IPA Arranges $76M Retail Center Portfolio Sale

Institutional Property Advisors has arranged the $76.3 million sale of a shopping center portfolio in metro Columbus, Ohio. The property collection consists of Taylor Square in Reynoldsburg and Tuttle Crossing in Dublin, two retail assets totaling 622,000 square feet.

Taylor Square traded for $55.3 million, while Tuttle Crossing sold for $21 million, according to CommercialEdge information.

Island Capital in partnership with Casto sold the two shopping centers to DLC Management and Principal Asset Management. IPA Senior Managing Directors Erin Patton, Scott Wiles and Craig Fuller brokered the deal on behalf of the sellers.

Two Walmart-anchored retail centers

Completed between 2000 and 2003, Taylor Square is a 395,074-square-foot retail center featuring nine one-story buildings. Just off Interstate 70 and near Route 256, Taylor Square is the largest shopping center in the area. The tenant roster at the Walmart Supercenter-anchored center includes JoAnn, Marshalls, Dollar Tree, Famous Footwear, Bath & Body Works and Smokey Bones. Taylor Square was 99 percent leased at the time of sale.

The 226,718-square-foot Tuttle Crossing in Dublin covers a 19-acre site. The shopping center is situated off Interstate 270 exit ramps at Tuttle Crossing Boulevard. Its tenant roster includes Best Buy, Foot Locker, JCPenney, Bath and Body Works and Macy’s. Tuttle Crossing is also anchored by a Walmart.

Downtown Columbus is equidistant to the two assets, some 14 miles west of Taylor Square and south of Tuttle Crossing.

The retail sector has seen a significant post-pandemic recovery, attracting both investors and luxury retailers. A JLL report attributes this improved performance to a pedestrian-friendly infrastructure that increases foot traffic in prime urban corridors, including Miami’s Design District, Boston’s Newbury Street and Seaport, as well as Chicago’s Fulton Market and Wicker Park.