Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm has arranged the sale of Perimeter Center, a fully leased 139,486-square-foot shopping center anchored by a Giant Eagle Market District grocery store in Dublin, Ohio.
Hanley Investment Group’s Executive Vice President Kevin Fryman and President Ed Hanley, in association with ParaSell, Inc., represented the 1031 exchange buyer, an affiliate of Orton Development, Inc., with offices in Pasadena, California. The seller was an institutional real estate owner, operator and developer of a national portfolio and was represented by the JLL Retail Capital Markets team led by Managing Directors Clinton Mitchell and Amy Sands.
Perimeter Center is anchored by a Giant Eagle Market District grocery store. Giant Eagle, Inc. is ranked among the top 40 on Forbes’ largest private corporations list and is one of the nation’s largest food retailers and distributors with approximately $9.7 billion in annual sales. Founded in 1931, Giant Eagle, Inc. has grown to be a leading food, fuel and pharmacy retailer in the region with more than 470 stores throughout western Pennsylvania, north central Ohio, northern West Virginia, Maryland and Indiana.
“The buyer sold an industrial property in northern California and wanted to acquire an institutional quality shopping center located in a robust market with strong demographics,” said Fryman. “The average household income within five miles of the shopping center is $132,000.”
Fryman continues, “The buyer was attracted to Giant Eagle’s strong store sales, their long-term operating history at the center and the capital that Giant Eagle was investing into their location at Perimeter Center and throughout the city of Columbus, converting more of their traditional stores to their high-end Market District concept.”
Perimeter Center is situated on a 15.54-acre parcel at U.S. Route 33 and Avery Road in Franklin County at 6644-6804 Perimeter Loop Road. The grocery-anchored shopping center was built in 1995 and serves the affluent community of Dublin in the Columbus metro area. The shopping center features a mix of internet-resistant tenants including Giant Eagle Market District, Chipotle Mexican Grill, Edward Jones, Enterprise Rent A Car, Sport Clips, UPS Store and Jersey Mike’s Subs. Perimeter Center benefits from a strong daytime population due to its proximity to the corporate offices of Nationwide, Wendy’s and Cardinal Health and offers easy access from Interstate 270. There are over 154,000 people within five miles of the shopping center.
“Rising interest rates are putting pressure on cap rates; however, those properties with the best tenant mix in the best locations have been impacted the least or not at all. It is all down to real estate fundamentals – the location, the tenants and the lease terms,” Fryman said.
About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a real estate brokerage and advisory services company with over a $9.4 billion transaction track record that specializes in the sale of retail properties nationwide. Our expertise, proven track record, and unwavering dedication to putting clients’ needs first set us apart in the industry. Hanley Investment Group creates value by delivering exceptional results through the use of property-specific marketing strategies, cutting-edge technology and local market knowledge. Our nationwide relationships with investors, developers, institutions, franchisees, brokers and 1031 exchange buyers are unparalleled in the industry, translating into maximum exposure and pricing for each property. With unmatched service, Hanley Investment Group has redefined the experience of selling retail investment properties.