Goodman Investment Group recently closed on the sale of Parkway Plaza, a 77,203-square-foot shopping center located in Cambridge, Ohio. Shadow anchored by Rural King, the subject property features Marshall’s, Burkes, Dollar Tree, Anytime Fitness, and others.
This sale highlights a growing trend in acquisitions and leasing of shopping centers located in county-seat markets. As many national retailers are finding less opportunity for growth in primary and secondary markets, tertiary and county seat areas offer room for expansion. Markets like Cambridge have local populations of up to 15,000+ residents but can draw from up to 25 miles, growing their customer base by multiples of the local area population.
Investors have been catching on to this trend in recent years by starting to seek, in growing numbers, market-dominant county-seat shopping centers. These properties face little competition and become the retail hub for wide geographic areas. Not surprisingly, Parkway Plaza received multiple offers with new investors requesting information up to the closing date.
If you are considering evaluating or marketing a retail property, please reach out to Kyle Hartung, Director of Investment Sales.