Eastland Plaza

Columbus | Ohio

Offering Summary

  • Status: just listed
  • Price: $9,705,000
  • Cap Rate - Full Year 2026: 8.50%
  • GLA: 85,084 SF
  • Net Operating Income: $824,889
  • Price/SF: $114
  • Lot Size (Acres): 11.67
  • Major Tenants: Nationwide Children’s Hospital, Dollar General, USPS, Dulce Vida, LLC, AT&T
  • 90% Occupied Shopping Center Located in Columbus, Ohio (Columbus-MSA Population Over 2.2B)
  • One of the Longest Standing Shopping Centers in Region | Originally Constructed 1974-1979 | Heavily Renovated Over Time to Meet Needs of Top-Tier Shopping Center – Now Arguably Highest Quality Strip in Region | Offered Well Below Replacement Cost at Only $113/SF
  • Complimentary & Diversified E-Commerce Proof Tenant Base | Spans Medical, Government, Food, Dollar/Convenience, Cellular, Nail Salon, Hair Salon, Daycare, Karate, and Financial Services | Extremely Befitting of Demographics
  • Major Tenants Include: Nationwide Children’s Eastland Primary Care, AT&T, Papa John’s, United States Postal Service, Dollar General, United State Airforce, Sterling Cleaners, Dulce Vida, H&R Block, Lil Rascals Daycare, Five Star Nails, Proman Staffing, Maya Hair Braiding, and D&D Studio Salons
  • High Historical Occupancy | 47% of GLA is Leased to National Tenants | Remainder of Rent Roll Consists of Long-Standing Local & Regional Tenants
  • Comprised of Three Separate Strip Centers | 28 Total Suites | All Strips are Separately Parceled
  • Modest Inline Rent Levels Averaging Only $11.79/SF | Hedge Against Relocation Risk + Upside Opportunity | Staggered Lease Expirations
  • Numerous Upside Opportunities | 2 Vacant Units – Ready to Lease | Tenants Have Contractual Base-Term Rent Bumps | Prominent Rental Bumps for Tenants with Options | Many Tenants Lack Option Terms and Are Paying Below Market Rent
  • Majority of Tenants Encumbered by NNN Leases | Minimal Landlord Responsibilities | Strong Reimbursement of All Operating Expenses Including TAX/CAM/INS, as well as Admin/3rd Party Management
  • True Irreplaceable Real Estate Between Two Hard Corner/Signalized Intersections | Over 23,922 Vehicles Per Day | Less Than a Mile from I-70 | Over 103k VPD
  • Dense and Mature Demographics | 9,592 Residents within One Mile | 98,925 within Three Miles | 236,919 within Five Miles | Wide Range of Household Incomes Averaging $48,541 – $69,309 within 1-3 Miles | Wide Consumer Base
  • Major Retailers and Points of Interest Nearby | McDonald’s, Tim Hortons, Chase Bank, Popeye’s, T-Mobile, DaVita, Taco Bell, Saraga Grocery, Giant Eagle, Raising Cane’s, Starbucks, Chipotle, Aldi, and Many Small Shop Tenants
  • Adjacent to In-Process Eastland Mall Redevelopment | Upcoming Demolition of Existing Structure | Combination of Public and Private Capital Spearheading Redevelopment | Latest Plans Call for +78 Acre Mixed-Use Development which will Include Multi-Family/Residential, Civic Use, Senior Housing, Commercial Uses, and Public Greenspace
  • Columbus-MSA | Over 2.2 Million People | 32nd Largest Metro in US | State Capitol & County Seat of Franklin County | One of Fastest Growing Metros in US | Notable Major Projects include: Intel’s +$20b Semiconductor Plant, Amazon’s +$10b Infrastructure Investment, LinkUS $8b Transit Program, $4.4b Honda/LG Battery Plant, +$2b Renovation of John Glenn International Airport, and AMGEN’s New $365m Manufacturing Plant
EXCLUSIVELY LISTED BY:

Zach Turner

Senior Associate