11/29/2021 | Press release | Distributed by Public on 11/29/2021 11:07
CHICAGO, Nov. 29, 2021 - JLL Capital Markets announced today that it has closed the $17.7 million sale of Derby Square, a 125,250-square-foot neighborhood shopping center anchored by Giant Eagle in the Columbus-area suburb of Grove City, Ohio
JLL advised the seller, a joint venture between Madison International Realty and SITE Centers Corp. A private buyer based in the Midwest acquired the asset.
Housing the only Giant Eagle location within a seven-mile radius, Derby Square is 99 percent leased and home to a diverse roster of national and local tenants, including Once Upon a Child, Plato's Closet, Novacare Rehabilitation, Salon Lofts, City Barbeque, Batteries + Bulbs, H&R Block and Allstate Insurance. Starbucks and Huntington National Bank occupy two non-owned outparcel pads and help drive traffic to the center.
Derby Square is situated on 12.015 acres at 2161-2263 Stringtown Rd., in Grove City, a suburb 11 miles southwest of downtown Columbus. The property's location along Springtown Road exposes it to more than 35,000 vehicles per day and is close to Interstate 71, one of Columbus' primary travel corridors. The area, which is one of the fastest-growing Midwestern markets, contains nearly 53,000 residents earning an average annual household income of $86,552 within a three-mile radius of the property.
The JLL Retail Capital Markets team representing the seller was led by Managing Directors Amy Sands and Clinton Mitchell and Director Michael Nieder, along with Managing Director Bill Poffenberger.
"We received incredible market interest, as investors continue to be drawn to stable, neighborhood grocery-anchored retail centers with strong historical performance," Mitchell said. "Furthermore, the Columbus market has been one of the most dynamic markets in the Midwest over the past several years, which attracted several new-to-market investors from other regions of the country."
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 sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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