January 22, 2020 Comments Off on JLL Team Places Loan for Columbus-Area Retail Acquisition Views: 387 Midwest, National News, Ohio

JLL Team Places Loan for Columbus-Area Retail Acquisition

JLL Capital Markets arranged acquisition financing for the Shops at Worthington Place, a 139,283-square-foot, Class A, retail center that is part of a larger mixed-use property in the Columbus-area community of Worthington, OH. The 45-year-old center reportedly traded for $19.8 million.

A JLL team of Mark Brandenburg and Tim Jordan worked on behalf of the borrower, Direct Retail Partners, to place the three-year, floating-rate loan with Bayview Asset Management.

The Shops at Worthington Place is 92% leased to a mix of national and regional restaurant tenants, including Talbots, Panera, Orvis, Kenneth’s Hair Salon, First Watch, Aladdins Eatery and Lume Family Eyecare.

Additionally, the center is shadow anchored by Kroger. The Shops at Worthington Place has been extensively renovated in the past decade, and is part of a larger, trophy, mixed-use center that includes a 190-unit multi-housing complex that wasn’t included in the sale.

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