Property Type: Retail
Status: In Contract
Address: 2955 E. State Street
Salem, OH 44460
|CAP Rate: 8.2%|
Square Feet: 16,252
Tenancy Type: Mixed
Lease Type: NNN
The Cooper Commercial Investment Group has been exclusively retained by ownership to sell the 100% fee simple interest in the Walmart Supercenter Shadow Anchored Salem Marketplace in Salem, Ohio. The property is being offered for $2,275,000, representing an 8.20% CAP Rate.
The center also sits directly across from a high-traffic Home Depot and is positioned along Main Street, the main retail corridor throughout the city. Salem Marketplace boasts well-known tenants, many on Triple Net (NNN) lease structures, including: Best Cuts (NYSE: “RGS”), Sally Beauty Supply (NYSE: “SBH”/S&P “BB+”), GameStop (NYSE: “GME”), Little Caesar's, Boost Mobile, Hibachi Express, Burrito Loco and Drayer Physical Therapy. The 100% occupied center has had excellent leasing traction and now with tenured and new tenants, the rent roll benefits from staggered lease expirations. Between the current national tenants, pivotal location in the market and long-term leases in place, this asset is an unbeatable investment.
Located in the main shopping corridor of Salem, the 16,252 S.F. property has an inviting appearance that draws customers to popular tenants that are present in the center. All of the tenants benefit from the daily traffic to the Walmart Supercenter that provides a constant flurry of activity around the featured center. Salem Marketplace is ideally positioned in a strong residential community, within close proximity to major employers and surrounded by complimentary national retailers, including Home Depot, Salem Plaza Shopping Center (Tractor Supply, Dollar General and Peebles) and Eastgate Plaza Shopping Center (Giant Eagle, GetGo, Bob Evans, Marc’s Discount and Aldi).
Salem Marketplace is also positioned near major employers which bring residents to the area. Salem Regional Medical Center is located along State Street just 2 miles west and employs over 500 people. American Standard Brands (2 miles) and Kent State University’s Salem Campus (4 miles) are also in close proximity. American Standard is a leading North American manufacturer of bath and kitchen products and Kent State’s Salem Campus is home to more than 1,134 students in addition to the campus’ faculty and staff.
Salem is nestled in the beautiful rolling hills of Northeastern Ohio. Salem is advantageously located about 65 miles from both Pittsburgh and Cleveland, 20 miles southwest of Youngstown, and 25 miles east of Akron/Canton. Being positioned between the two major cities is also an advantage for commuters. With the building’s desirable location and inviting appearance, the asset is positioned to be a solid investment well into the future.
Full Offering Memorandum