Portage Crossings

Wooster | Ohio

Offering Summary

  • Status: active
  • Price: $8,230,000
  • Cap Rate: 7.75%
  • GLA: 106,042 SF
  • Net Operating Income: $637,865
  • Price/SF: $78
  • Year(s) Built: 1972
  • Year(s) Renovated: 2019-2022
  • Lot Size (Acres): 12.53
  • Major Tenants: Marc's, Ollie's Bargain Outlet, Harbor Freight
  • 100% Occupied, 106,042 SF 3-Tenant Grocery-Anchored Community Shopping Center in Wooster, OH
  • Complete Renovation from 2019-2022 with All-New Leases, Build-outs & Extensive Capital Improvements
  • Seller has Invested Over $3 Million in CapEx Including New Roof, All-New HVAC, Storefronts, Exterior Paint & Extensive New Built-Outs
  • Anchored by Marc’s (47.3% of GLA) on NNN Lease thru July 2029; 2022 Sales Exceeded Percentage Rent Breakpoint – Contact Agent for Details
  • Marc’s Reports Sales of $343/SF and Low Rent-to Sales Ratio of 2%
  • Marc’s is a Regional Discount Grocery Chain with 62 Stores in NE & Central Ohio & Estimated $1.3B Annual Revenue
  • Marc’s has Upcoming 7% Rent Increase in August 2024 (+$0.50/SF, +$25,096 Annually)
  • Cheap/Replaceable Rents Averaging $8.50/SF All-in
  • Offered Well-Below Replacement Cost at $77/SF
  • 5.7 Years Weighted Average Lease Term Remaining
  • Ollie’s Bargain Outlet (37% of GLA) – Leased thru March 2028; Reports Strong Sales with Low 6.4% Rent-to-Sales Ratio
  • Harbor Freight Tools (15.7% of GLA) – Leased thru January 2032 with 10% Rent Increase in 2027
  • New TPO Roof Installed 2019; Transferable 20-Year No Dollar Limit Warranty thru 2039
  • Located Along Portage Road Near the Intersection of Portage & Akron Roads with 15,500 VPD
  • National Tenants in the Immediate Vicinity Include Planet Fitness, Aldi, CVS, Dollar General, Dollar Tree, Mission: Thrift, and More
  • Regional Draw Market – Wooster is the County’s Retail, Healthcare & Education; has the Only Walmart, Meijer, Lowe’s, Kohl’s, Dick’s, Hobby Lobby, Rural King, Best Buy, Cinemark, etc. and Major Hospital in Wayne County (555 Square Miles)
  • Middle-Income Demographics: $70K in 1/3/5-Mile Radii; 28,800/3-Mile and 39,250/5-Mile Population Counts
  • Wooster is Vibrant & Thriving Tertiary Market with Strong Local Economy; Several Industrial HQ’s, Three Collegiate Institutions, and County Government
  • Wooster is the County Seat of Wayne County and Principal City of the Wooster MSA with a Population of 117,000

Craig Fuller

Senior Managing Director