Finding Convenience in Northeast Ohio
- Jun 15, 2015
Investor activity continues to stay strong in the Northeast Ohio retail market. After the acquisition of the Creekside Commons and Cedar Center North shopping centers by a joint venture of Inland Real Estate Corp. and Dutch pension fund administrator PGGM this spring, it’s now time for single-tenant retail properties to take center stage.
On June 8, Inland Private Capital Corp. (IPCC) announced the sale of a portfolio of 12 retail properties located in various cities in northeastern Ohio to an unnamed buyer. IPCC is part of the Oak Brook, Ill.-based Inland Real Estate Group of Cos., as is Inland Real Estate Corp. It facilitated the sale through a subsidiary on behalf of one of its 1031 investment programs. The gross sale price of the portfolio was $35.3 million.
Rahul Sehgal, chief investment officer of IPCC, said in a statement for the press that his company purchased the portfolio in November 2013. It now sold it at a premium to the original acquisition price as well as the investors’ purchase price.
The 12 properties are all 7-Eleven convenience stores. They are located in Akron, Brunswick, Chagrin Falls, Cleveland, Mentor, Painesville, Streetsboro, Stow, Strongsville, Twinsburg, Willoughby and Willoughby Hills. The portfolio totals approximately 30,000 square feet of space. Its properties have more than 14 years remaining on their original 20-year absolute triple-net leases.