Northtowne Centre

Wooster | Ohio

Offering Summary

  • Status: under contract
  • Price: $7,370,000
  • Cap Rate: 8.50%
  • GLA: 91,160 SF
  • Net Operating Income: $626,604
  • Price/SF: $81
  • Year(s) Built: 1993
  • Lot Size (Acres): 12.078
  • Major Tenants: Michael’s, Dunham’s Sports, Sleep Outfitters, USA, PPG-Pittsburgh Paints, Danberry Company, Tips, Toes & Beyond
  • 100% Occupied, 81,160 SF Regional Shopping Center in Wooster, OH
  • Anchored by Michaels and Dunham’s – Collectively 82.5% of Retail GLA with Average Rent of $5.63/SF NNN
  • Michaels – Tenant Since 2006 with History of Renewals; 9% Rent Increase in Next Option if Exercised (2024)
  • Dunham’s – Tenant Since 2007 Leased into 2027; History of Renewals
  • Panera Bread – In-Place Since 2007, Just Exercised 5-Year Extension thru 12/2027 at Increased Rent; Prime Endcap Unit with Wrap-Around Outdoor Patio
  • National Shop Tenants Include Sleep Outfitters & PPG Paints; In-Place Since 2008 & 2011, Respectively
  • Strong Tenancy Tenure with High Historical Occupancy and History of Renewals: 6 of 7 Tenants In-Place 11-16 Years and Have Renewed at Least Twice
  • All Shopping Center Tenants Leased to NNN Terms Providing 100% Reimbursement of TAX/INS/CAM
  • Tips, Toes & Beyond – Local Full-Service Salon In-Place Since 2008 and Leased into 2030
  • Danberry Realtors – Established Regional Brokerage with New 5-Year Lease thru August 2027 at $18.50/SF NNN
  • Offering Includes 100% Occupied 10,000 SF Rear Industrial Flex Building – Leased to 4 Tenants; Rear Parking Lot Just Resurfaced in 2022
  • Rear Industrial/Flex Tenants are Below-Market Gross Rent Deals and Mostly MTM Providing Prospective Purchaser Flexibility/Options with the Space
  • PPG Leases 5,700 SF Space in Rear Building with Heat/Air/Offices/ Bathrooms in Addition to their Main Storefront Space
  • Central Location within Wooster’s Primary Retail Corridor; Amongst Walmart, Lowe’s, Kohl’s, Best Buy, Dick’s, Tractor Supply, Hobby Lobby, T.J. Maxx, PetSmart, Old Navy, Aldi, Staples, Ulta, Five Below, and More
  • New & Recent Development in the Immediate Vicinity Includes Meijer (159K SF), Menards (200K SF), Sgt Clean Car Wash, and More
  • Middle-Class to Affluent Demos: 1-Mi AHHI of $95K and 3-Mi AHHI of $74K; 35,600/5-Mi Population
  • Wooster, OH – Dynamic and Highly Stable “County Seat” Market with Several Industrial HQ’s, Three Collegiate Institutions, and County Government

Erin Patton

Senior Managing Director