Frayer Enterprises has sold Airport Square, a 187,252-square-foot shopping center in Toledo, Ohio. A private investor from Las Vegas acquired the asset for $11.9 million.
SRS Real Estate Partners brokered the transaction and procured the $7.7 million loan originated by StanCorp Financial Group Insurance Co., according to CommercialEdge data. Frayer Enterprises purchased the shopping center back in 2016 for $8.5 million from U.S. Bank, the same source shows.
SRS’s Vice President Jack Cornell, Managing Principals Matthew Mousavi and Patrick Luther from the Capital Markets team, along with Hoty Enterprise’s Mac Lehrer, worked on behalf of the seller.
The tenant roster at the shopping center includes a mix of retailers such as Urban Air Adventure Park, Discount Fashion Warehouse, American Freight and DaVita Healthcare. Urban Air recently solidified its dedication to the retail center by entering into a 10-year lease agreement. At the time of the sale, Airport Square was 99 percent leased.
West Toledo stands out
Located at 5245 and 5325 Airport Highway, the shopping center is in the West Toledo submarket. The community center is near the intersection of Route 20 and Airport Highway, which allows easy access across the Toledo metropolitan area.
The Toledo retail market has recorded a steady and positive transaction activity over the second half of last year, according to a recent The Reichle Klein Group report. The overall average asking rental rate at year-end was $10.24 per square foot, up from an average of $10.06 per square foot at year-end 2022. Average rates are steadily climbing, with both anchor and in-line spaces experiencing increases. While the submarket-level dynamics vary, West Toledo stands out as a high performer amidst the mix, the research shows.
