Tri-County Mall, Cincinnati, OH

Savills represented The Blackstone Group and Polaris Capital in arranging the sale of this 1.3 million square foot super-regional mall located in northern Cincinnati.

The property is anchored by four department stores including Macy's, Dillard's, Sears and JC Penney and includes over 150 in-line stores. Tenant sales averaged approximately $380 per square foot and the mall generated nearly $250 million in annual sales.

The transaction was complicated by the fact that, during the marketing process, JC Penney announced its decision to close its store at the mall and build a free-standing store approximately 10 miles to the north.

Savills identified a buyer willing to underwrite the redevelopment potential in the JC Penney store thus enabling a successful transaction. The sale price was approximately $180 million.