O’Connor Capital Buys Majority Stake in Columbus Mall
The company has been investing in the 1.3 million-square-foot property for over a decade.
O’Connor Capital Partners has consolidated its full ownership of Polaris Fashion Place, a 1.3 million-square-foot mall in Columbus, Ohio. The company has been investing in the property for over a decade. Washington Prime Group Inc. previously owned the majority stake in the asset, according to Yardi Research Data. Following the acquisition, O’Connor Capital will take over day-to-day operations, management and leasing through an on-site team.
The mall came online in 2000 at 1500 Polaris Parkway, within the 2,000-acre POLARIS Centers of Commerce. Anchored by Macy’s and JCPenney and shadow-anchored by IKEA, the property features more than 160 tenants, including Barnes & Noble, The Cheesecake Factory, H&M, Crocs, Abercrombie & Fitch, Chick-fil-A, Apple Store and Starbucks. Polaris Fashion Place has roughly 10.3 million annual visits.
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The shopping center is located at the intersection between Interstate 71 and Ohio State Route 750. Downtown Columbus is some 15 miles south.
Columbus’ retail market continued to witness negative net absorption in the second quarter of this year, according to a recent Cushman & Wakefield report, a trend that has constantly manifested itself over the past five quarters. Vacancy rates rose 80 basis points year-over-year to 4.4 percent, still remaining below the national 5.8 percent, the report also shows.
O’Connor Capital’s recent activity
Founded four decades ago, O’Connor Capital Partners currently has $6.5 billion worth of assets under management across the U.S. The company’s portfolio, comprising retail, office, industrial and residential properties, includes 20 million square feet of commercial space.
Last month, the company formed a $150 million programmatic joint venture with FrontRange Capital to develop triple net leased retail properties across East Coast markets. The venture is funded by a FrontRange-managed fund backed by a major U.S. university endowment, with O’Connor leading site selection, development and leasing, while FrontRange handles asset management.
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