Institutional Property Advisors (“IPA”) is pleased to present the opportunity to acquire The Shoppes at Worthington Mall (the “Property”), a strategically positioned retail asset in the Columbus, Ohio MSA offering compelling mark-to-market rent upside and a premier redevelopment alternative supported by favorable public incentives.
The Property consists of established retail improvements serving the affluent North Columbus/Worthington trade area which reaches over 200,000 residents, long regarded as one of the region’s most desirable and supply-constrained submarkets. The surrounding community benefits from strong household incomes of $150,000+, dense residential neighborhoods, and direct connectivity to major commuter corridors – Interstate 270, State Route 23 and State Route 315; supporting durable consumer demand and retailer performance.
The primary investment opportunity lies in capturing mark-to-market rent growth within the existing buildings. In-place rents across select tenancy provide measurable runway to market levels through renewals, strategic re-tenanting, and merchandising upgrades. A focused leasing program can drive meaningful NOI expansion without necessitating immediate vertical redevelopment, allowing an investor to enhance yield through operational execution and improved tenant mix.
Beyond near-term income growth, The Shoppes at Worthington Mall offers high-end redevelopment optionality. The site’s configuration, surrounding demographics, and evolving retail demand support a transformative repositioning consistent with modern, mixed-use retail placemaking. Importantly, favorable incentives have been lined up that materially reduce the upfront cash required relative to a conventional redevelopment capitalization—creating an attractive basis and enhancing projected risk-adjusted returns. This incentive alignment meaningfully improves feasibility and allows investors to pursue a best-use strategy with reduced equity exposure.
The combination of (i) embedded mark-to-market upside, (ii) flexible site planning potential, and (iii) incentive-backed redevelopment optionality positions The Shoppes at Worthington Mall as a rare opportunity to control an exceptionally positioned piece of real estate along one of Central Ohio’s most established retail corridors in one of the city’s most affluent and dense suburbs—at a basis below replacement cost and with multiple clearly defined paths to value creation.
