Property Type: Retail
Address: 800 W. Coshocton Street
Johnstown, OH 43031
|CAP Rate: 8.1%|
Square Feet: 15,292
Tenancy Type: Mixed
Lease Type: NNN
The Cooper Commercial Investment Group has been exclusively retained by ownership to sell Kyber Run, a 15,292 S.F. center, shadow anchored by grocery giant, Kroger/Kroger Fuel (corporately owned) in a growing and affluent suburb of Columbus, Ohio. The property is being offered for $2,915,000, representing an attractive 8.10% CAP and offers significant upside through the development of the pad sites and outparcel (0.91 acre) that are included in the sale.
91% of the tenants at Kyber Run are on NNN lease structures and a majority of them reimburse for both administrative and management fees. Kyber Run offers an investor the opportunity to acquire a property with a popular tenant mix and pivotal location in a high growth market. Johnstown is widely considered one of Columbus’ most desirable suburbs. The center was built to accommodate the growing area, which had over 25% population growth from 2000-2012 and is statistically one of the fastest growing towns in Central Ohio. The largest tenant in the featured offering expanded their space to accommodate their growing needs, signing an original long-term lease. Ownership has seen tenants have great success in this center, and they have also seen a tremendous amount of leasing activity over the past few years, as well.
With 2010 construction and an extremely inviting appearance, the development draws many customers to the variety of tenants and other service-oriented businesses at the center but also receives traffic from the other well-known surrounding retailers that are a part of the development: Kroger, Kroger Fuel, Huntington National Bank, AutoZone, Chase Bank and Burger King. The center's main shadow anchor, Kroger, handpicked this location to relocate and expand their store in Johnstown. Kroger also added their signature Kroger Gas Fueling Station as they wanted to further capitalize on the continued growth of the area. At that time Kroger also acquired additional land next to their new store to fuel future expansion, further demonstrating a long-term commitment to the site and market. The retail corridor hosts other national retailers directly across the street and the area’s demand can be evidenced by the recently built O’Reilly Auto Parts, CVS, Advance Auto and Tractor Supply anchored center.
Many people find that living outside of Downtown Columbus, in suburbs such as Johnstown, offers everything they need within a short commute to work and recreational activities in Downtown Columbus. The Columbus area has a vast amount of employers, as well as many colleges and universities, making Johnstown an ideal place to live for faculty, staff and commuting students. Most notably, The Ohio State University with 59,800+ students is located in Downtown Columbus while other nearby institutions include: Denison University (10 miles, 2,150 students), Otterbein University (2,791 students), Central Ohio Technical College (3,491 students), Ohio Dominican University (1,700 students), Capital University (19 miles, 3,367 students), Ohio State University Newark Campus (2,183 students), and Columbus State Community College (27,312 students). Additionally, with Columbus being the state capital, the region is home to United States Government accounting for an estimated 65,000 to 75,000 employees. The center is positioned in an economically strong residential community with average household incomes near $100,000 within a 5-mile radius of the center. Kyber Run’s location along the main roadway throughout Johnstown in the growing community gives any investor the opportunity to acquire a property with tenants that serve the high demand of retail needs of the community. The featured property is located on West Coshocton Street, which is the same as Johnstown Utica Road (U.S. Route 62) as it heads to Columbus. Residents of Johnstown take this main roadway as the main route to I-161 that heads directly to Downtown Columbus. With the property’s strategic placement along with its proximity to employees, students and residents; the asset is surely positioned as a high-quality investment for years to come.