At Home Plaza

North Canton, Ohio

Offering Summary

  • Status: closed
  • Price: $10,400,000
  • CAP Rate: 9.22%
  • GLA: 101,779 SF
  • Net Operating Income: $959,203
  • Price/SF: $104.74
  • Year(s) Built: 2000
  • Year(s) Renovated: 2017/2019
  • Lot Size (Acres): 6.57
  • Major Tenants: At Home, Pet Supplies Plus, Salon Lofts
  • 100% Occupied, 101,779 SF At Home-Anchored 3-Tenant NNN Retail Center in North Canton, OH
  • New 10-Year NNN Lease with At Home (NYSE: HOME) Comprising 88.7% of GLA & 83.7% of Gross Income
  • Entire Center Renovated from 2017-2019 with Approx. 67,500 SF of New GLA Built (66% of Center) – Minimal Deferred Maintenance
  • All-New Façade, Tenant Build-Outs, HVAC, Signage, Parking Lot, LED Parking Lot Lighting, and New TPO & EPDM Roofs on 66% of Center – Approximately $6.5 Million in Capital Improvements in the Last 2 Years
  • Long-Term Leases – No Lease Rollover Until 2027
  • Strong Shop Tenants: Pet Supplies Plus In-Place Since 1990, Relocated to Newly Constructed Endcap Unit & Extended Lease Thru October 2027; New 11-Year NNN Lease with Salon Lofts in 2017
  • Pet Supplies Plus & Salon Lofts both have Base Term Rent Increases
  • Strong, Rapidly Growing Anchor: At Home has 188 Stores in 38 States – 2019 Sales of $1.34 Billion
  • All 3 Tenants are NNN – 100% Recovery of Tax, Insurance & CAM
  • Strong Traffic Counts: 41,438 Cars/Day on Portage St NW, 59,540 Cars/Day at Intersection of Portage St NW & Franklin Ave NW
  • Part of the Belden Village Trade Area with Over 6.5 Million SF of Retail Leased to 97% Occupancy – Regional Mall & Big-Box Retail Anchored Area, #1 Shopping Destination in Stark County
  • 0.3-Mile from Interstate 77 Exit Ramps with 91,298 Cars/Day
  • Dense Middle-Income Demographics: 38,400 Residents in 3-Mi & 112,352 Residents in 5-Mi; Average Household Income of $86-$88K within 1-, 3- & 5-Mi Radii
  • Shadowed by Sam’s Club, Home Depot & BJ’s – All Drive Additional Traffic to the Immediate Trade Area
  • Part of the Canton-Massillon MSA with a Population of 400,000; Part of the Larger Cleveland-Akron-Canton CSA which is Home to a Population of Over 3.5 Million
EXCLUSIVELY LISTED BY:

Erin Patton

Senior Managing Director