Property Type: Retail
Address: 2383 W. Broad Street
Columbus, OH 43204
|CAP Rate: 7.5%|
Square Feet: 9,180
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 the single-tenant Family Dollar location (NASDAQ: DLTR/Moody’s “Ba1”/S&P “BB+”) located in the densely populated Columbus, Ohio. The 9,180 S.F. property is being offered for $1,955,000, representing a 7.50% CAP Rate. Family Dollar is on a NNN lease structure and recently executed a 10-year lease on the newly built property (2015). The tenant handles all on-site maintenance directly leaving the owner with minimal management responsibilities.
The Family Dollar’s store has several attributes creating a highly desirable asset, but one of the most beneficial is its position on West Broad Street, one of the most well-known roadways in Columbus. The property is situated just 3.5 miles from Downtown Columbus and only 7 miles from The Ohio State University, boasting 66,000 students. Additional attributes to the Family Dollar is its position in a neighborhood community surrounded by complimentary retailers in an ideal residential community with average household incomes over $60,000 within a 3-mile radius.
The newly constructed Family Dollar, a 4 Points development is conveniently located near I-270, the beltway loop, I-670, and I-70, offering convenient and easy access to the entire central Ohio region. Due to the fact that the center is serviced by COTA (Central Ohio Transportation Authority), it is easily accessible to the students and young adults in the surrounding area. The featured property is located just southwest of I-670/I-70 and just a few miles east of I-270. Traffic counts at the I-670/I-70 split are in upwards of 171,000 VPD, while over 107,000 VPD travel along I-70 daily. Directly in front of the property along West Broad Street, traffic counts exceed 36,000 VPD making this a very high traffic area with a constant flow of traffic in front of the Family Dollar as a direct route to Downtown Columbus.
Additionally, the plaza services a number of offices, headquarters, is positioned between Mount Carmel West and Doctors Hospital West in the high population residential area. Along with the vast amount of employees and patients from the hospitals, the property is positioned nearly across from the Ohio Department of Safety’s Columbus facility, and only 3 miles from the Big Lots, Inc. (NYSE: BIG) headquarters, which also includes a distribution center and retail store. The headquarters employs several hundred people, many of which pass by the center on their daily commute. Furthermore, the newer Hollywood Casino opened just west of the center (directly across from the Big Lots headquarters on Broad Street), which will draws even more traffic to the Broad Street corridor with an estimated five million annual visitors. The casino is the only casino permitted in Central Ohio and is located at the Broad Street/I-270 exit and is a main attraction to the area, drawing people from every direction. Coupling all of the attributes, the Family Dollar provides an investor the opportunity to purchase a 2015 constructed quality property that suits the needs of the consumers in the densely populated area, which further exemplifies the store’s advantageous location.
Full Offering Memorandum