03 Sep 2019
Cleveland, OH – Matthews Real Estate Investment Services™, the nation’s fastest-growing commercial real estate company, announces the portfolio sale of two La-Z-Boys in Ohio. La-Z-Boy Incorporated has over 350 locations with a market cap of $1.36 billion. SVP & Senior Director of Matthews™ Net Lease Division Calvin Short led the transaction on behalf of the seller. The two properties were sold for over $7.1 million to a publicly traded REIT from the western United States by full service real estate development firm ICAP Development.
The first property, located at 12189 Montgomery Rd. in Loveland, Ohio, consists of roughly 18,500 square feet. It is positioned across from Meijer and Menards, around the corner from Costco, Target, and JCPenney. The signalized hard corner location has a combined traffic count of over 57,000 vehicles per day at the intersection of Montgomery Road and Fields Ertel Road. There is a 10-year corporately guaranteed lease with La-Z-Boy Incorporated remaining on the asset.
The second property is located at 876 Eastgate Square in Cincinnati, Ohio. The 15,600 square foot space is positioned within an affluent neighborhood in Cincinnati, just 24 miles from the city center. The La-Z-Boy property has frontage along I-32 which sees over 55,000 vehicles per day and sits at the main entrance to the driveways leading to Walmart, Sam’s Club and ALDI. The asset, which has a 10-year lease remaining on it, is surrounded by national retailers Hobby Lobby, Dick’s, Michael’s, Kroger, Marshalls, Kohl’s, JCPenney, HomeGoods, Chick-Fil-A, Starbucks, and Chase Bank.
Calvin Short takes pride in his commitment to serving his client’s best interest. With Matthews™ competitive marketing technology and expansive database, Calvin Short and the Net Lease division have earned a reputation for excellence in execution. For more information, please view our available net lease inventory.
Matthews Real Estate Investment Services™ is recognized as an industry leader in Shopping Centers, STNL, Multifamily, Leasing, Management, Portfolio Disposition and 1031 Exchange programs. The firm is headquartered in El Segundo, CA and serves clients throughout the United States and Canada. For more information, please visit www.matthews.com