Stan Johnson Company closed the sale of a multi-tenant shopping center at 7074 Harrison Ave. in Cincinnati.
The 25,600-square-foot unanchored retail center was 94 percent leased at the time of sale to seven tenants, all on triple net leases.
Stan Johnson Company’s Patrick Metz represented the private California-based seller. The asset was purchased in a 1031 exchange by MAGNA Properties, an Ohio-based individual investor. The sale, which closed for about $3 million, reflects a 9.14 percent cap rate.
“Good timing with a client relationship, combined with the high demand for neighborhood centers with a medical component in the current market environment, made for a smooth and successful sale,” said Metz, associate in Stan Johnson Company’s Cincinnati office. “We were pleased to facilitate a positive outcome for both investors.”
The two-story retail center boasts a tenant mix consisting of service-oriented businesses, a restaurant and several medical tenants. The property was built in 2006 on 2.3 acres and is just 15 minutes from downtown Cincinnati.