MetLife Affiliate Buys West Chester Retail Center in $68.6M Deal
- Nov 08, 2014
Another popular shopping center in the Greater Cincinnati area has changed hands. The Voice of America Centre was purchased by subsidiaries of New Jersey-based MetLife Core Property Fund GP L.L.C. in one of the region’s largest transactions of the year.
The new owner paid $68.6 million to buy the 435,000-square-foot outdoor retail center, according to the Cincinnati Business Courier. MetLife purchased the property from VOA I Development Co. L.L.C. and VOA II Development Co. L.L.C. n a transaction that closed Oct. 31.
Voice of America Centre opened ten years ago in West Chester Township. Fresh Market, T.J. Maxx, Office Depot, Milano’s, Petsmart and Michael’s are among the tenants.The center’s anchor, a Target, was not included in the transaction.
Voice of America Centre joins a long line of retail centers that have come under new ownership this year. Last month, a joint venture of Inland Real Estate Corp. and Dutch pension fund adviser PGGM paid $23.6 million for Phase II of Newport Pavilion. The two companies had also purchased Phase I of Newport Pavilion a few months earlier in a $43.3 million deal.
A joint venture of Cincinnati-based Jeffrey R. Anderson Real Estate Inc. and Kentucky-based P&P RE L.L.C.,recently sold Kenwood Pavilion and Kenwood City Place to Colorado-based GDA Real Estate Services L.L.C. The total sales price was $32 million.
In its report for the third quarter, Marcus & Millichap Real Estate Investment Services said that demand for retail assets throughout the Cincinnati metropolitan region continues to rise as operations improve. Investors are looking to acquire both multi-tenant and single-tenant assets and rising values are motivating owners to sell.
Transaction velocity for multi-tenant assets has ticked up over the past four quarters, with grocery-anchored centers trading for about $150 per square foot, while unanchored centers sold at around $100 per square foot, depending on location and tenant mix.
Charts courtesy of Marcus & Millichap.