JLL closes sale of Ohio retail building
The single-tenant retail building fronts the Fort Steuben Mall
PHILADELPHIA, December 18, 2019 – JLL announced today that it has closed the sale of a 209,621-square-foot, single-tenant retail building net leased to a retail corporation and fronting the Fort Steuben Mall in Steubenville, Ohio.
JLL marketed the property on behalf of the seller. Bluejay Management purchased the asset.
The property is situated on 16.21 acres at 100 Mall Drive in Steubenville, which is located on the Ohio-Pennsylvania border approximately 40 miles from the Pittsburgh CBD. The property is just off Route 43 (Sunset Boulevard), a main thoroughfare in the region with traffic counts of 24,150 vehicles a day. More than 41,000 residents earning an average annual household income of $61,536 live within a five-mile radius of the property. The building is adjacent to the Fort Steuben Mall, which is home to AMC Theatres, JCPenney, Pet Supplies Plus, Dick’s Sporting Goods, Bath and Body Works. Aaron’s, Payless and Gamestop.
The JLL Retail Capital Markets team that represented the seller was led by Managing Director Marc Mandel and Director Steve Schrenk along with Managing Director Claudia Steeb.
“The Steubenville store is high performing and features rare increases in each of the option periods,” Mandel said. “Overall, there continues to be strong demand for discount department stores in the net-lease market; however, there have not been many single-tenant trades with this tenant historically due to the fact they own the majority of their real estate.”
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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 more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Bluejay
Bluejay was founded in 2003 by Marc Jacobowitz and Yerachmeal Jacobson, who, together, have over 40 years of combined real estate experience. The company has since built a strong portfolio of properties ranging from developments and multi-families to retail shopping centers, and a stellar reputation for delivering consistent solid returns for investors.
Comprised of sister companies Bluejay Capital and Bluejay Management, which work harmoniously to streamline results, Bluejay has owned and managed nearly two million square feet of property to date totaling over $300 million. This includes a major development in Brooklyn and over a million square feet of shopping center space. Learn more at bluejaymanagement.com.