Canton Centre

Canton | Ohio

Offering Summary

  • Status: active
  • Price: Unpriced
  • GLA: 283,503 SF
  • Occupancy: 69%
  • Net Operating Income: $726,366
  • Year(s) Built: 1965
  • Year(s) Renovated: 2005
  • Lot Size (Acres): 17.1
  • Major Tenants: JCPenny, Rainbow, Five Below, Hibbett Sports, Chipotle, Mariner Finance, Sally Beauty
  • Walmart-Shadow-Anchored Retail Center | 2.7 Million Annual Customer Visits | Top 15% in Ohio & Top 23% Nationally Based on Customer Traffic
  • 283,503 SF Value-Add Retail Opportunity | 69% Occupied | Significant Lease-Up and Across 88,046 SF of Available Space
  • 150,000 SF JCPenney Anchor | Lease Through February 2033 | Base Rent/SF of $1.76 | Gross Rent Increases Over $130k in Year 2/3 Based on Rent Increase & PRS Structure
  • Five Below Leased Through July 2034 | Chipotle Through December 2030 | Rainbow Through January 2031 | Hibbett Through January 2030
  • Recent JCP Renewal Restructured Lease to NNN and Includes Significant Gross Rent Increase of 130k – Increases CAP 150+ bps
  • Compelling Lease-Up Opportunity | 88,046 SF of Vacancy Represents 31% of GLA | Projected Market Rents Range From $12.00–$16.00/SF Across Available Suites
  • 88,046 SF of Existing Vacant Space – Part of Former Interior Mall – Does Not Contribute to Centers GLA Denominator Currently
  • Major NOI Growth Potential | Year 1 NOI of $726,366 Projected to Increase to $1.54 Million in Year 2 as the Business Plan Progresses
  • High-Traffic Signalized Retail Location | 27,780 VPD at the Intersection of Tuscarawas Street and Whipple Avenue | 18,810 VPD Along Tuscarawas Street | 8,970 VPD Along Whipple Avenue
  • Strong Walmart Customer Draw | 2.7 Million Annual Visits | #21 of 141 Ohio Locations and #883 of 3,881 Locations Nationally Based on Placer.ai Data
  • Weighted Average Lease Term of 6.13 Years | Provides Durable Existing Income While Executing the Lease-Up and Redevelopment Strategy
  • Predominantly NNN Tenant Structure | Rainbow, Five Below, Hibbett, Chipotle, Mariner Finance and Sally Beauty Operate Under NNN Leases
  • Canton-Massillon MSA Population Exceeds 400,550 | Nearly 5,000 Additional Residents Projected Over the Next Five Years | Part of the 3.5 Million-Person Cleveland-Akron-Canton CSA
  • Established Canton Retail Trade Area | Nearby Belden Village District Contains Approximately 11 Million SF of Retail, Office and Industrial Space at 96.5% Occupancy
EXCLUSIVELY LISTED BY:

Erin Patton

Senior Managing Director