Marcus & Millichap is pleased to present the Morse & Cherrybottom Center, a 13,282 square foot property located in Columbus, Ohio. This property is fully occupied and has a tenant lineup of Salon Lofts, Eagle Financial Solutions and One More Rep. All of the tenants have upcoming rental increases in their base terms as well as their options. Salon Lofts, a major hair salon chain with over 100 locations, is the anchor tenant occupying approximately 46% of the GLA. They have had a long term presence at this site since 2005 and expanded and renovated their space in 2009. This is a strategic location for them as one of their main competitors is located in the property next door to the subject property. The rest of the space is occupied by the two other tenants, Eagle Financial Solutions and One More Rep. Both of these tenants are paying below market gross rents. By replacing these tenants with market triple net leases, an investor has the opportunity to increase the cash flow by 37%.
Morse & Cherrybottom Center is located at the southwest corner of Morse Rd. and Cherry Bottom Rd., a busy intersection seeing 59,146 vehicles per day. It sits on the border of Gahanna and New Albany, two affluent and growing suburban communities and one mile east of Easton Town Center, a premiere mixed use development and one of the largest open air malls in the nation. Morse Road, on which the center has direct frontage, is a main artery taking residents from Gahanna and New Albany to Interstate 270 and beyond to Easton. In addition, the center is next to L Brands (NYSE: LB) Headquarters, where approximately 10,000 people work. The service related tenants benefit from being in close proximity not only to L Brands, but also many other companies that have large presences in and around the Easton area.
There are very strong demographics surrounding the center with more than 210,301 people living within five miles of the property which has grown by almost 20% since 2000. Average household income for that same area is $73,175. Both Gahanna and New Albany are two of the most affluent and fastest growing communities in the Columbus metro and the strong growth is expected to continue over the next five years.
Summary and Details
|CAP Rate – Current||7.15%|
|Price per Square Foot||$165.64|
|Gross Leasable Area ( Square Foot)||13,282 SF|
|Lot Size||1.619 Acres|
|Major Tenants||Salon Lofts
Eagle Financial Solutions
One More Rep
|More and Cherrybottom OM|
- Fully Occupied, High Quality All Brick Construction 13,282 SF Retail Center in Columbus, OH
- Almost 20% Population Growth in Surrounding Area Since 2000
- Anchored Since 2005 by Salon Lofts (100+ Locations) with Expansion and Renovation in 2009
- 54% of GLA Paying Below Market Gross Rents – Upside Potential in Finding Replacement Tenants or Increasing Rents
- Located at Intersection of Morse Rd. and Cherry Bottom Rd. – 59,146 Vehicles Per Day
- Next to L Brands (NYSE: LB) Headquarters – 10,000 Employees
- One Mile East of Easton Town Center, Premier Mixed Use Development and One of the Largest Outdoor Shopping Malls in the Country
- 5-Mi.Population of 210,301 and AHHI of $73,175