January 11, 2017
Hines Global REIT II Inc. acquired its first retail property, Rookwood, located on Edmondson Road in Cincinnati, OH’s Midtown submarket. The buy is the Houston REIT’s sixth. Eastil Secured represented the Columbus, OH-based seller. The sales price was $112 million, according to public records.
The 600,071-square-foot Rookwood consists of two shopping centers, Rookwood Pavilion and Rookwood Commons, that operate as a single property. Rookwood is 97% leased to national tenants and retailers including Whole Foods, REI, Nordstrom Rack, T.J. Maxx, Joseph-Beth Booksellers, P.F. Chang’s, and J. Alexander’s.
“We were attracted to Rookwood because it contains an outstanding collection of retailers in an affluent, urban trade area with high barriers to entry,” said Hines Global REIT II’s president and CEO, Sherri Schugart, in a release about the transaction. “The center serves shoppers from all over Cincinnati and Northern Kentucky, including more then 50,000 students at neighboring University of Cincinnati and Xavier University.”
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