Property Type: Retail
Address: 1229 Ashland Road
Mansfield, OH 44905
|CAP Rate: 8.15%|
Square Feet: 49,874
Tenancy Type: National
The Cooper Commercial Investment Group has been exclusively retained by ownership to sell the 100% fee simple interest in Mansfield Plaza, a Save-a-Lot grocery anchored center comprised of three well-known, national tenants that also includes Family Dollar and an AutoZone ground lease. Mansfield Plaza is being offered for $2,380,000, representing an extremely low $47/SF, attractive 8.15% CAP and offers additional upside through below market rents.
Mansfield Plaza is 100% occupied with strong, highly recognizable, national tenants with Save-a-Lot anchoring the center. Save-a-Lot is one of the fastest growing grocery chains in the nation with a footprint that works, which is evidenced by their growth to 1,300 stores in 36 states and their plans to aggressively expand in the U.S. Save-a-Lot recently exercised an early renewal extending their lease term to 2024, demonstrating strong commitment and dedication to the property. The second national tenant, Family Dollar, is now part of the largest and most successful single-price-point retailer in North America. The company operates thousands of stores nationwide and internationally. The last tenant in the plaza is AutoZone, who is on a ground lease structure and recently executed an extension through 2024. AutoZone is the nation's leading retailer and a leading distributor of automotive replacement parts, after-market parts and accessories with more than 6,000 stores in US, Puerto Rico, Mexico, and Brazil. All of the tenants are tenured and have consistently exercised renewals.
The asset sits at the intersection of two main and heavily traveled roadways throughout the region. Being positioned at Route 30 and Route 42, the property is poised for great success. Traffic counts surrounding the property exceed an incredible 80,000 VPD! Furthermore, the property sits just 3 miles from I-71, which is the direct route between Cleveland and Columbus. Mansfield sits as a midway point between the two cities. The center has a fantastic location with high visibility and prominent signage with multiple points of ingress/egress. The intersection is the main thoroughfares boasts numerous complimentary retailers including: Huntington Bank, Kroger/Kroger Fuel, McDonald’s, Wendy’s, Burger King, O’Reilly Auto Parts, Budget Inn, Speedway and more.
The 49,874 S.F. recently (2015) completed a roof replacement over the entire center and includes a transferable warranty. The highly visible plaza offers excellent frontage and prominent signage. Mansfield Plaza is located in an ideal residential community for the retailers present in the center with the area’s high population density of over 56,000 people and average household incomes of approximately $50,000 within a 5-mile radius. Located just 4 miles from the featured asset is Mansfield and Richland County’s largest employer, OhioHealth Mansfield Hospital with 2,500 employees, which supports 326-beds that serve the region. Additionally, the area is supported by numerous other major employers, including the Correctional Institute with over 600 employees (2.5 miles), Honda supplier, Newman Technology with 1,100 employees (4.5 miles) and Jay Industries, who boasts nearly 1,000 employees just 3 miles west along Route 30. With the property’s strategic placement along with its proximity to employees and residents; the asset is surely positioned as a high-quality investment for years to come.
Full Offering Memorandum