Institutional Property Advisors has organized the $76.3 million sale of a shopping mall portfolio in metro Columbus, Ohio. The property assortment consists of Taylor Sq. in Reynoldsburg and Tuttle Crossing in Dublin, two retail belongings totaling 622,000 sq. ft.
Taylor Sq. traded for $55.3 million, whereas Tuttle Crossing bought for $21 million, in line with CommercialEdge data.
Island Capital in partnership with Casto bought the 2 procuring facilities to DLC Administration and Principal Asset Administration. IPA Senior Managing Administrators Erin Patton, Scott Wiles and Craig Fuller brokered the deal on behalf of the sellers.
Two Walmart-anchored retail facilities
Accomplished between 2000 and 2003, Taylor Sq. is a 395,074-square-foot retail middle that includes 9 one-story buildings. Simply off Interstate 70 and close to Route 256, Taylor Sq. is the biggest procuring middle within the space. The tenant roster on the Walmart Supercenter-anchored middle consists of JoAnn, Marshalls, Greenback Tree, Well-known Footwear, Tub & Physique Works and Smokey Bones. Taylor Sq. was 99 % leased on the time of sale.
The 226,718-square-foot Tuttle Crossing in Dublin covers a 19-acre web site. The procuring middle is located off Interstate 270 exit ramps at Tuttle Crossing Boulevard. Its tenant roster consists of Finest Purchase, Foot Locker, JCPenney, Tub and Physique Works and Macy’s. Tuttle Crossing can be anchored by a Walmart.
Downtown Columbus is equidistant to the 2 belongings, some 14 miles west of Taylor Sq. and south of Tuttle Crossing.
The retail sector has seen a major post-pandemic restoration, attracting each buyers and luxurious retailers. A JLL report attributes this improved efficiency to a pedestrian-friendly infrastructure that will increase foot visitors in prime city corridors, together with Miami’s Design District, Boston’s Newbury Avenue and Seaport, in addition to Chicago’s Fulton Market and Wicker Park.
