The Shoppes At Stonecreek

Pickerington | Ohio (Columbus MSA)

Offering Summary

  • Status: closed
  • Price: $8,900,000
  • CAP Rate: 7.72%
  • Occupancy: 100%
  • Year(s) Built: 2012
  • Lot Size (Acres): 5.87 Acres
  • Major Tenants: Lifestyle Family Fitness, Roosters, Petland, Vitality Bowls
  • 100% Occupied, 4-Tenant Retail Center in Pickerington, OH (Columbus MSA)
  • Anchored by Life Time Fitness (60% of GLA) on Long-Term NNN Lease Thru 8/2028
  • 96% of GLA Leased Into 2028 or Beyond; 100% Into 2026 or Beyond
  • $107K Average Household Income in 1-Mile; 51% 3-Mile Population Growth Since 2000
  • Offered with Assumption of Attractive CMBS Debt Maturing in 8/2028 – 67.1% Loan-to-List-Price, 5.12% IR, 30-Yr AM
  • Lifetime Ranks #1 Chainwide in Ohio (out of 6) on Visits/SF, Top 23% (30th out of 130) Nationally on Visits/SF*
  • Roosters Occupies 25% of GLA on NNN Lease Thru 1/2028 – Popular Non-Franchised Restaurant Chain with 43 Locations in 4 States
  • Huge Roosters T12 Sales of $8,242,748 ($742/SF) – Extremely Low Rent/Sales Ratio of 2.1%
  • #1 Ranked Roosters Location Across All 43 Stores by a Wide Margin – Sees 26% More Customer Traffic than #2 Ranked Location*
  • Reasonable/Replaceable $15.56/SF Average Rent; 6% – 10% Upcoming Base Term Rent Increases for 3 of 4 Tenants
  • Recent Early Lease Extension by Petland thru 12/2030 with $1/SF Mid-Term Bump
  • E-Commerce-Proof Tenant Base – “Daily Needs” Fitness, Pet & Restaurant Tenants
  • Recent 7-Year Lease with Vitality Bowls (Over 100 Locations in 19 States)
  • Ease of Management – Only 4 Units; All NNN Leases
  • 96.8% Recovery of RET/CAM/INS Expenses via NNN Leases
  • High-Image Construction with Minimal Deferred Maintenance
  • Offers Year 1 Cash/Cash Return of 8.3%; 10-Year Leveraged IRR of 15.1%
  • Prime Location within Dense 3-Mile Long Retail Corridor with Strong Traffic Counts of 35,000 Cars/Day on Hill Road North
  • Just North of 2015-Built OhioHealth Pickerington Medical Campus Outpatient Hospital with ER & Surgery Center
  • Columbus MSA – Home to a Population of Over 2 Million, One of the Fastest Growing Major MSA’s in the Midwest with 12.8% Population Growth Since 2010

*Source: Placer.ai

EXCLUSIVELY LISTED BY:

Scott Wiles

Senior Managing Director