Shiloh Springs Plaza

Dayton | Ohio

Offering Summary

  • Status: closed
  • Price: $8,959,000
  • CAP Rate: 8.38%
  • GLA: 161,631 SF
  • Net Operating Income: $751,063
  • Price/SF: $55.59
  • Year(s) Built: 1968
  • Year(s) Renovated: 1995
  • Lot Size (Acres): 18.12 Acres
  • Major Tenants: Gordon Foods, Big Lots, Jo-Ann Fabrics, Shoe Carnival, Dollar Tree, PNC Bank, Fifth Third Bank
  • 92.53% Occupied, 161,631 SF Community Shopping Center in Dayton, OH
  • New 10-Year Anchor Lease with Gordon Food Service on 55,350 SF (34% of GLA)
  • GFS is a Relocation & Major Expansion from Existing Freestanding Store in Trade Area
  • Co-Anchored by Big Lots and JOANN (Collectively 38.8% of GLA) – Both In-Place Since the 1990’s
  • Big Lots Just Extended for 5 Years thru January 2028
  • 98% of Occupied GLA is Leased to National Tenants
  • Long Tenancy Tenure: 4 of 9 Tenants (45% of GLA) In-Place Since the 1990’s; 7 of 9 Tenants (54% of GLA) In-Place for 10 Years or More
  • Replaceable Rents Averaging $5.37/SF NNN ($6.48/SF Gross)
  • Priced Well-Below Replacement Cost at $55/SF
  • Shoe Carnival & Dollar Tree Each Occupy Approx. 10,000 SF on $8.50-$9.00/SF NNN Leases
  • Shoe Carnival Recently Exercised First 5-Year Option thru January 2028
  • Upside via Lease-Up of 12,075 SF Vacancy (7.47% of GLA) – Could Add Approx. $117K to NOI) if Leased at NNN Terms
  • Fifth Third Bank Ground Lease Outparcel Included in Sale – In-Place Since 1991 with Cheap Rent ($45K Annually) Lease thru December 2026
  • 70% Occupied 3-Tenant Outparcel Building Included in Sale with PNC Bank & Advance America; PNC on Long-Term NNN Lease thru April 2028; Recent Vacancy Creates Immediate Upside Opportunity
  • Parcelization Opportunity – Potential for CAP Rate Arbitrage via Selling Outparcels Separately from Main Center
  • Area Retailers & Restaurants Include Home Depot, Lowe’s, GFS, Sherwin-Williams, Family Dollar, McDonald’s, Taco Bell, Burger King, KFC, and More
  • Situated Between Shiloh Springs Rd & Salem Ave with a Combined 21,900 VPD
  • Dayton MSA – 4th Largest Metro in Ohio Home to a Population of 808,000, 1 Hour to Columbus, 1 Hour to Cincinnati, 1.5 Hours to Indianapolis
EXCLUSIVELY LISTED BY:

Erin Patton

Senior Managing Director