Chicago Firm Snaps Up Polaris Retail Center for $15.5 Million

Core Acquisitions, a Chicago-based real estate investment firm, paid $15.5 million for the Market at Polaris shopping center — a 111,328-square-foot retail strip at 1170–1194 Polaris Pkwy. The deal, sourced from Delaware County Auditor records via the Colliers Columbus market digest, prices the center at roughly $139 per square foot.

What's in the Center

The center is anchored by PetSmart, Big Sandy Furniture, and Slick City — an indoor slides and experiential entertainment concept that has expanded rapidly across the Midwest. Slick City signed a 10-year initial term at this property. Adjacent to the center sits a Cinemark theater that Colliers described as ranking in the top 20 percent of Cinemark locations nationally.

The tenant mix tells a story about where suburban retail is heading. PetSmart and Big Sandy are established national retailers that have held up in the e-commerce era by offering products people want to inspect or pick up in person. Slick City is different by design: it is a physical experience that cannot be replicated on a screen, and its long lease term here signals confidence in both the location and the concept's staying power.

Where the Property Sits

Polaris Centers of Commerce is a sprawling commercial zone along the Columbus–Delaware County line, built around Polaris Fashion Place and extending north along Polaris Pkwy. The property sits adjacent to Polaris Fashion Place. O'Connor Capital Partners recently acquired full ownership of Polaris Fashion Place, the 1.3-million-square-foot enclosed mall, according to REBusinessOnline.

The Polaris submarket has attracted real estate capital across multiple asset classes this year. Earlier this year, a Columbus investor paid roughly $60 million for two luxury apartment complexes in the area, as Hoodline reported in May. The retail purchase adds to that pattern — Polaris is drawing buyers across property types, not just retail.

What the Price Says

Colliers did not disclose rental rates or full occupancy in its deal summary, so a precise capitalization rate cannot be determined from public records alone. What the per-square-foot price confirms: a Chicago firm found this suburban Columbus retail asset worth acquiring at that level, in this market, this year.

For context, Columbus' industrial market has priced modern, fully leased assets at comparable dollar-per-foot levels. Dogwood Industrial's purchase of the Gahanna Eastgate Business Center priced that fully leased industrial campus at a comparable per-square-foot level, as CREN previously reported. The convergence of retail and industrial price points per square foot in Columbus — a gap that favored industrial heavily in past years — is a quiet but notable shift in how Central Ohio commercial real estate is pricing.

Out-of-State Capital and the Columbus Retail Pattern

Core Acquisitions is Chicago-based, which places this deal inside a pattern that Columbus Business First noted this summer: out-of-state investors entering the Central Ohio market through retail acquisitions. Columbus' relative affordability compared to coastal and larger Sunbelt markets, combined with its stable employment base and population growth, has made it a consistent destination for mid-market commercial real estate capital.

For Columbus-based operators and investors, out-of-state buyers at measured price points generally signal market depth and exit liquidity. When institutional demand is excessive it inflates prices; buyers acquiring established properties at reasonable per-foot levels suggest genuine long-term conviction rather than speculative pressure.

What Comes Next

Core Acquisitions has not announced plans for the center beyond the acquisition. With Slick City, PetSmart, and Big Sandy already in place, occupancy at the center appears stable. The most likely path for a new owner of this type of asset is active management — maintaining and leasing remaining space — rather than near-term repositioning or redevelopment.

The property is worth watching as a bellwether for suburban Columbus retail pricing. With Polaris Fashion Place under new ownership and the broader commercial corridor continuing to attract capital, lease renewals and any vacancy events in the next few years will help clarify where this submarket prices going forward.

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*Sources: Delaware County Auditor records, via Colliers Columbus market digest · REBusinessOnline · Hoodline · Columbus Business First on X*