Property Type: Retail
Status: Just Sold
Address: 2700 West State Street
Alliance, OH 44601
|CAP Rate: 7%|
Square Feet: 200,084
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, Absolute NNN, Walmart Supercenter (NYSE: WMT/Moody’s “Aa2”/S&P “AA”) location in Alliance, Ohio. The property is being offered for $17,000,000, representing a 7.00% CAP Rate. The supercenter is near the end of its original 20-year lease term and has provided notice to exercise their first renewal period. The five year term will commence 10/29/2017, and Walmart has an additional five remaining option periods.
The five year term will commence 10/29/2017, and Walmart has an additional five remaining option periods. It is no surprise that Walmart has decided to extend based on the continued success of this high-performing store. The Alliance location does extremely well and sales have continued to trend upward, making the store far exceed the average expected sales volume and a remarkably low rent to sales ratio. Additionally, at its own expense, Walmart installed a new roof on the building approximately 4 years ago, has upgraded the facility to the newest store prototype and just completed paving the parking lot, all big indicators of their commitment and dedication to the property and market.
The 200,084 S.F. building is positioned in an irreplaceable location directly off State Street and the first retailer off Route 62 in the main retail corridor of Alliance. The Walmart is located near a host of other complimentary restaurants and retailers and adjacent to a Cinemark Movie Theatre and across from a Lowe’s Home Improvement. The heavy concentration of national retailers within a 1-mile radius makes the center a destination point. Also located only 1-mile from the Walmart Supercenter and adding additional traffic is the University of Mount Union. The university’s picturesque 123-acre campus with more than $100 million invested over the past decade is home to 2,282 students. The university receives consistent top rankings from U.S. News & World Report and the school’s football team is consistently a national championship contender.
Positioned off the highly traveled, 5-lane State Street the center is adjacent to Route 62, the direct route to Downtown Canton and other main roadways serving the Canton area. Traffic counts surrounding the property are 44k vehicles per day and the trade area (10 miles) has nearly 100,000 people. Coupling all of the attributes, this Walmart Supercenter location provides an investor the opportunity to purchase a superior location with the largest retailer in the world, with virtually no management responsibilities.