July 8, 2019 Comments Off on IPA Markets Ohio Center with Dual Grocery Anchors Views: 620 Midwest, National News, Ohio

IPA Markets Ohio Center with Dual Grocery Anchors

Marcus & Millichap’s Institutional Property Advisors (IPA) division is marketing The Plaza at Chapel Hill, a 91%-occupied, 458,935-square-foot, dual grocery-anchored regional shopping center in Cuyahoga Falls, OH.

IPA’s Scott Wiles, Erin Patton, Craig Fuller, Joseph French Jr. and CJ Jackson are representing the seller, a New York-based shopping center REIT. The price is open bid.

“The Plaza at Chapel Hill is the dominant center in the trade area and is anchored by Giant Eagle and Burlington with junior anchors Marc’s Grocery Store and T.J. Maxx, all of which are original tenants that have been in place for over 33 years and combined comprise 58% of the occupied gross leasable area,” said Wiles.

He added, “There has been substantial leasing velocity in recent months, with Ross Dress for Less signing a new 10-year triple-net lease on 25,200 square feet; Dollar Tree commencing a seven-year lease; and Arby’s beginning a 20-year ground lease.”

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