Marketplace at Four Corners, a major shopping center in Bainbridge at 7115 Market Place Drive off Route 43, has been sold to new owners.
MPG Development Manager Matt McGill said the company, which developed the property beginning in 1999, wanted to diversity its holdings and decided to sell the center to Marketplace Associates LLC, a New York-based company. The sale closed Jan. 30.
"We didn’t want to have all our eggs in on basket," said McGill, explaining MPG is not a huge company and that it has other properties that are similar.
Marketplace Associates LLC President Mark Rubin said the shopping experience will not change significantly under new ownership.
"We hope to keep it up just as it is," said Rubin.
There is one buildable parcel on the property which he said the company might someday develop, but there are no immediate building plans, he said.
The only other change shoppers may notice is the addition of a daytime porter Rubin said would help maintain and clean the property.
Marketplace Four Corners was sold from MPG Development to Marketplace Associates for about $55.67 million. The purchase includes about 125 acres dominated by a shopping center, which includes a Dicks Sporting Goods, Kohls, Walmart, Marshall’s, Five Below, Petsmart, Target, BigLots, Home Depot, and more, according to McGill. The land is broken into six parcels.
In total, there are 50 stores, more than 3,000 parking spots and 665,607 square feet of retail space at Marketplace at Four Corners, according to MPG’s profile of the shopping center. MPG also states that the average household income in the area is more than $120,000 a year.
Rubin said he has family in Cleveland and also owns a shopping center in Pittsburgh, Pa.
"We’re always looking for new opportunities," he said. "This seemed like a good property in a good area."
Reporter Bob Gaetjens can be reached at 330-541-9440, firstname.lastname@example.org, or @bobgaetjens_rpc.