirage Restaurant, a Mediterranean restaurant.
· Play it Again Sports, a national reseller of used and new sporting goods.
· Salon Concepts, an operator of salon communities of professionals that work under one roof while operating within their own private suites.
· Penn Station, a submarine sandwich restaurant.
· LensCrafters, a retailer of prescription eyewear and sunglasses.
· Samarkand Food Market, an Eastern European food market set to open later this summer.
· Kings Ford, back-office operations for the dealership located adjacent to the property.
· Queens Nails, a local nail salon.
· Your CBD Store, a retailer providing natural, hemp-derived products.
There is one 1,400-square-foot vacancy that was previously used as a leasing office but will be marketed for lease.
The Kings Automall includes 14 auto dealers across 18 vehicle brands, averaging more than $1 billion in annual sales. Kings Automall Shopping Center is adjacent to Waterstone Center, a 430,00-square-foot center anchored by Target and Costco which provides a significant consumer draw. Additionally, Proctor & Gamble’s one million square foot research and development facility, their largest in the world with over 1,900 employees, is located just two miles from the Property.
Other acquisitions completed by affiliates of Next Realty, LLC in the past six months include:
· The 86th Street Business Center, a two-building, 51,700-square-foot single-story office/flex complex in Indianapolis, Indiana.
· 935 Lakeview Parkway, a single-story, 47,000-square-foot multi-tenant, single-story office building located in Vernon Hills (Chicago MSA), Illinois.
· A 232-unit portfolio of multifamily assets near Marquette University in Milwaukee, Wisconsin.