This out of state shopping center was acquired in June of 2007 for $1,150,000 in the residential neighborhood of Riverside, Ohio. At that time $920,000 of debt financing was placed on this shopping center, which consists of 46,603 square feet of leasable space on over 7 acres of land. Anchored by a 31,303 square foot Kroger Grocery Store, the Center also contains 15,303 square feet of in-line local retailers.
This investment during our holding period performed at a 13.2% cap rate. It was sold in June 2022 for $1,300,000. Our leveraged return on this property was 170% over our holding period. We have retained the ownership of a developable out parcel, which will further enhance our returns on this investment down the road.
