Newmark Closes Sale of 332,309-Square-Foot Regional Shopping Center in Newport

Newmark closes sale of 332,309-square-foot regional shopping center in Newport

Newmark arranged the sale of Newport Pavilion, a 332,309-square-foot grocery-anchored regional shopping center in Newport, Kentucky, directly across the Ohio River from downtown Cincinnati. Newmark President of Retail Capital Markets Conor Lalor, Senior Managing Director Kyle Minter, Senior Managing Director Keely Polczynski, Director James Sharpe V and Associate Director Brian Schneiderman represented the seller, The Rainier Companies, in the transaction. Situated on approximately 55 acres, Newport Pavilion is a fully leased retail destination anchored by Kroger and Target and complemented by a diverse lineup of nationally recognized retailers, including Dick’s Sporting Goods, TJ Maxx, Michaels, ULTA Beauty, PetSmart and Chipotle. Originally developed in 2008, the center serves as one of the most heavily trafficked shopping destinations in Kentucky, benefiting from its strategic location less than one mile from downtown Cincinnati and immediate access to Interstate 471. Newport Pavilion benefits from a long-term PILOT agreement through 2037 and draws from a dense and affluent trade area of approximately 260,000 residents and 115,000 households within a five-mile radius. The property also benefits from Kentucky’s lower sales tax structure relative to neighboring Ohio, further enhancing its regional consumer appeal and supporting strong tenant sales performance.

Mystery buyer acquires one of Greater Cincinnati's largest shopping centers

Source: Bilanol / Getty A major commercial real estate transaction has taken place in Northern Kentucky as Newport Pavilion, one of the region’s premier shopping destinations, has been sold to an undisclosed buyer. Located just minutes from downtown Cincinnati, the 332,309 square foot retail center has been a cornerstone of shopping and dining in the area since its development in 2008. The center is currently fully leased and features major reta…