Marcus & Millichap is pleased to present Taylor Park Shopping Center in Reynoldsburg, Ohio. This property has a net leasable area of 59,005 square feet and is fully occupied. The landlord recently completed a new 10 year lease with Ashley HomeStore, which occupies 30,437 square feet. Staples, which occupies 20,388 square feet, has been in place since 2005. Both anchors have multiple renewal options remaining with three to five percent rent increases in each. Also at this center is Lifeway, which has been in place since 2008, and recently extended their lease through 2023. Violet Township is leased into 2025 and has a sixteen percent rent increase in 2020. Nearly all of the current tenants contribute towards triple net expense reimbursement.
The area surrounding this property has excellent demographics. There are currently 8,500 residents living within one mile of the property. In a three mile radius, there are 86,637 residents with projected growth of over seven percent. In a five mile radius, there are 191,819 residents with projected growth of over eight percent. The average household income exceeds $70,000 within one mile and three miles. The subject property is located directly off of Ohio Route 256 seeing 42,391 cars per day in front of the site. Interstate 70 is less than one quarter mile from the site with 73,024 cars per day at the interchange. This area is also highly dense in retail. Some of the major tenants are Target, Walmart, and Sam’s Club. Other national retailers in the area include PetSmart, Marshalls, Jo-Ann Fabrics, Petco, Old Navy, Best Buy etc.
Summary and Details
|CAP Rate – Current||7.50%|
|Price per Square Foot||$190.49|
|Gross Leasable Area (Square Foot)||59,005 SF|
|Lot Size||8.05 Acres|
|Major Tenants||Ashley HomeStore
|Taylor Park Shopping Center OM|
■ Target Shadowed Fully Occupied Center Anchored by Ashley HomeStore & Staples
■ New 10 year Lease with Ashley HomeStore through 12/2027
■ Value Add Opportunity with Developable Outparcel Included in Sale
■ Retail Expenditures in the Immediate Area are over $2 Billion
■ Shares Access Intersection and Access Road with Newer Target Supercenter
■ Population of 86,000 in 3-Mi with Expected Growth of 7.2% & 191,000 in 5-Mi with Expected Growth of 9%
■ Located Directly Off of OH-256 Seeing 42,391 Cars/Day in Front of Site
■ High Visibility Property from I-70 (100,000+ VPD) with Interstate Monument Sign
■ 10 Miles East of Downtown Columbus – Ohio’s Capital City and Home to Over 2 Million Residents
■ 73% of GLA Leased Through 2023 and Beyond
■ Average Household Income of $71K in 1-Mi & $70K in 3-Mi
■ Area Retailers Include: Target, Walmart, Sam’s Club, PetSmart, Jo-Ann, Marshalls, Petco, Old Navy, Best Buy, etc.