{"id":1004080989,"date":"2013-07-29T05:56:50","date_gmt":"2013-07-29T13:56:50","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=153493"},"modified":"2020-05-21T02:17:23","modified_gmt":"2020-05-21T10:17:23","slug":"two-cincinnati-area-retail-properties-sell-more-expected","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/two-cincinnati-area-retail-properties-sell-more-expected\/","title":{"rendered":"Two Cincinnati-Area Retail Properties Sell; More Expected"},"content":{"rendered":"<p style=\"text-align: justify;\"><em>By Adrian Maties, Associate Editor<\/em><\/p>\n<p style=\"text-align: justify;\">The recovering Cincinnati economy <a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/07\/tricont.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-153494\" title=\"tricont\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/07\/tricont.jpg\" alt=\"\" width=\"300\" height=\"151\" \/><\/a>is attracting investors. Recently, two large multi-tenant assets have sold for a combined $75 million, and <a href=\"https:\/\/www.marcusmillichap.com\/\" rel=\"nofollow\" ><em>Marcus &amp; Millichap Real Estate Investment<\/em> <em>Services<\/em><\/a> expects the sale of retail assets in the area to gain traction during the course of the year.<\/p>\n<p style=\"text-align: justify;\">Rubenstein Real Estate Co., a private real estate company based in Overland Park, Kan., paid $30 million for the Colerain Towne Centre. New York-based Kimco Realty Corp. was the seller and was represented by Joe Girardi and Ben Wineman of Mid-America Real Estate Corp.\u2019s Investment Sales Group. The buyer was self-represented.<\/p>\n<p style=\"text-align: justify;\">Colerain Towne Centre is a 400,000-square-foot power center located on 37 acres of land in the northeast quadrant of Colerain Avenue and Interstate 275 in Colerain Township. It is anchored by a Walmart Supercenter, Dick\u2019s Sporting Goods, Jo-Ann Fabrics, PetSmart and Hobby Lobby. Kimco acquired the property in 2000 for more than $26.5 million.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/news.cincinnati.com\/article\/20130718\/BIZ\/307180073\/Surprise-bidder-buys-Tri-County-Mall-45M\" rel=\"nofollow\" ><em>The Cincinnati Enquirer<\/em><\/a> reported that<a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/07\/tricontret.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-153495\" title=\"tricontret\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/07\/tricontret.jpg\" alt=\"\" width=\"298\" height=\"300\" \/><\/a> American Pacific International Capital, a Portland, Ore.-based private investment company backed by Chinese investors, is the new owner of Tri-County Mall. The property was acquired at a Hamilton County Sheriff\u2019s auction for $45 million. The opening bid was $35 million.<\/p>\n<p style=\"text-align: justify;\">Tri-County Mall is located at the interchange of State Route 747 and Interstate 275 in the northern suburb of Springdale. It opened in 1960. With more than 1.3 million square feet of leasable space, the mall is estimated to be  60 to 70 percent occupied. It is home to more than 150 retailers, including Macy&#8217;s, Dillard&#8217;s, Sears and BJ&#8217;s Restaurant.<\/p>\n<p style=\"text-align: justify;\">The Hamilton County sheriff valued the property at $52.5 million, significantly less than the $179.5 million price tag in 2005. The mall fell on hard times in recent years and went into foreclosure in 2012. American Pacific International Capital President Wilson Chen said after the auction that he will continue to run the property as a mall and that he plans to invest in it and \u201cbring it back to its old glory.\u201d<\/p>\n<h6 style=\"text-align: justify;\"><em>Photo credit: <a href=\"https:\/\/maps.google.com\/\" rel=\"nofollow\" >Google Maps<\/a><\/em><\/h6>\n<h6 style=\"text-align: justify;\"><em>Charts courtesy of <a href=\"https:\/\/www.marcusmillichap.com\" >Marcus &amp; Millichap Real Estate Investment Services<\/a> <\/em><\/h6>\n<p style=\"text-align: justify;\"><em><br \/>\n<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The recovering Cincinnati economy is drawing investors to the market. Recently, two large multi-tenant assets have sold for a combined $75 million and Marcus&amp;Millichap Real Estate Investment Services expects the sale of retail assets in the area to gain traction through the year.<\/p>\n","protected":false},"author":925,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1583],"tags":[1815],"class_list":["post-1004080989","post","type-post","status-publish","format-standard","hentry","category-cincinnati","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Two Cincinnati-Area Retail Properties Sell; More Expected - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/two-cincinnati-area-retail-properties-sell-more-expected\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Two Cincinnati-Area Retail Properties Sell; More Expected\" \/>\n<meta property=\"og:description\" content=\"The recovering Cincinnati economy is drawing investors to the market. Recently, two large multi-tenant assets have sold for a combined $75 million and Marcus&amp;Millichap Real Estate Investment Services expects the sale of retail assets in the area to gain traction through the year.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/two-cincinnati-area-retail-properties-sell-more-expected\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-07-29T13:56:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-21T10:17:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/07\/tricont.jpg\" \/>\n<meta name=\"author\" content=\"Adrian Maties\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/two-cincinnati-area-retail-properties-sell-more-expected\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/two-cincinnati-area-retail-properties-sell-more-expected\\\/\"},\"author\":{\"name\":\"Adrian Maties\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/6dfc8d1c9006c9fd1c89d69133130109\"},\"headline\":\"Two Cincinnati-Area Retail Properties Sell; 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