Springfield Commons

Toledo | OH

Offering Summary

  • Status: under contract
  • Price: Open Bid
  • GLA: 271,690 SF
  • NOI: $2,026,334
  • Net Operating Income: $2,026,334
  • Year(s) Built: 1999
  • Lot Size (Acres): 29.43
  • Major Tenants: Kohl’s, Planet Fitness, Ulta Beauty, Burlington, Shoe Carnival, Old Navy, Five Below, Honey Baked Ham, Penn Station Subs
  • 76.4% Occupied, 271,690 SF Kohl’s-Anchored Regional Shopping Center in Toledo, OH
  • Substantial Lease-Up Opportunity: 35,000 SF Recently Vacated Bed Bath & Beyond + 7 Vacant Small-Shop Bays; 38% NOI Increase Projected from Year 1 to Year 3 ($2.026M VS. $2.801M)
  • Kohl’s Occupies Single-Story Unit (32% of GLA); Tenant Since 1998 & Ranks Top 28% Nationally*
  • Recent 11-Year NNN Lease with Burlington (14% of GLA); #3 Ranked of 25 Stores in Ohio*
  • 10-Year NNN Lease with Planet Fitness thru July 2028 (11.5% of GLA); Ranks Top 27% Nationally*
  • Strong Traffic Counts of 39,400 Cars/Day on Airport Hwy & 14,800 Cars/Day along S Holland Sylvania Rd
  • 100% National Tenant Roster Including Kohl’s, Burlington, Planet Fitness, Old Navy, Shoe Carnival, Ulta, Five Below, Penn Station & Honey Baked Ham
  • Located Along Airport Highway (Route 2) – Primary Retail Corridor with Major Traffic Drivers Walmart, Bass Pro Shops, Menards, Kroger Marketplace, Sam’s Club, Target, Home Depot, Lowe’s, T.J. Maxx, HomeGoods, Best Buy, Dicks, Hobby Lobby, etc.
  • Newer TPO Roofs over Kohl’s, as well as the Burlington-Anchored Portion – Collectively 60% of GLA, Both Installed Since 2015
  • Kohl’s, Old Navy & Shoe Carnival (Combined 55.7% of Leased GLA) are All Original Tenants In-Place Since 1999/2000 Development
  • Offered Free & Clear of Debt Allowing Purchaser to Obtain New Perm or Bridge Debt According to Investment Strategy
  • Supportive Middle-Income Demographics: 61,766 Residents in 3-Mi & 145,035 Residents in 5-Mi; AHHI of $77K within 5-Mi
  • Toledo MSA is Home to a Population of 650,000 with an Economy Based in Healthcare & Manufacturing (Automotive & Glass)
  • Toledo Top Employers Include ProMedica Health Systems, MercyHealth, University of Toledo, Whirlpool Corporation, Fiat Chrysler, Bowling Green State University, Sauder, Marathon Petroleum, Cooper Tire & Rubber, GM Powertrain, HCR Manor Care, Dana Incorporated, Owens Corning, Libbey and More

*Rankings data provided by Placer.ai and based off of the individual tenant’s trailing 12 month customer visits in comparison to other locations within the same chain

EXCLUSIVELY LISTED BY:

Scott Wiles

Senior Managing Director