Ohio Retail Center Trades for $1.9M in Columbus-Cincinnati Corridor

A nearly 14,000-square-foot retail center straddling the corridor between Columbus and Cincinnati has found a buyer. Fayette Square, located in Washington Court House, Ohio, traded for $1.9 million in a deal arranged by Cooper Commercial Investment Group.

The transaction underscores the ongoing appetite for grocery-anchored and necessity-based retail assets in smaller Midwest markets, where investors often find more favorable cap rates compared to tier-one urban centers.

Key Details

The sale involves Fayette Square, a 13,840-square-foot retail center at a strategic midpoint between two of Ohio's largest metropolitan areas. Cooper Commercial Investment Group served as the broker, facilitating the $1.9 million transaction.

The property benefits from its location in Washington Court House, a community that serves as a regional commercial hub for Fayette County. According to Shopping Center Business, the center counts Walmart among its proximate retail neighbors, providing additional traffic draw to the immediate trade area.

At roughly $137 per square foot, the pricing reflects the realities of secondary market retail investment — well below replacement cost, yet offering potential for steady income generation anchored by tenants serving essential consumer needs.

Market Context

The Fayette Square transaction reflects broader trends shaping retail investment across the Midwest. As cap rates in primary markets like Columbus and Cincinnati have compressed over recent cycles, investors have increasingly looked to neighboring communities for yield without sacrificing the economic fundamentals that drive retail performance.

Washington Court House sits approximately 50 miles from Columbus and 70 miles from Cincinnati, positioning it as a convenient stop for residents across the region. Properties anchored by national credit tenants in such locations have proven resilient through economic cycles, attracting both local operators and institutional capital seeking portfolio diversification.

The $1.9 million price point also signals activity in a deal-size bracket that often flies under the radar of larger institutional investors but remains fertile ground for private capital and 1031 exchange buyers. Transactions in the $1 million to $5 million range accounted for a substantial portion of retail investment volume in 2023, as smaller investors capitalized on market dislocations created by rising interest rates.

For CRE professionals tracking the Ohio corridor, the deal serves as a reminder that secondary and tertiary markets continue to offer viable opportunities — particularly for well-located retail assets with established tenant bases. As borrowing costs stabilize and transaction velocity picks back up, observers expect similar properties in the region to see renewed attention from value-oriented buyers throughout 2024.