Stan Johnson Company recently closed the sale of Florence Shops, a 50,068-square-foot multi-tenant shopping center in a southern suburb of Cincinnati, Ohio.
Located at 7541-7565 Mall Road in Florence, Kentucky, the property was fully leased at the time of sale.
Stan Johnson Company’s Patrick Metz represented MAGNA Properties, an Ohio-based individual investor, in the $5.5 million acquisition. The seller was a local developer.
The two-building retail center is situated on 4.1 acres, and the investment features additional development potential on an adjacent pad site. Neighboring tenants include Kroger, Old Navy, ULTA and Barnes & Noble. The center was last renovated in 2015.
In February 2021, MAGNA Properties purchased a multi-tenant retail/medical center in northwest Cincinnati for $3.0 million. The property had been marketed by Metz at Stan Johnson Company on behalf of the former owner.