Property Type: Retail
Status: Just Sold
Address: 501-559 S. Reynolds Road
Toledo, OH 43615
|CAP Rate: 9%|
Square Feet: 35,850
Tenancy Type: Mixed
The Cooper Commercial Investment Group has been exclusively retained by ownership to sell the 100% fee simple interest in the Jesse James Plaza, a 35,850 S.F. retail center, located in Toledo, Ohio. The property is being offered for $3,233,000, representing a 9.00% CAP Rate and high 16.05% projected year-1 cash-on-cash return. The center offers a diverse collection of tenants providing the area with a variety of service-oriented businesses to meet the demands of the market. The plaza is 100% occupied with a good mix of national, regional, and local tenants.
Safelite who has been at the center since 1991 has continuously executed extensions proving their commitment and success at the center and market. Additionally, the plaza is home to a large U.S. Armed Forces Recruiting Office that has also shown their commitment with a significant number of recent upgrades and improvements to their space ($190k). Furthermore, with the property’s recent renovations and capital improvements, several new leases have been signed exemplifying the desire from tenants to be at the property. The plaza has a very inviting appearance and excellent frontage attracting customers to the businesses.
The Jesse James Plaza is strategically positioned at a signalized intersection along Reynolds Road (a main, well-known retail roadway in the region), highly visible signage, great frontage and easy access. The immediate area boasts a strong residential community with average household incomes over $65,000 within a 5-mile radius, and the tenants located at the center benefit strongly from being surrounded by an abundance of roof-tops nearby. Furthermore, the property is located adjacent to I-475 and only a few miles from I-80/90, which is a perfect location for commuters to Toledo and the neighboring suburbs. Interstate 80 (Ohio Turnpike) and Interstate 90 run east-west through Toledo, while I-475 runs north-south. Dussell Drive is located approximately 3-miles from the Jesse James Plaza and is home to more offices and employees than anywhere in Northwest Ohio.
The largest employer in Toledo is the University of Toledo and is located only 4 miles from the featured property, making the Jesse James Plaza a destination point for nearby commuters. The university boasts more than 23,000 students and an academic staff of approximately 2,300. The university also operates a 450-acre Health Science campus, known as the University of Toledo Medical Center (4 miles) creating a constant flow of 33,000 vehicles per day along Reynolds Road and the featured asset. With this property’s strategic placement near the university, along with the surrounding community, this asset is positioned to be a high-quality investment for years to come.