{"id":1004107168,"date":"2014-11-07T21:25:54","date_gmt":"2014-11-08T05:25:54","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=304639"},"modified":"2020-05-14T03:26:21","modified_gmt":"2020-05-14T11:26:21","slug":"metlife-affiliate-buys-west-chester-retail-center-in-68-6m-deal","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/metlife-affiliate-buys-west-chester-retail-center-in-68-6m-deal\/","title":{"rendered":"MetLife Affiliate Buys West Chester Retail Center in $68.6M Deal"},"content":{"rendered":"<p style=\"text-align: justify;\"><em>By Adrian Maties, Associate Editor<\/em><\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/11\/marcusmillichapretailq32014.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-304640\" title=\"marcusmillichapretailq32014\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/11\/marcusmillichapretailq32014.jpg\" alt=\"\" width=\"288\" height=\"300\" \/><\/a>Another popular shopping center in the Greater Cincinnati area has changed hands. The Voice of America Centre was purchased by subsidiaries of New Jersey-based MetLife Core Property Fund GP L.L.C. in one of the region\u2019s largest transactions of the year.<\/p>\n<p style=\"text-align: justify;\">The new owner paid $68.6 million to buy the 435,000-square-foot outdoor retail center, according to the <em><a href=\"https:\/\/www.bizjournals.com\/cincinnati\/news\/2014\/11\/04\/greater-cincinnati-shopping-center-sells-for-68-6m.html?iana=ind_cre\" rel=\"nofollow\" >Cincinnati Business Courier<\/a><\/em>. MetLife purchased the property from VOA I Development Co. L.L.C. and VOA II Development Co. L.L.C. n a transaction that closed Oct. 31.<\/p>\n<p style=\"text-align: justify;\">Voice of America Centre opened ten years ago in West Chester Township. Fresh Market, T.J. Maxx, Office Depot, Milano\u2019s, Petsmart and Michael&#8217;s are among the tenants.The center&#8217;s anchor, a Target, was not included in the transaction.<\/p>\n<p style=\"text-align: justify;\">Voice of America Centre joins a long line of retail centers that have come under new ownership this year. Last month, a joint venture of Inland Real Estate Corp. and Dutch pension fund adviser PGGM <em><a href=\"https:\/\/www.commercialsearch.com\/news\/cities\/cincinnati\/inland-real-estate-pggm-jv-buys-phase-2-of-newport-pavilion-for-23-6m-3\/1004106177.html\" >paid $23.6 million for Phase II of Newport Pavilion<\/a><\/em>. The two companies had also <em><a href=\"https:\/\/www.commercialsearch.com\/news\/cities\/cincinnati\/inland-real-estate-corp-pggm-buy-phase-i-of-newport-pavilion\/1004100110.html\" >purchased Phase I of Newport Pavilion<\/a><\/em> a few months earlier in a $43.3 million deal.<\/p>\n<p style=\"text-align: justify;\">A joint venture of Cincinnati-based Jeffrey R. Anderson Real Estate Inc. and Kentucky-based P&amp;P RE L.L.C.,recently <a href=\"https:\/\/www.commercialsearch.com\/news\/cities\/cincinnati\/2-kenwood-retail-centers-fetch-32m\/1004105025.html\" >sold Kenwood Pavilion and Kenwood City Place<\/a> to Colorado-based GDA Real Estate Services L.L.C. The total sales price was $32 million.<\/p>\n<p style=\"text-align: justify;\">In its report for the third quarter, Marcus &amp; Millichap Real Estate Investment Services said that demand for retail assets throughout the Cincinnati metropolitan region continues to rise as operations improve. Investors are looking to acquire both multi-tenant and single-tenant assets and rising values are motivating owners to sell.<\/p>\n<p style=\"text-align: justify;\">Transaction velocity for multi-tenant assets has ticked up over the past four quarters, with grocery-anchored centers trading for about $150 per square foot, while unanchored centers sold at around $100 per square foot, depending on location and tenant mix.<\/p>\n<p style=\"text-align: justify;\"><em>Charts courtesy of <a href=\"https:\/\/www.marcusmillichap.com\/\" rel=\"nofollow\" >Marcus &amp; Millichap<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Another popular shopping center in the Greater Cincinnati area has recently changed hands. The Voice of America Centre was purchased by subsidiaries of New Jersey-based MetLife Core Property Fund GP LLC, in one of the region&rsquo;s largest commercial real estate transactions of 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":[1583,21742],"tags":[],"class_list":["post-1004107168","post","type-post","status-publish","format-standard","hentry","category-cincinnati","category-latest"],"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>MetLife Affiliate Buys West Chester Retail Center in $68.6M Deal - 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\/metlife-affiliate-buys-west-chester-retail-center-in-68-6m-deal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MetLife Affiliate Buys West Chester Retail Center in $68.6M Deal\" \/>\n<meta property=\"og:description\" content=\"Another popular shopping center in the Greater Cincinnati area has recently changed hands. The Voice of America Centre was purchased by subsidiaries of New Jersey-based MetLife Core Property Fund GP LLC, in one of the region&rsquo;s largest commercial real estate transactions of the year.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/metlife-affiliate-buys-west-chester-retail-center-in-68-6m-deal\/\" \/>\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=\"2014-11-08T05:25:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-14T11:26:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/11\/marcusmillichapretailq32014.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\\\/metlife-affiliate-buys-west-chester-retail-center-in-68-6m-deal\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/metlife-affiliate-buys-west-chester-retail-center-in-68-6m-deal\\\/\"},\"author\":{\"name\":\"Adrian Maties\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/6dfc8d1c9006c9fd1c89d69133130109\"},\"headline\":\"MetLife Affiliate Buys West Chester Retail Center in $68.6M Deal\",\"datePublished\":\"2014-11-08T05:25:54+00:00\",\"dateModified\":\"2020-05-14T11:26:21+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/metlife-affiliate-buys-west-chester-retail-center-in-68-6m-deal\\\/\"},\"wordCount\":340,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/metlife-affiliate-buys-west-chester-retail-center-in-68-6m-deal\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2014\\\/11\\\/marcusmillichapretailq32014.jpg\",\"articleSection\":[\"Cincinnati\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/metlife-affiliate-buys-west-chester-retail-center-in-68-6m-deal\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/metlife-affiliate-buys-west-chester-retail-center-in-68-6m-deal\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/metlife-affiliate-buys-west-chester-retail-center-in-68-6m-deal\\\/\",\"name\":\"MetLife Affiliate Buys West Chester Retail Center in $68.6M Deal - 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