Challenge
The Landen Square shopping center is located within a five-mile radius of over 100,000 people with average household incomes exceeding $110,000. The seller, Philips Edison & Company, is the nation’s largest owner and operator of grocery-anchored shopping centers. The Maineville shopping center is 99 percent occupied and shadow-anchored by Cincinnati-based and market-dominant Kroger. It features e-commerce-resistant tenants, such as fitness, service, and food-based operators.
Strategy
Despite the COVID-19 pandemic-induced headwinds presented in the multi-tenant retail market, Matthews™ successfully sourced a buyer through a previous relationship. The buyer, ME Real Estate, targets multi-tenant retail properties with strong real estate fundamentals, attractive going-in yield, and value-add opportunities.
Results
With the expertise and help of Matthews™ brokers, the seller’s expectations were successfully met. This sale marks the second correspondence with Philips Edison & Company, the first being a $9.2 million transaction involving High Point Village in Bellefontaine, OH, earlier in 2021.
