Worthington Gateway

Worthington | OH (Columbus MSA)

Offering Summary

  • Status: just listed
  • Price: Open-Bid
  • WALT: 9.8 Years
  • GLA: 46,785 SF
  • Net Operating Income: $1,513,086
  • Year(s) Built: 2023
  • Lease Type: NNN
  • Major Tenants: Maple Street Biscuit Company, Five Guys, DiBella's Subs, Orangetheory, Tropical Smoothie Cafe, Club Pilates
  • 46,785 SF, 2023-Built Class “A” Retail/Medical Offering in Affluent & Dense Columbus, OH Suburb ($124K AHHI)
  • Columbus is the Fastest Growing Major Metro in the U.S. with Nearly 15% Population Growth Since the 2010 Census
  • Weighted Average Lease Term (WALT) of 9.8 Years; All Leases have 10-Year Initial Terms and Two 5-Year Options
  • 62,000 VPD at Property’s Signalized Intersection; Just South of I-270 Exit Ramps with 172,000
  • Strong NOI Growth Over Hold Period with 1.99% 5-Yr NOI CAGR & 1.83% 10-Yr NOI CAGR
  • Generational-Quality Investment: “A” Location, “A” Buildings, Strong Corporate & Multi-Unit Franchisee Tenancy
  • All NNN Leases, Including Admin/Management Fees; 104.6% T/I/C Reimbursement Rate over 10-Yr. Hold
  • Across from Kroger-Anchored Retail, 193-Unit Apartment + Office Development; “High North” 10- & 7-Story Office Towers Totaling 177,000 SF Coming Soon
  • 12 of 16 Tenants have 8-13% Increases Every 5 Years, 3 Tenants have 2.0%+ Annual Increases, One Tenant has 5-10% Increases Every 5 Years
  • Six Restaurant/Food Tenants (30% of GLA) are All Corporate Operators, Multi-Unit Franchisees, or Proven Concepts: – Maple Street Biscuit Company (NYSE: CBRL), Five Guys, DiBella’s Subs, Tropical Smoothie Café & Lion Cub’s Cookies
  • Strong Dental (28% of GLA) & Med-tail/Personal Services (26% of GLA) Roster with Dentist, Orthodontist, Massage, Counseling, and MedSpa Tenants
  • 2023-Built, “Jewel Box Shops” Exterior Design; “Four-Sided” Facades with Street & Parking Lot-Facing Entrances/Signage
  • Worthington – Desirable & Affluent North-Side Suburb with Infill Density, Strong Schools, and a Robust Commercial Base
EXCLUSIVELY LISTED BY:

Scott Wiles

Senior Managing Director