Springfield Commons

Toledo | OH

Offering Summary

  • Status: closed
  • Price: $22,500,000
  • 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


Scott Wiles

Senior Managing Director