Consumer Square West

Columbus, OH

Offering Summary

  • Status: closed
  • Price: $16,576,000
  • GLA: 218,206 SF
  • Net Operating Income: $1,440,000
  • Price/SF: $82.49
  • Year(s) Built: 1989
  • Year(s) Renovated: 2003
  • Lot Size (Acres): 25.36 Acres
  • Major Tenants: Kroger, Bargain Hunt, Planet Fitness, Rainbow, Shoe Show, Chuck E Cheese, Dollar Tree
  • 93% Occupied, 218,206 SF Kroger-Anchored Shopping Center in Columbus, OH
  • Kroger (30% of GLA, 32.1% of Total Income) In-Place Since 1989, Recently Exercised 5-Yr Option AS-IS, Reasonable $8.50/SF NNN Rent, Recently Added Fuel Station
  • 20.7 Years of Weighted Average Lease Tenure Amongst Tenancy
  • Across the Street from Hollywood Casino – Columbus’ Only Full-Service Casino with 8,000 Daily Visitors, Over 3.6 Million Visitors Annually
  • 9.8% Year 4 CAP Rate: Significant Upside via 14,985 SF (7% of GLA) of Small-Shop Vacancies + Re-Leasing 13,000 SF Rainbow Unit at Market Rents ($5/SF Gross, 1/2023 Exp, No Options)
  • Located within Opportunity Zone – Favorable Capital Gains Tax Incentives
  • Offers Year 1 Cash-on-Cash Return of 10.26% and 10-Year Leveraged IRR of 19.37% with Existing Assumable CMBS Terms
  • Located Next to Newly Redeveloped Solstice Sleep Products
  • Manufacturing and Retail Facility – Opened Spring 2020
  • Offered with Attractive, Assumable Non-Recourse Financing: 69.1% LTV, 10/2026 Maturity, 4.6% IR, 30 Year AM
  • Strong Traffic Counts: 31,600 Cars/Day on W. Broad Street Directly in Front of Property
  • One Mile from Interstate 270 with 84,000 Cars/Day
  • Five Miles to Downtown Columbus, Seven Miles to Ohio State University Main Campus
  • Strong Junior Anchors Bargain Hunt (Exp. 11/2023), Planet Fitness (Exp. 2/2026), and Dollar Tree (Exp. 4/2026)
  • Dense Infill Location on Columbus’ West Side: Population of 8,432 in 1-Mi & 268,917 in 5-Mi
  • 62.1% of Occupied GLA Comprised of Large, Longstanding Tenants: Kroger (1989), Rainbow (1989), Chuck E. Cheese (1992), Waterbeds N Stuff (2006), Dollar Tree (2001), Mark Pi’s Chinese (1994), & Pet Supplies Plus (1994)
  • Columbus MSA – Home to a Population of 2.1 Million, Fastest Growing Major MSA in the Midwest with 11.6% Population Growth Since the 2010 Census
EXCLUSIVELY LISTED BY:

Scott Wiles

Senior Managing Director