JJ Katz - Commercial Real Estate Showcase

JJ Katz Property Listings
Heights Properties
382 Kingston Ave
Brooklyn, NY 11225-3126

4744 - 4800 Fields-Ertel Road - King's Mall Shopping Center - King's Mall I

Cincinnati, OH 45249 - Mason/Montgomery Submarket

(600.5 KB)

Property Type:Retail Sub Type:- Status:Existing , Renov 2009 Year Built:1986
Building Size:61,864 SF Land Area:5.67 AC (246,855 SF)
For Sale Price:$11,000,000 Price/SF:$177.81
Cap Rate:7.50 %
Parking:Free Surface spaces are available; Ratio of 8.08/1,000 SF
Features:Dedicated Turn Lane, Pylon Sign, Signalized Intersection

Sale Notes:
The vacating tenant is HH Gregg who occupied 49% of the 61,864 square foot center.The property manager of the space is now receiving inquires about the space from major retailers with hopes of filling the space soon. Other tenants in the center include such national retailers as Hallmark, GNC, Jenny Craig, Firehouse Subs and Mattress Firm.
The offering provides the investor the rare opportunity to acquire a very stable asset with some additional potential. The rental rates for Hallmark and Grand Oriental are significantly below market enabling the investor to drive rental rates upon their lease expiration's.
Effective Gross Income: $1,102,378
Expenses: $277,378
Net Operating Income: $825,000
Mortgage is being Seviced By Wells Fargo and must be assumed.
10 Year Non-Recourse Loan originated February 2013 of $5,700,000. 4.7%
Total Annual Principal and Interest is $354,748

The asset is an extremely well-located neighborhood shopping center with excellent visibility on Fields Ertel Road.
The asset also benefits from its physical location within the Fields Ertel retail trade area and its favorable proximity to I-71. The Fields Ertel/Mason-Montgomery trade areas have been a virtual hotbed for retailers wanting to locate in the burgeoning Mason and Deerfield Township submarkets. During the past fifteen years the area has added almost 8+ million square feet of commercial property development.
Demographics in the area surrounding the center can only be described as exceptional. Since 2000, the population in the 1, 3 and 5 mile radius grew at over 35.6%, 14.88% and 14.10%. Projected population growth for the next three years continues to be strong with growth projected to be 6.59%, 3.96% and 3.72%, respectively. Average household incomes are robust at $86,627, $98,149 and $98,272. Lastly, there is a significant office presence in the area as the daytime business population is 143,000; providing additional strength to the asset' s location.

Heights Properties
JJ Katz
(718) 363-3932 x101

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