Direct Retail Partners Acquires Shopping Center in Columbus Suburb
JLL secured a three-year, floating-rate loan with Bayview Asset Management on behalf of the buyer.
The Shops at Worthington Place. Image via Google Street View
Direct Retail Partners has acquired The Shops at Worthington Place, a 139,283-square-foot, Class A retail center in Worthington, Ohio. JLL worked on behalf of the buyer to secure acquisition financing. Direct Retail received a three-year, floating-rate loan from Bayview Asset Management.
Located at 7227 N. High St. on roughly 16 acres, the asset is at the intersection between Interstate 270 and N. High St., which has a traffic count of 228,000 vehicles per day. According to JLL, 94,400 residents with an average annual household income of $97,065 live within a 3-mile radius of the property.
Completed in 2011, the shopping center is part of a larger mixed-used asset that includes a 190-unit community. At the time of the sale, Worthington Place was 92 percent leased to various tenants, including Panera, Orvis, First Watch and Lume Family Eyecare, among others. The center is shadow-anchored by Kroger.
The JLL team that arranged the financing was led by Managing Directors Mark Brandenburg and Tim Jordan. In July 2019, Jordan also secured a $108.4 million construction loan for a mixed-use Dallas development, slated for completion in 2021.
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