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Shoppes on South Main

$ 9,855,000
1111-1125 South Main Street - ,
Under Contract

Investment Overview

Marcus & Millichap, on behalf of ownership as its exclusive advisor, is pleased to bring to market Shoppes on South Main in Bowling Green, Ohio. This 112,161-square-foot power center is shadow-anchored by Home Depot, and features junior-box tenants T.J. Maxx, Petco, and Staples, as well as Dollar General. Recently, Planet Fitness signed a brand new, ten year, triple net lease. These five tenants account for 68 percent of the center’s gross leasable area and 65 percent of the gross rent. T.J. Maxx, Staples, and Dollar General are leased into 2022. All of the current tenants are national or regional retailers, including Shoe Sensation, Maurices, Time Warner Cable, Aspen Dental, GameStop, Sally Beauty, First Choice Hair, and Cricket Wireless. There is zero lease turnover prior to 2019, with 75 percent of the occupied gross leasable area leased into 2021. Significant upside exists in leasing the remaining three vacancies, totaling 11,602 square feet, at market rates. An additional upside opportunity lies in repurposing the 36,235 square feet of vacant storage space at the rear of the property into income producing space.

Shoppes on South Main is located along South Main Street, which sees 11,709 cars per day. Additionally, the subject property is one-half mile north of US Route 6, with 9,045 cars per day, and 1.5 miles west of Interstate 75, with 45,425 cars per day. Shoppes on South Main’s tenant roster serves the entire city of Bowling Green as well as the student and faculty population of Bowling Green State University. Bowling Green State University is a major Ohio public university with its 1,338-acre main campus comprising 17,000 students and 4,000 faculty and staff located less than two miles from the subject property. In addition to being shadow-anchored by Home Depot, Shoppes on South Main is also directly across from Walmart Supercenter, which is a major traffic driver for the area. The area surrounding this property boasts growing college town demographics, with 31,152 residents within three miles, and 50,170 residents within ten miles. The population has grown over four percent within three, five, and ten miles since 2010. Prominent national retailers in the vicinity include Kroger, Meijer, Sears, Cinemark, Elder-Beerman, Hobby Lobby, Big Lots, and Aldi to name a few.


Summary and Details

Price $9,855,000
CAP Rate – Current 8.50%
NOI $837,588
Price per Square Foot $87.86
Gross Leasable Area ( Square Foot)  112,161 SF
Occupancy 89.66%
Year Built/Renovated 1978/2006
Lot Size 12.79 Acres
Status Under Contract
Major Tenants  T.J. Maxx
Planet Fitness
Petco
Staples
Dollar General
Shoppes on South Main OM

Investment Highlights

  • 112,161 SF Home Depot and Walmart-Shadowed Shopping Center Anchored by T.J. Maxx, Planet Fitness, Petco, Staples, & Dollar General – 90% Occupancy
  • All National/Regional Tenants Leased into 2019 or Beyond; 74 Percent of Occupied GLA Leased Into 2021
  • Located Two Miles from the Campus of Bowling Green State University
  • Brand New 10-Year NNN Lease with Planet Fitness (16,872 SF) – Tenant Invested Over $1M Into Space
  • Significant Upside in Leasing 3 Vacant Units Totaling 11,602 SF at Market Rates; Pro-Forma Cap Rate of 10.4% at Full Occupancy
  • College Town Home to Bowling Green State University – Major Ohio Public University with 17,000 Students & 4,000 Faculty
  • Across from Walmart Supercenter – Major Traffic Driver & Only Walmart Serving Bowling Green and BGSU
  • Growing Demographics: 31,152 Residents within Three Miles, 50,170 Residents within Ten Miles; Population Growth of Four Percent Since 2010
  • Cash-on-Cash Return of 13.8% & 10 Year IRR of 23.8% with Projected Financing Terms of 70% LTV, 4.50% Interest Rate, & 30 Year AM
  • Strong Traffic Counts: 11,709 Cars/Day on South Main Street, 9,045 Cars/Day on US Route 6 (1/2 Mile Away), and 45,425 Cars/Day on I-75 (1.5 Miles Away)
  • Strong Year-Over-Year Sales Growth From T.J. Maxx

Craig Fuller

Senior Vice President Investments
(216) 264-2043
cfuller@ipausa.com
(614) 474-1696

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