Shoppes at Valle Greene

Fairborn | OH (Dayton MSA)

Offering Summary

  • Status: closed
  • Price: $6,750,000
  • CAP Rate: 7.50%
  • GLA: 67,078 SF
  • Net Operating Income: $506,510
  • Price/SF: $104.13
  • Year(s) Built: 1999
  • Year(s) Renovated: 2021
  • Major Tenants: Planet Fitness, Goodwill, NAPA Auto Care, Feeders Pet Supply
  • 100% Occupied, 67,078 SF Kroger Marketplace & Menards Shadowed Junior Box Retail Center in Fairborn, OH (Dayton MSA)
  • 2019-2021 Redevelopment, Subdivision & Re-Tenanting of 375’x178’ Existing Building (Former Kroger)
  • WALT of 9.0 Years – 4 Junior Box Tenants with New 10-Year Leases & Build-outs
  • Shadowed by Brand New 135,000 SF Kroger Marketplace and 248,000 SF Menards
  • Anchored by Planet Fitness (33% of GLA) in the Western Endcap Unit – Leased to NNN Terms thru May 2032 with 10% Mid-Term Rent Increase
  • Co-Anchored by Goodwill (28% of GLA) – NNN Lease thru March 2029 with 1.9% Annual Rent Increases
  • Replaceable Rents Averaging $7.63/SF NNN
  • Priced Below Replacement Cost at $104/SF
  • New NNN Lease with NAPA Auto Parts (23% of GLA) thru April 2030 with 2% Annual Rent Increases
  • Feeders Pet Supply (16% of GLA) Occupies Eastern Endcap Nearest Kroger Marketplace; Leased thru April 2030
  • Offers 9.1% Year 1 Cash-on-Cash Return and 14.6% Year 1 Total Return at Proposed 70% LTV Financing Terms
  • 3 of 4 Tenants are NNN and Have Annual or Scheduled Rent Increases in their Current Term – Provides NOI Growth Over Hold Period and Insulate Operating Expense Inflation Risk
  • Strong 80.4% Recovery of Landlord Operating Expenses – Only One Gross Lease
  • Situated as the Gateway to Valle Greene North – 325-Acre Business Park with Retail Restaurant, Hotel, Office, Medical, and Light Industrial Users & Tenants
  • Located Along E Dayton Yellow Springs Road with 16,225 VPD; Just Off the I-675 Exit Ramps (I-675 Sees 44,011 VPD)
  • Located Just 3 Miles from 8,000-Acre Wright-Patterson Air Force Base – One of the Largest and Most Important Bases in the Air Force with 47,000 Aircraft Operations Annually
  • Wright-Patterson is the Largest Single Site Employer in State of Ohio with 30,000+ Employees; $4.2 Billion Annual Economic Impact
  • Dense Demographics: 33,409 Residents within Three Miles and 73,855 Residents within Five Miles
  • 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