Hanley Investment Group closes sale of 118,000-square-foot investment property in Columbus market

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REJournals

Hanley Investment Group Real Estate Advisors has arranged the sale of a 118,161-square-foot, two-tenant Floor & Décor and Arhaus investment property in the Columbus, Ohio, metropolitan area.

The property is shadow-anchored by Lowe’s Home Improvement and is positioned within the Mill Run Square shopping center in the city of Hilliard, Ohio. In the past 36 months, Hanley Investment Group has sold $506 million in retail properties in the Midwest.

Hanley Investment Group’s Executive Vice President Eric Wohl and Associate CJ Kiehler, in association with ParaSell, Inc., represented the seller, an affiliate of RCG Ventures of Atlanta, Georgia, a privately funded real estate investment group. The buyer was a private investor based in Ohio and was represented by Mark Luttner of Luttner Passov Investment Group in Beachwood, Ohio.

Floor & Decor, a specialty retailer of hard-surface flooring, and Arhaus, a lifestyle brand and omni-channel retailer of premium home furnishings, are located about 12 miles from downtown Columbus and are situated on 12.24 acres at 3785-3791 Park Mill Run Drive in Hilliard.

The overall shopping center, Mill Run Square, features a variety of tenants including Lowe’s Home Improvement, Dollar Tree, Tuesday Morning, Tim Hortons, Panera Bread, KFC, Subway, T-Mobile, NTB-National Tire & Battery and more, which helps drive traffic to the site, according to Wohl. Other retailers in the area include Target, The Home Depot, Chipotle, Starbucks, Crunch Fitness, Dave & Busters, At Home, CVS Pharmacy and Staples.

In mid-June, Wohl and Kiehler, in association with Scott Reid & ParaSell, Inc., represented RCG Ventures in the sale ofLake Park Plaza, a 114,867-square-foot shopping center anchored by Hobby Lobby in Michigan City, Indiana. Lake Park Plaza is located less than 60 miles from Chicago.