Marcus & Millichap have completed the sale of the Village Crossings Shopping Center, an 89,008-square-foot Aldi-anchored community mall in Cincinnati, Ohio.
The asset sold for $ 6.85 million, which exceeded 93 percent of list price.
The sale was led by Scott Wiles, Senior Managing Director, and CJ Jackson, Senior Associate, along with Erin Patton and Craig Fuller, Senior Managing Directors and Principals of the Patton | Wiles | Fuller Group by Marcus & Millichap.
The team had the exclusive listing to market the property on behalf of the seller, a private REIT. The buyer, America’s Realty LLC, has also been secured by the listing team. America’s Realty, headquartered in Pikesville, Maryland, is a privately owned mall operator run by President and CEO Carl Verstandig.
The buyer received new permanent loan financing of 70 percent from a credit union.
Village Crossings Shopping Center is located at 10400 Reading Road on the affluent north side of Cincinnati, just off Interstate-75 on Glendale Milford Road. The property benefits from two food anchors, with the CAM International Market since 2002 and Aldi since 2007. In addition, JOANN occupies nearly 20 percent of the gross rental space and has been in operation since 2000. The tenant list consists of a variety of tenants in small stores including H&R Block, Breakthrough Fitness, Mala Hot Pot, Firestone and more.