Mid-America Completes Sale of Recently Net Leased AT&T Building in Cincinnati

CINCINNATI (January 5, 2012) – Mid-America Real Estate Corporation’s Net Lease Investment Group recently completed the sale of a double net leased, 2,958 square-foot freestanding AT&T Mobility building in Cincinnati. The buyer in a 1031 exchange was a private New York investor, who purchased the property for $1.48 million from a Cincinnati developer.

According to Mid-America broker Mark Goldberg, whose firm was the exclusive representative for the seller, terms included two five-year renewal options, with 9.5 years remaining on the primary term. “This is A-plus real estate,” says Mr. Goldman, “which makes the transaction a perfect example of how private capital is continuing its trend toward investing in solid core Midwestern markets. The income level in this area is about 20% above both the state and national averages.”

The AT&T building was constructed in 2008 and remodeled in 2010, and is situated on a 1.03-acre hard-corner outlot at 4465 Eastgate Boulevard, off State Route 32, the primary east-west highway linking local residents to downtown Cincinnati. The outlot is part of the fully leased 236,230-square foot Eastgate Pavilion power center, which is anchored by Best Buy, Bed Bath & Beyond, Dick’s Sporting Goods, DSW and PetSmart. Immediately north to the site is a 959,367 square-foot Eastgate regional mall, and immediately east is a new 700,000 square-foot redevelopment anchored by Jungle Jim’s Market, a six-acre international grocery store expected to generate 5.2 million shoppers per year.

Mark Goldberg and Tom Fritz of Mid-America, and Amy Holter of Ohio-based Anchor Associates comprised the Mid-America team representing the seller.

Mid-America Real Estate Corporation is a member of Mid-America Real Estate Group, a ChainLinks affiliate. Mid-America Real Estate Group is the Midwest’s leading full-service retail real estate organization. For more information, call (630) 954-7300 or visit http://www.midamericagrp.com/netlease.html

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