Property Type: Retail
Status: Just Sold
Address: 6525 Sawmill Road
Dublin, OH 43017
|CAP Rate: 6.4%|
Square Feet: 22,000
Tenancy Type: National
Lease Type: Absolute NNN
The Cooper Commercial Investment Group has been exclusively retained by ownership to sell the 100% fee simple interest in the single-tenant Goodwill location in the desirable and upscale community of Dublin/Columbus, Ohio. The property is being offered for $4,470,000, representing a 6.40% CAP Rate and was completely redeveloped to accommodate Goodwill, who hand-picked this particular location for its relocation and expansion to 22,000 S.F. The store was previously located in a 9,400 S.F. space nearby on Sawmill Road where it was already a top performing location for all of Central Ohio.
Goodwill’s lease just commenced April 1, 2017 on a new 15-year Absolute NNN structure extending them through 2032 with two rental increases during the original term. The property has undergone a complete redevelopment with a new drive-thru to service Goodwill, along with a new parking lot with LED lighting, new landscaping, a new roof with a 15-year transferable warranty, three new 12.5-ton HVAC units with warranties and significant interior build-outs.
The center boasts two other well-known, national retailers that are each separately owned and parceled, providing the area with complimentary tenants. The property is home to Big Lots (NYSE: BIG/S&P “BBB”), North America's #1 broadline closeout retailer, and Toys “R” Us, both who also generate a significant amount of traffic. Additionally, Kentucky Fried Chicken and Boston Market restaurants pads to the center further enhancing traffic flow.
The all brick, 22,000 S.F. location is positioned in an irreplaceable location directly off I-270 in the middle of the retail corridor. The Dublin area is home to more than 3,000 businesses with strict building requirements from the city, making it a high barrier to entry community. The center is located directly in front of a Lowe’s and directly across from Sawmill Plaza anchored by Hobby Lobby, Advance Auto Parts, Mattress Firm and Starbucks, and also Sun Center that is home to Whole Foods, Nordstrom Rack, DSW, Ashley Furniture, Michael’s, Babies “R” Us, Panera Bread and many more complimentary tenants. The heavy concentration of other national retailers within a 1-mile radius makes the center a destination point in-between the suburb and the capital city of Columbus.
The center is surrounded by an economically strong residential community with average household incomes of just over $112,000 and a whopping population of close to 207,000 residents within 5-miles. The Dublin School district is one of Ohio's highest achieving districts, rated recently as high as #2 in the State of Ohio. Dublin is home to the headquarters of a number of major companies, including Cardinal Health, IGS Energy, Stanley Steemer, Wendy's, OCLC, Pacer International and MindLeaders. Other organizations with significant operations include Ashland Inc., Nationwide Insurance and Dublin Methodist Hospital, part of the OhioHealth system. The asset sits just north of The Ohio State University Airport and conveniently located with direct access to I-270 which circles Columbus and connects with other area highways including I-71, I-70, I-670 and Route 315, the direct route to Downtown and The Ohio State University (9 miles) boasting more than 66,000 students and 28,000 faculty/staff. Coupling all of the attributes, this new Goodwill location provides an investor a rare opportunity in today’s market to purchase a superior location, quality construction and curb appeal, which is poised to be a quality investment for many years to come.