COLUMBUS, OH— Matthews™, a commercial real estate investment services and technology firm, completed the sale of Broad Street Plaza East, located at 8070 East Broad Street in Reynoldsburg, Ohio. Matthews™ Senior Vice Presidents Pierce Mayson & Kyle Stonis, Executive Vice President Ben Snyder, First Vice President Zack Bates, and Associate Vice President Boris Shilkrot represented the seller, Garner Group, in the transaction, with Matt Wallace as the broker of record.

 

Positioned in the heart of the E Broad St retail corridor, Broad Street Plaza East totals 55,946 square feet of retail space and was 92% leased at closing. The Ross Dress for Less anchored center features a strong mix of national tenants that collectively account for approximately 65% of rental income, a diverse small-shop lineup, and a 4,209-square-foot second-generation vacancy that offers near-term upside.

 

Garner Group, a repeat client, brought the property to market as part of a capital recycling strategy after strengthening the rent roll through recent long-term leasing activity. The Matthews™ agents directly sourced a repeat buyer based in the Mid-South who plans to continue operating the center and add value through lease-up of the remaining vacancy.

 

“We were excited to get Broad Street Plaza East to the finish line, following a strong response on the market,” Snyder said. “We continue to see a significant push from the retail investment community, expanding their traditional target markets outside of the Southeast to include growing Midwest markets where yield is more readily available.”

 

Matt Wallace License No. REC.2022007141 (OH)

 

For more information, please contact Pierce Mayson, Kyle Stonis, Ben Snyder, Zack Bates, and Boris Shilkrot or visit www.matthews.com.

 

About Matthews™

Matthews™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 1,000 agents and employees in 30 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.