Columbus-area grocery-anchored retail center sells for $17.7M
JLL Capital Markets closed the sale of Derby Square to a private Midwest buyer
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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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Madison International Realty
Madison International Realty (madisonint.com) is a leading liquidity provider to real estate investors worldwide. Madison provides equity capital for real estate owners and investors seeking to monetize embedded equity, to replace capital partners seeking an exit and to recapitalize balance sheets. The firm provides equity for recapitalizations, partner buyouts and capital infusions; and acquires joint venture, limited partner and co-investment interests as principals. Madison invests in secondary transactions and focuses on existing properties and portfolios in the U.S., U.K. and Europe. Madison has offices in New York, London, Luxembourg, Amsterdam and Frankfurt, where the firm operates under the name of Madison International Realty GmbH.
About SITE Centers
SITE Centers is an owner and manager of open-air shopping centers located in suburban, high household income communities. The company is a self-administered and self-managed REIT operating as a fully integrated real estate company and is publicly traded on the New York Stock Exchange under the ticker symbol SITC. Additional information about the company is available at sitecenters.com. To be included in the company’s e-mail distributions for press releases and other investor news, please click here.