Triple BAR Group has purchased a three-property, 543,378-square-foot shopping center portfolio in Toledo, Ohio. JLL Capital Markets brokered the transaction, with J.C. BAR Properties and Triple Crown Corp. also involved in the closing of the deal.
The Monroe Street Portfolio comprises three open-air shopping centers: Monroe Street Marketplace, Franklin Place and a Fresh Thyme-anchored center.
Completed in 1990, the 306,540-square-foot Franklin Place center incorporates four buildings on a 24.7-acre site. Monroe Street Marketplace came online in 1970, comprising two building totaling 116,025 square feet.
Investor demand for large format retail centers remains robust, said JLL Retail Capital Markets Senior Managing Director Jim Galbally in prepared remarks.
Galbally, alongside Senior Director Michael Nieder, Managing Director Keely Polczynski and Director Patrick Higgins, worked on behalf of the seller and procured the buyer in the Monroe Street deal.
A retail portfolio with sound fundamentals
The portfolio had a 94 percent occupancy rate at the time of the sale. The tenant roster at the three properties includes anchors such as Target, Golf Galaxy, Gabe’s, Bob’s Discount Furniture, Marshalls, HomeGoods, PetSmart, Five Below and Fresh Thyme. Starbucks, Taco Bell, Game Stop, Tropical Smoothie Café, European Wax Center and Citizens Bank are some of the other national and regional retailers.
Located within the Sylvania/Westgate submarket, the three properties are in an area reaching more than 22,000 vehicles per day, according to JLL. The portfolio’s large number of visitors, which reached more than 5 million in the last 12 months, according to the same source, helped recent leasing momentum. The portfolio landed 45,200 square feet in new leases and 83,000 square feet in renewals since 2020.