The buyer is a Delaware statutory trust that gave the Ohio Secretary of State’s office a Pasadena, Calif., mailing address.
Known as North Heights Plaza, the property, which was recently marketed on Loopnet, has or has had a Dick’s Sporting Goods, Big Lots, Party City, Five Below and other retailers, including Hobby Lobby, Bed Bath and Beyond, and Sears Hometown.
The site is just north of the Old Troy Pike/Interstate 70 interchange. Traffic counts in the area exceed 52,000 cars a day on the interstate and 30,000 vehicles per day on Old Troy in front of the property, marketing materials say.
ExchangeRight, based in Pasadena, invests in properties with tenants holding longer-term leases with initial terms longer than 10 years. It also favors leases backed by investment-grade corporate credit. The company also likes net-leased properties in which tenants are responsible for all operating expenses, including taxes.
In a statement to the Dayton Daily News, a representative of ExchangeRight said: “JRW Realty facilitated the all-cash acquisition of this property on behalf of ExchangeRight. We are actively seeking to acquire grocery-anchored multi-tenant shopping centers and single-tenant properties net-leased to investment-grade companies that offer essential products and services for use in our Net-Lease Portfolio and Value-Add Portfolio platforms.
The company added: “This property met our rigorous acquisition criteria, which favor assets that are backed by tenants like Hobby Lobby that have strong financials, with a focus on properties in advantageous locations. The demographics of the surrounding area in this case are very attractive, with a growing population of over 82,000 people within a five-mile radius, and in the solid Huber Heights submarket of the Dayton area.”
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