Property Type: Retail
Address: 10709 Blacklick-Eastern Road
Pickerington, OH 43147
|CAP Rate: 7.1%|
Square Feet: 49,990
Tenancy Type: National
Lease Type: NNN
The Cooper Commercial Investment Group has been exclusively retained by ownership to sell the 100% fee simple interest in Walkers Corner located in Pickerington, Ohio, a desirable suburb of Columbus. The high-quality, trophy asset is being offered for $14,100,000, representing a 7.10% CAP Rate. The newer development was built in 2014 and the 49,990 S.F. center will be 100% occupied with strong, highly-recognizable, national credit tenants, including: Ulta Beauty (NASDAQ: ULTA), Starbucks (NASDAQ: SBUX), Five Below (NASDAQ: FIVE), Party City (NYSE: PRTY), Weight Watchers (NYSE: WTW), Catherineís (NASDAQ: ASNA) and Aspen Dental.
Over 86% of the center is comprised of national and/or publicly traded, credit retailers. Tenants at Walkers Corner are all on NNN Leases, many reimburse for administrative or management fees and have rental increases during their current lease term providing more future upside/returns.
Class ďAĒ quality brick construction; the center has a pleasing and modern curb appeal that attracts customers to the popular, high-traffic businesses and service-oriented retailers. The property also has excellent visibility due to its prominent monument signage and access from I-70, a 15 minutes direct route to Downtown Columbus and The Ohio State University. The retail destination is located in a strong residential community with continual growth and average household incomes over $74,000 within a 3-mile radius. Due to the centerís corner location, the property is surrounded by high traffic roadways, Blacklick-Eastern Road NW (204/Tussing Road) and Hill Road North (Route 256). Route 256 is part of Pickeringtonís safety and beautification construction project that began in 2015 and consists of traffic signal intersection lighting upgrades and lane expansions/additions. Additionally, the median upgrades, resurfacing, community gardens and 400 new street trees planted along the retail corridor roadway are all to help control access and improve traffic flow to the well-known retail hub. Over 86,000 VPD utilize the roadways surrounding Walkers Corner and another 65,000 VPD just north along I-70 at the Route 256 exit.
Positioned along the I-70 corridor, Walkers Cornerís primary trade area encompasses a 10-minute drive time from Pickerington, Eastern Columbus and Reynoldsburg residents, which consists of a radius of nearly 450,000 people. Additionally the property is located 15 miles southeast of The Ohio State University, which has enrollment of approximately 66,000 students and faculty/staff of over 28,000 individuals, many of which reside in the Columbus Suburbs. Saying that the property is located in the dominant retail corridor is an understatement as the Pickerington retail corridor where Walkerís Corner is positioned is flourishing. Other complimentary national retailers, including the Shoppes at Turnberry located directly across Route 256, Bed, Bath & Beyond, Barnes & Noble, WalMart, Target, Kohlís, Lifetime Fitness, Marshallís, Old Navy, PetCo, Kroger, Giant Eagle and many, many more. With this propertyís strategic placement, solid construction, dominant credit quality tenants and proximity to employees, students and residents; the asset is positioned as a high-quality investment for years to come.
Full Offering Memorandum