Shoppes at Turnberry

Pickerington | Ohio (Columbus MSA)

Offering Summary

  • Status: closed
  • Price: $7,785,000
  • CAP Rate: 7.95%
  • GLA: 46,190 SF
  • Net Operating Income: $618,710
  • Price/SF: $167.46
  • Year(s) Built: 1990
  • Lot Size (Acres): 6.24
  • Major Tenants: Next Level Fitness, Goodwill, Mezzo, The Corner Bar & Grill, AAA
  • 100% Occupied, 46,190 SF Neighborhood Shopping Center in Pickerington, OH (Columbus MSA)
  • Irreplaceable Location at Prominent Intersection of Route 256 and Tussing Rd Seeing Massive Traffic Counts of 71,500 VPD
  • Average lease term of 6.5 Years – Several Tenants Subject to Long-Term Leases
  • Columbus, Ohio is the Fastest Growing Major MSA in the Midwest – 12.5% Population Growth (+237,000 New Residents) Since the 2010 Census
  • Anchored by Next Level Fitness (33% of GLA) on NNN Lease thru February 2030;
  • Co-Anchored by Goodwill (17% of GLA) Leased thru November 2024
  • Largely Daily Needs Tenant Base – Fitness, Discount Retail, Restaurants, Salons
  • Replaceable Rents Averaging Approx. $12.50/SF NNN
  • 9 of 11 Tenants Have One or More Rent Increases in their Current Term Driving Real NOI Growth Over Hold Period
  • 10 of 11 Leases are NNN – Over 100% Reimbursement of LL Operating Expenses Heavily Mitigating Any Operating Expense Inflation Risks
  • Favorable NNN Lease Terms with Most Leases Having Mgmt Fee Reimbursement or Admin Fees
  • Substantial Leasing Velocity – New 10-Year NNN Lease with The Corner Bar, and New 5-Year NNN Leases with Druk International Grocery and Twinado Kitchen
  • High-Yield Potential – Offered at 8% CAP Pricing Yielding 12.8% Year 1 Cash-on-Cash Return and 19.9% Year 1 Total Return with Proposed 75% LTV Financing Terms
  • Modern/High-Image 1990-Built Center with Attractive Masonry Facade
  • Just 1/4-Mile South of I-70 Exit Ramps – I-70 Sees 82,000 VPD
  • Located within the Prominent Route 256 Corridor – 3-Mile-Long Retail Corridor Straddling North & South Sides of I-70 Exit Ramps with Major Retailers Including Walmart, Sam’s Club, Target, Kohl’s, Giant Eagle, Kroger Big Lots, Best Buy, Marshalls, and More
  • Immediately Adjacent Retailers Include ULTA, Five Below, Party City, Barnes & Noble, Bed Bath & Beyond, OrangeTheory Fitness, Salon Lofts, Smoothie King, Chase Bank, and More
  • Dense Infill Demographics with 12,225 Residents within One Mile and 66,918 Residents within Three Miles
  • Pickerington is an Outer-Ring Suburb on Columbus’ West Side Seeing Substantial New Development Including New Retail, Single-Family Housing, Multi-Family Housing, Seniors Housing, and a $140 Million Expansion of OhioHealth Hospital
  • Columbus MSA – State Capital Home to a Population of Over 2.1 Million with Major Employers Including The Ohio State University, OhioHealth, JPMorgan Chase, Nationwide, Huntington Bank, Honda, L brands, AEP, Battelle, Abbott Nutrition, and More
EXCLUSIVELY LISTED BY:

Erin Patton

Senior Managing Director