Deerfield Towne Center, one of Greater Cincinnati’s premier shopping destinations, sold this week for $97 million.
Ramco-Gershenson Properties Trust Thursday announced its purchase of the 461,000-square-foot open-air shopping center at the intersection of Mason-Montgomery and Irwin Simpson roads.
The Farmington Hills, Mich.-based company owns and manages 79 shopping centers nationwide. The Deerfield Towne Center is one of 17 shopping centers purchased by the company this year for $567 million.
The 45-acre open-air market built in 2004 is anchored by one of only two Whole Food Markets in Greater Cincinnati, along with retail powerhouses Dick’s Sporting Goods, Bed, Bath & Beyond and the 16-screen Regal Cinema.
The “lifestyle center,” which is 92 percent leased, also includes dozens of upscale apparel stores, specialty retailers and eateries.
“Cincinnati/Mason is a robust market where we expect to see continued strong growth in population and business over the next several years,” Dennis Gershenson, president and CEO, said in a press release. “Combined with our Columbus properties, Deerfield Town Center provides a substantial foothold in a very attractive market.”
Developed by Jeffrey R. Anderson Real Estate, which also developed Rookwood Commons, Deerfield Towne Center was among the first to deliver chic shopping to northern Cincinnati’s affluent suburbs.
The shopping center serves a demographic mix of about 225,000 households that boast an average income of $99,000, according to Ramco-Gershenson.
The thriving two-mile retail corridor along Mason-Montgomery Road is one of Warren County’s most explosive commercial growth spots. About 32,000 cars travel the stretch daily.
Traffic generated from the shopping center contributes to more than 80,000 vehicles that travel each day through the nearby Fields Ertel/Mason-Montgomery interchange off Interstate 71.
County officials broke ground there earlier this week on a new loop ramp project expected to reduce traffic flow in the area by as much as 50 percent.
The project ranks among the top five most important transportation projects in Greater Cincinnati, said Warren County Commissioner Dave Young.