Brad Kitchen, President of Alterra Real Estate Advisors, has purchased the 82,946 SF retail center known as Johnstown Village Square, located at 633-759 W Coshocton Street in Johnstown, Ohio. The property sits on 10.68 acres and is currently 67% occupied and anchored by Tractor Supply, Goodwill, Dollar Tree, H&R Block and a McDonald’s outparcel. Kitchen closed on the property on October 19, 2018 for $3,000,000 ($36.17 PSF). Kitchen, plans to make improvements to the property, fill the building with quality tenants and take advantage of the continued growth of Johnstown. Alterra Real Estate Advisors will lease and manage the property with 1,600 SF to 22,938 SF available for lease.
Brad Kitchen typically buys value add properties in which he can add value by fixing deferred maintenance, property management and leasing issues to add value to the property. He also recently purchased the 47,000 SF Stoneridge Medical Office Complex in Dublin Ohio at 4015 W. Dublin Granville Road just down the street from Bridge Park in Dublin for $2.175 million ($43 PSF); currently 20% occupied, Alterra RE has prospective tenants looking at all available spaces in the building.