JLL closes sale of 9-property multi-state retail portfolio
Assets are in Indiana, Michigan, Ohio and West Virginia
CHICAGO, September 9, 2019 – JLL announced today that it has closed the sale of portfolio comprising nine retail centers totaling 758,983 square feet in Indiana, Michigan, Ohio and West Virginia.
JLL represented the seller, ShopOne Centers REIT, a leading owner, operator and manager of high-quality grocery-anchored shopping centers. Albanese Cormier Holdings purchased the portfolio in an off-market transaction.
The nine properties include two Indiana properties, Forest Park Plaza in Brazil and Pine Lake Shopping Center in LaPorte. The five Ohio properties are Amberwood Center in Ashland; Barberton Shopping Center in Barberton; DeVeaux Village Shopping Center and Reynolds Plaza in Toledo; and Perrysburg Market Place in Perrysburg. Additionally, there is one Michigan property, Phoenix Square in South Haven, and one West Virginia property, Huntington Mall in Barboursville.
The portfolio is 92% leased primarily to national tenants like Kroger, Giant Eagle, Anytime Fitness, Michaels, Dollar Tree, Ollie’s Bargain and more. The sale represents an expansion for the buyer into Michigan, Ohio and West Virginia, having already established a strong presence in Indiana.
The JLL Capital Markets team that represented the seller included Managing Directors Clinton Mitchell and Amy Sands along with Senior Managing Directors Frederic Wittmann and Kenneth Martin and Managing Director Bill Poffenberger.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About ShopOne Centers REIT
ShopOne Centers REIT is a leading owner, operator and manager of high-quality shopping centers. The company’s retail centers are located in established trade areas and are supported by a diverse mix of highly productive non-discretionary, value-oriented and grocery retailers. ShopOne is committed to maximizing the value of its portfolio by capitalizing on embedded growth opportunities through driving rents, increasing occupancy and pursuing value-enhancing redevelopment opportunities. To learn more about ShopOne, please visit ShopOne.com.
About Albanese Cormier Holdings
Albanese Cormier Holdings is a national commercial real estate investment company based in Beaumont, Texas, currently holding over six million square feet of 87 strategically placed assets throughout 24 states. For more information about the company or on any other property within the ACH portfolio, please visit ach-us.com or contact the main office at (409) 892-0200.