HILLIARD, OHIO – RealEstateRama – 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 a 118,161-square-foot, two-tenant, Floor & Décor and Arhaus investment property located in the Columbus, Ohio metro. The property is shadow anchored by Lowe’s Home Improvement and is positioned within the Mill Run Square shopping center located in the city of Hilliard, Ohio (Franklin County). In the past 36 months, Hanley Investment Group has sold $518 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 that acquires and develops commercial real estate throughout the U.S. The buyer was a private investor based in Ohio and was represented by Mark Luttner of Luttner Passov Investment Group in Beachwood, Ohio.
“We generated multiple competitive offers within one week of formally marketing the property for sale and procured an all-cash buyer from the region,” said Wohl. “Investors liked the tenants’ history of strong store sales and healthy lease-term that remained.”
Wohl continues, “Floor & Décor and Arhaus were performing well pre-pandemic, but both have seen an increase in store sales during the last 18 months. With everyone spending a lot more time at home, consumers are investing heavily into home improvement projects to make their spaces more functional and stylish.”
Floor & Decor (NYSE: FND), a leading specialty retailer of hard-surface flooring, and Arhaus, a rapidly growing lifestyle brand and omni-channel retailer of premium home furnishings, are located approximately 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.
The property also benefits from its location adjacent to Interstate 270 (116,600 cars per day) and its proximity to more than 2,060 multifamily units, Hilliard Weaver Middle School (920 students), Hilliard Davidson High School (1,870 students), Ohio State University (67,950 students), and an 800,000-square-foot Amazon data center. There are more than 222,042 people living within a five-mile radius of the shopping center with an average household income is $106,374.
In mid-June, Wohl and Kiehler, in association with Scott Reid & ParaSell, Inc., represented RCG Ventures in the sale of Lake 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.
About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a real estate brokerage and advisory services company with an $8.3 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. For more information, visit www.hanleyinvestment.com.
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