The Village at the Mall, a retail center in the Cincinnati/Northern Kentucky metropolitan area, was sold to a private investor this month. The terms of the deal were not disclosed.
The Village at the Mall, located at 7606 Mall Road in Florence, Ky., was developed in 1991 at the corner of Kentucky Route 18 and Mall Road, just off interstates 71 and 75. The property includes three pad sites totaling more than 10,000 square feet and has two access points, one of them a signalized intersection that also serves the 856,000-square-foot Florence Mall.
The shopping center has 92,764 square feet of space and is fully leased. Its tenant roster includes Five Guys Burgers and Fries, a brand-new Aspen Dental, a new freestanding Vitamin Shoppe, a ground-leased Chipotle, Party City, The Tile Shop, Pier 1 Imports, Dollar Tree, Casual Male and HoneyBaked Ham.
Marcus & Millichap Real Estate Investment Services arranged the sale. Vice president of investments Joel Dumes and associate Charles Bulger of the Cincinnati office represented the seller, a private investment group from New Jersey.
“Well-performing multi-tenant retail properties in the Cincinnati area are being targeted by investors, as household formation and income growth drive retail sales,” Joel Dumes said in a statement for the press. “Northern Kentucky has been outperforming other areas of the metro as tight vacancy gives owners the leverage to raise rents,” he added.
Marcus & Millichap expects demand for retail space in the Cincinnati metro area to pick up this year. Vacancy will fall to 11.9 percent, while asking rents will rise by 1.3 percent to $14.31 per square foot and effective rents will experience an increase of 1.7 percent to $12.13 per square foot.
Charts courtesy of Marcus & Millichap.