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Triple BAR Group has bought a three-property, 543,378-square-foot procuring middle portfolio in Toledo, Ohio. JLL Capital Markets brokered the transaction, with J.C. BAR Properties and Triple Crown Corp. additionally concerned within the closing of the deal.
The Monroe Road Portfolio contains three open-air procuring facilities: Monroe Road Market, Franklin Place and a Contemporary Thyme-anchored middle.
Accomplished in 1990, the 306,540-square-foot Franklin Place middle incorporates 4 buildings on a 24.7-acre web site. Monroe Road Market got here on-line in 1970, comprising two constructing totaling 116,025 sq. ft.
Investor demand for giant format retail facilities stays sturdy, stated JLL Retail Capital Markets Senior Managing Director Jim Galbally in ready remarks.
Galbally, alongside Senior Director Michael Nieder, Managing Director Keely Polczynski and Director Patrick Higgins, labored on behalf of the vendor and procured the customer within the Monroe Road deal.
A retail portfolio with sound fundamentals
The portfolio had a 94 p.c occupancy charge on the time of the sale. The tenant roster on the three properties contains anchors resembling Goal, Golf Galaxy, Gabe’s, Bob’s Low cost Furnishings, Marshalls, HomeGoods, PetSmart, 5 Under and Contemporary Thyme. Starbucks, Taco Bell, Sport Cease, Tropical Smoothie Café, European Wax Middle and Residents Financial institution are a few of the different nationwide and regional retailers.
Positioned inside the Sylvania/Westgate submarket, the three properties are in an space reaching greater than 22,000 automobiles per day, in keeping with JLL. The portfolio’s giant variety of guests, which reached greater than 5 million within the final 12 months, in keeping with the identical supply, helped latest leasing momentum. The portfolio landed 45,200 sq. ft in new leases and 83,000 sq. ft in renewals since 2020.
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