One of Kentucky’s most heavily trafficked centers changes hands
Kentucky’s Newport Pavilion, a 332,000-sq.-ft. center in Newport, Ky. that plays a huge role in the retail component of Cincinnati, has been sold by The Rainier Companies.
Neither the buyer nor the purchase price was announced by Newmark, which handled the sale.
Just three miles from downtown Cincy over the Daniel Carter Beard Bridge, Newport Pavilion is part of a retail mecca that also includes Newport on the Levee and the Newport Shopping Center & Newport Plaza.
“With its cross-border consumer draw, strong demographics and best-in-class tenancy, Newport Pavilion has established itself as a premier retail destination within the greater Cincinnati region,” said Keely Polczynski, senior managing director of Newmark Retail Capital Markets. “Assets with this level of occupancy, traffic and merchandising quality remain highly sought after as investors continue to prioritize necessity-based retail with proven operating performance.”
Situated on approximately 55 acres, Newport Pavilion is a fully leased retail destination anchored by Kroger and Target. Other key tenants include 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 closeness to downtown Cincinnati and immediate access to Interstate 471, according to Newmark.
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.
“The sale of Newport Pavilion reflects the continued demand for well-located retail assets across the country,” said Rainier CEO Danny Lovell.
According to Newmark Research, open-air, grocery-anchored retail centers such as Newport Pavilion continue to benefit from limited new supply, healthy tenant demand, and strong consumer traffic patterns.
“The combination of dominant market positioning, exceptional tenant credit, durable cash flow and significant barriers to entry within Northern Kentucky made this a compelling opportunity for investors seeking long-term stability and growth,” noted Newmark senior managing director Kyle Minter.