Spring Meadow’s Place

Holland | Ohio

Offering Summary

  • Status: active
  • Price: $39,250,000
  • CAP Rate: 7.25%
  • GLA: 314,514 SF
  • Net Operating Income: $2,845,531
  • Price/SF: $124.80
  • Year(s) Built: 1987
  • Year(s) Renovated: 2005
  • Lot Size (Acres): 33.23
  • Major Tenants: Ashley Furniture, T.J. Maxx, Big Lots, HomeGoods, Michaels, OfficeMax, Guitar Center, PetSmart, DSW, Dollar Tree
  • Irreplaceable Location – Infill Highway-Exit Real Estate at the I-475 & OH-2 (Airport Hwy) Interchange with 119,600 VPD
  • Overall Shopping Center (Including Several NAP & Shadow Retailers Detailed Below) Saw 8 Million Customer Visits in the T12 Month Period, Making it the Busiest Retail Destination in
  • Toledo and a Top 10 Most Visited Shopping Destination in Ohio (Source: Placer.AI)
  • Shadowed by the #2 Walmart Supercenter in a 50-Mile Radius, as well as Sam’s Club, Target, Dick’s, and Best Buy who Collectively Saw 5.7 Million Customer Visits in the T12 Month Period and Drive Substantial Cross-Traffic to Subject Property (Source: Placer.AI)
  • $750K in Potential NOI Growth (+26%) and 9.16% Pro Forma CAP Rate by Year 3 with Aggressive Lease-Up of Existing Vacancy
  • Diversified Rent Roll – No Tenant Comprises More than 12% of GLA; Variety of National Retailers in the Discount, Hardlines, Soft Goods, Specialty Retail, and Services Segments
  • Junior Box Anchors Include Ashley HomeStore, T.J. Maxx, Big Lots, HomeGoods, Michaels, OfficeMax, Guitar Center, PetSmart, DSW, and Dollar Tree who Collectively Comprise 87.7% of Occupied GLA
  • Above-Mentioned Top 10 Tenants by GLA Saw 2.3 Million Customer Visits in the T12 Month Period – 7 of 10 Are Top Ranked Locations Averaging in the Top 22% of their Respective National Chains (Source: Placer.AI)
  • 85.7% Physical Occupancy with Seven Well-Located Units Ranging from 2,000 to 11,240 SF Available for Immediate Occupancy
  • Execute Parcelization Strategy to Separate the Eastern Half of the Center from the Western Half of the Center
  • Potential for Additional Pad Site Development in Underutilized Parking Lot Space
EXCLUSIVELY LISTED BY:

Erin Patton

Senior Managing Director