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The Market at Polaris

1180 Polaris Parkway - ,

Investment Overview

Institutional Property Advisors, on behalf of ownership, is pleased present The Market at Polaris, a 98.5 percent occupied, super-regional mall-shadowed power center located in Columbus, Ohio. The Market at Polaris totals 208,457 square feet situated on 25.7 acres, and is anchored by Cinemark Polaris 18-Screen “XD” movie theater, which is leased to triple-net terms through January 2028. “XD” is Cinemark’s premier “extreme digital” theater experience, featuring state of the art surround sound, projector, and media equipment, oversized screens, and luxury loungers. Cinemark is one of the largest movie theatre operators in the world with 533 theatres with nearly 6,000 screens throughout 41 states and Latin America. The center is co-anchored by Big Sandy Superstore, a regional furniture, appliances, and electronics retailer who is leased through 2031. Big Sandy’s store features an expanded offering with their “Kitchens.Inspired.” business line, offering professional grade appliances and kitchen design services that are reserved for only three of Big Sandy’s 17 total locations throughout Ohio, Kentucky, and West Virginia. Cinemark and Big Sandy provide the prospective purchaser with long-term, traffic driving anchors who combined comprise nearly 66 percent of the gross leasable area and are responsible for 63 percent of the gross rental income.

Junior anchors further bolstering the center are PetSmart and Bed Bath & Beyond, who comprise 25 percent of the gross leasable area and are both leased to triple-net terms through January 2021. The remaining nine percent of the gross leasable area is occupied by six small-shop tenants who complement the anchor and junior anchor space. Four restaurants – Keystone Pub & Patio, Poke Bros, N Lounge, and Sushiko – flank the entrance to Cinemark. National tenants Catherines Plus Sizes and Hand & Stone Massage and Facial Spa round out the tenant roster, leased to triple-net terms into 2021 and 2025, respectively. Upside exists via lease-up of one 3,047-square-foot vacancy adjacent to PetSmart.

The Market at Polaris is situated amongst the vast and extremely dense retail and office trade area known as Polaris. Polaris is defined by Polaris Parkway and Gemini Place, both heavily trafficked roads running east to west approximately 12 miles north of Downtown Columbus, just west of Interstate 71, which sees 135,000+ cars per day. The Market at Polaris is situated along Gemini Place, which sees 35,000+ cars per day and is also accessed by Polaris Parkway, which sees 60,000+ cars per day.

The Market at Polaris sits on the perimeter of Polaris Fashion Place, a 1.57 Million-square-foot Washington Prime-owned super-regional shopping mall. Polaris Fashion Place features a distinguished tenant roster, anchored by Saks Fifth Avenue, Dick’s Sporting Goods, Field & Stream, Macy’s, Von Maur, Sears, JCPenney, Barnes & Noble, and H&M. In addition to the anchors, the mall features over 140 specialty retailers including Apple, Brooks Brothers, Coach, Lululemon, Lush, Sephora, Mac Cosmetics, Madewell, Altar’d State, and Williams-Sonoma to a name a few. Dense with dining options, notable restaurants in the area include The Cheesecake Factory, Benihana, BJ’s Brewhouse, Dave & Busters, Brio Tuscan Grill, and Molly Woo’s. The Polaris trade area is home to a who’s who of prominent national retailers including Costco, Ikea, Cabela’s, Target, LA Fitness, Kroger, Lowe’s, At Home, Ashley Furniture, T.J. Maxx, Hobby Lobby, DSW, Best Buy, JoAnn Fabrics, and Value City Furniture all within one mile of the subject property.

The Market at Polaris is located in Delaware County, Ohio’s fastest growing county. With an average household income of over $112,000, Delaware County has been identified as one of the fastest growing, wealthiest, and most educated areas in the United States. Demographics surrounding the subject property are strong, with 9,119 residents in one mile, 65,275 residents in three miles, and 194,843 residents in five miles. The greater Columbus area is home to six Fortune 500 company headquarters as well as offices for numerous other major U.S. and foreign businesses. The combined metropolitan area includes six counties with a total population of over 2 million. This offering presents the investor the opportunity to acquire a Class A retail asset in a dominant retail trade area of a major U.S. market with rapidly growing population.

Summary and Details

Price Call for Offers
CAP Rate – Current TBD
NOI $3,237,422
Price per Square Foot TBD
Gross Leasable Area ( Square Foot) 208,457 SF
Occupancy 98.54%
Year Built/Renovated 2004, 2005
Lot Size 25.67 Acres
Status Available
Major Tenants  Cinemark
Big Sandy Superstore
Bed Bath & Beyond
The Market at Polaris OM

Investment Highlights

  • 208,457 SF Power Center Located 12 Miles North of Downtown Columbus in Dense Polaris Trade Area
  • Long-Term Leases with Anchors Cinemark 18 + XD Deluxe Regional Movie Theater (Exp. 1/2028) and Big Sandy Superstore (Exp. 12/2031) Totaling 66% of GLA
  • Shadowed by Polaris Fashion Place – 1.57 Million SF Super-Regional Mall Anchored by Saks Fifth Avenue, Dick’s Sporting Goods, Field & Stream, Macy’s, Von Maur, Sears, JCPenney, Barnes & Noble, and H&M
  • Junior Boxes Bed Bath & Beyond and PetSmart Comprise 25% of GLA – NNN Leases Through 1/2021
  • Six Small-Shop Retailers Comprise Less than 10% of GLA – 5 of 6 are Internet-Proof Restaurants and Service Oriented Businesses
  • Upside Via Lease-Up of One 3,047 SF Vacancy
  • Immediate and Synergistic Proximity to Destination Retailers, Restaurants & Entertainment Venues – IKEA, Costco, Cabela’s, Apple Store, Lululemon, The Cheesecake Factory, TopGolf, Dave & Busters, BJ’s Brewhouse, Benihana, Magic Mountain & Star Lanes
  • Across From 2 Million SF JPMorgan Chase Corporate Center with 10,000+ Employees on Site; Largest Chase Facility in the World
  • Located in Columbus MSA with Over 2 Million Residents – Fastest Growing Major MSA in the Midwest
  • Accessed off Both Polaris Parkway & Gemini Place with Combined 73,000 Cars/Day; Less Than One Mile West of Interstate 71 with 135,000+ Cars/Day
  • Situated in Delaware County – $112,000 AHHI – Fastest Growing County in Ohio
  • POLARIS – Master Planned Mixed-Use Development Spanning 8M+ SF of Commercial Space, 2,000 Acres of Land, 20+ Mile Trade Area & 180 Offices with 30,000+ Employees

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Erin Patton

Senior Vice President Investments
(614) 360-9035
(614) 474-1696

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