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Joint Venture Acquires 189,000-SF 32 East Shopping Center for $29.1M

Fully Leased Retail Complex Sells in Cincinnati
January 29, 2018
The Rainier Companies, CIL2 LLC and Cleveland-based Stark Enterprises, a fully integrated design, development, leasing and management company, acquired the nearly 189,000-square-foot 32 East Shopping Center in Cincinnati from Pebb Enterprises for $29.1 million, or approximately $154 per square foot.

The three-building retail complex at 700 Eastgate South Dr. was fully occupied at the time of sale. 32 East Shopping Center is anchored by Michael’s, and has a diversified tenant roster including Burlington Coat Factory, Ulta, HomeGoods, Kirkland’s, Five Below and Famous Footwear.

Pebb Enterprises, a family-owned, private equity real estate investment company, extensively renovated the asset after it acquired 32 East Shopping Center in 2013 for $4.7 million.

Tim Nichols, president of Rainer Companies, said, “We are very pleased to participate in the acquisition of this fully renovated, 100 percent leased property. The Eastgate submarket is strong in terms of both retail sales and household growth and the property has an excellent line-up of tenants, each in their current preferred size and space configuration.”

Ben Wineman and Carly Gallagher of Mid-America Real Estate Corp., along with Amy Holter of Anchor Associates, represented the seller.

Please see CoStar COMPS #4116571 for more information on this transaction.
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