Taylor Square & Tuttle Crossing

Columbus | Ohio

Taylor Square & Tuttle Crossing

Offering Summary

  • Status: just listed
  • Price: CFO 6/14
  • Portfolio NOI: $6,503,248
  • Portfolio GLA: 621,792 SF
  • Net Operating Income: $6,503,248
  • Major Tenants: Walmart, Marshalls, Best Buy, Ross Dress for Less, Golf Galaxy, Dollar Tree, etc.

Call For Offers June 26th, 2024

  • Portfolio of Two Major Regional Shopping Centers in Growing Suburbs of Columbus – Both within 10-Minute Drives of Downtown Columbus; 25-Mile Drive Between Sites
  • 621,792 Portfolio GLA – Over 90% of GLA Leased to National Tenants – Walmart, Marshalls, Best Buy, Ross Dress for Less, Golf Galaxy, Dollar Tree, etc.
  • Bloomberg Ranked Columbus as the Fastest Growing Major Metro in the U.S. with 1.1% YOY Population Growth and Nearly 15% Population Growth Since the 2010 Census
  • 15 Miles & 25 Miles, Respectively, from Intel’s New $28 Billion Chip Plant (Currently Under Construction) Generating 7,000 Construction Jobs & 3,000 Permanent Jobs Locally
  • Well-Maintained Assets with Substantial CapEx Completed Under Ownership – Nearly $2 Million Recently Invested in New Roofs & Parking Field Resurfacing
  • Both Sites Located off Major Interstates with Immediate Accessibility to Exit Ramps – Highway Visibility to Both Assets
  • Portfolio Sale Offers Affluent Demographics, Opportunity for Value Creation, and Long Term WALT

Taylor Square

  • Largest & Busiest Shopping Center in Trade Area – 8 Million Annual Customer Visits to the Center
  • Irreplaceable Infill, Highway-Exit Location Just Off I-70 Exit Ramps at Route 256, Seeing 97,000 VPD and 38,000 VPD, Respectively
  • Strong, Growing Middle-Class Demographics w/ $84-86K Average HHI in 3- & 5-Mile Radii & Dense Trade Area Population of 87,000/3-Mi & 199,000/5-Mi
  • Walmart (51.7% of GLA) – Abs NNN Lease Recently Extended Early thru 2030 – #1 Walmart in Metro Columbus (3-way tie) with 2.9 Million Annual Customer Visits; Top 29% Nationally
  • Well-Maintained Asset with $1.1M Spent on Replacement of All Roofs & Parking Lot Resurfacing; Diligently Executed 5-Yr Capital Improvements Plan
  • Several Paths to Additional Upside & Value Creation including 2 Vacancies, 3 Outparcels Incl. in Sale & 2-Acre Developable Pad Site
  • 84% of Occupied GLA in Place for 20+ Years; 90% of Occupied GLA in Place of 10+ Years

Tuttle Crossing

  • Core Rent Roll has Nearly 17 Years of Weighted Average Tenancy Tenure w/ 3 of Top 6 Tenants Possessing Investment-Grade Credit
  • 6 of 8 Tenants are 18,000-58,000 SF Each and Comprise 96% of GLA and 92% of GPI with 6.8 Years WALT
  • 35% Population Growth in a 1-Mile Radius Since 2010; +29% in 3-Mi and +17% in 5-Mi, Outpacing Impressive Columbus MSA Growth
  • Affluent & Dense Demographics with $102-121K Average HHI – 12,785/1-Mi, 81,573/3-Mi & 201,787/5-Mi Population Counts
  • Majority of Roofs Replaced 2016-2020 at a Cost of Over $500K Along with Parking Fields & Drive Resurfacing 2014-2022
  • Shadow-Anchored by Walmart Supercenter on Ground Lease, Expanded in 2007; Sees Over 2.1M Annual Customer Visits Creating Substantial Cross-Traffic
  • Co-Anchored by Best Buy (25%) of GLA – Recently Exercised 5-Yr Option Early thru 2031 – Top 13% in Ohio and Top Third of Stores Nationally per Placer.ai
  • Potential to Add up to an Additional 12,500 SF of GLA on Excess Parking Pad Adjacent to Tesla Dealership
  • Walmart Renovation Completed in November 2023 – Part of $225M Remodeling Project in Ohio
EXCLUSIVELY LISTED BY:

Erin Patton

Senior Managing Director