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Eastern Union Secures $13M to Acquire Ohio Shopping Center
Eastern Union has arranged more than $12.96 million in financing toward the acquisition of Lima Center, a 174,078-square-foot shopping center located in Lima, Ohio. The purchase price for the center was $19.5 million.
The Eastern Union team included Managing Director Jack Beida, Senior Managing Director Michael Muller and Commercial Loan Analyst Mike Orlik. Anchored by an 86,584-square-foot Kohl’s and a 30,000-square-foot TJ Maxx, Lima Center houses ten retail tenants. The property’s multi-tenant building was built in 1978, the Kohl’s building was constructed in 2002, and TJ Maxx was built in 2005.
Eastern Union secured a seven-year, fixed-rate mortgage. The borrower was Lima Tov, LLC. The lender was not identified. “This top-tier retail asset meets every benchmark for quality and stability,” said Beida. Eastern Union has financed more than $1 billion in Ohio and maintains a substantial presence in the Midwest.
