In a JV, Next Realty Affiliate Acquires Second Cincinnati Property
An affiliate of Next Realty, LLC completed the acquisition of Waterstone Center, a 160,000 square foot, power center located in Cincinnati, Ohio. The acquisition was made through a joint venture with Midland Atlantic Properties and its affiliates.
This represents Next’s second retail property in Cincinnati, the largest metro area in Ohio.
The center is fully leased to retailers that include Best Buy, Ross Dress for Less, Michaels, Old Navy and Petco. Target and Costco are “shadow anchors” of the center; they are within the property’s boundaries and help to generate strong traffic flows but own their own spaces.
Tenants occupying 60% of the space at Waterstone Center have leased space at the center for more than 22 years. This underscores the strength of the center’s location in the market.
Waterstone Center is located in the heart of the northeast quadrant of Cincinnati, one of the most sought-after area submarkets. The center occupies a strong location along a prime retail corridor on Fields Ertel Road. This serves as the primary east-west artery through the Kings Automall corridor and generates traffic counts of more than 30,000 per day. The Kings Automall includes 14 auto dealers across 18 vehicle brands, averaging more than $1 billion in annual sales.
The first property that Next acquired in Cincinnati, Kings Automall Retail Center, is adjacent to Waterstone Center.