An affiliate of Next Realty, LLC completed the strategic disposition of Kings Automall Shopping Center at 9950-9998 Kings Automall Drive in Cincinnati, Ohio.
The asset is part of Next Realty Fund IX, LP. The sale price was not disclosed.
The 67,000-square-foot neighborhood retail center sits at the entrance to the Kings Automall corridor which is home to 14 auto dealerships representing 18 vehicle brands. The center benefits from strong traffic and excellent visibility with its location that is off Interstate 71 and Fields Ertel Road. The center is located approximately 17 miles northeast of downtown Cincinnati.
The Next Realty affiliate acquired the property in July 2021, during the height of the pandemic. Next implemented a targeted business plan focused on strengthening tenant retention and improving overall occupancy. During the time Next owned and operated the property, all vacancies were leased, and several lease extensions were negotiated. Most recently, LensCrafters, a tenant of the center since 1997, executed a long-term lease renewal.
The combination of these operational successes resulted in a 25% increase in the property’s net operating income and enhanced the positioning of the asset for disposition. Additionally, the buyer’s ability to assume the in-place financing, which offered more favorable terms than currently available options, was a key factor in this transaction.
Hochberg noted that after achieving the original goals of its business plan for the center, Next determined it was appropriate to execute its exit strategy on behalf of its investors.
Another Next Realty affiliate owns Waterstone Center, a 160,000-square-foot center located adjacent to Kings Automall Shopping Center. The property was acquired in Fall 2023 through a joint venture with Midland Atlantic Properties.
