Property Picture

Price: $5,520,000
Property Type: Retail
Status: Available
Address: 816 S. Main Street
                  Bowling Green, OH  43402
CAP Rate: 8%
Square Feet: 86,881
Tenancy Type: Mixed
Lease Type: NNN

Short Description:
The Cooper Commercial Investment Group has been exclusively retained by ownership to sell the 100% fee simple interest in Southwood Plaza located in Bowling Green, Ohio. Southwood Plaza is being offered for $5,520,000, representing an 8.00% CAP Rate and low price of $63/S.F. The plaza is comprised of approximately 85% nationally named tenants and anchored by Big Lots (NYSE: BIG) who recently extended to 2022, Ashley Furniture Homestore with a new 10-year lease in place and O’Reilly’s Auto Parts on a ground leased outlot through 2028.

In fact, over 75% of base rental income is in place for a minimum of 5+ years, creating a very stable rent roll. Additionally, the plaza has other recent lease executions and extensions, which further exemplifies the commitment and dedication to the center and surrounding market. Many of the tenants that are present at Southwood Plaza have been at the center for many years and are successful due to their central position among residential, schools, employers and other complimentary retailers. The 86,881 S.F. property boasts high visibility, loads of parking and frontage along Main Street, the main retail corridor and busiest stretch running through the city. Traffic counts along Main Street exceed 19,000 vehicles per day. The property also is conveniently positioned 1.5 miles from I-75, the direct route to Downtown Toledo with traffic counts of 52,000 vehicles per day in the Bowling Green exit ramp. The 100% occupied center is strategically positioned near the approximately 19,000 students that attend Bowling Green State University, located just 1-mile from the property. Not only is the center surrounded by a heavy student body population, but BGSU also employs over 6,175 individuals. Due to the heavy concentration of nearby students and employees, the property is positioned directly across the street from Greenmeadow Apartments, Bowling Green Village Apartments and Winthrop Terrace Apartments, which consists of nearly 500 apartment units and creates a constant flow of activity to the plaza. Furthermore, Bowling Green is the county seat of Wood County employing nearly 1,170 people, along with Wood County Hospital with over 700 employees located less than 2 miles from the property, which serves as the core provider for Wood and Henry Counties. Century Label, another major employer in the area is located 1.5 miles from the property with an additional 266 employees. Directly adjacent to Southwood Plaza is Kenwood Elementary and the Montessori School of Bowling Green creating further traffic flow in the direct vicinity.

    Full Offering Memorandum