Property Picture

Price: $2,730,000
Property Type: Retail
Status: Just Listed
Address: 75 Amberwood Parkway
                  Ashland, OH  44805
CAP Rate: 8%
Square Feet: 34,553
Tenancy Type: Mixed
Lease Type: NNN

Short Description:
The Cooper Commercial Investment Group has been exclusively retained by ownership to sell Amberwood Center, a 34,553 S.F. retail center, shadow anchored by a Walmart Supercenter located in Ashland, Ohio. The high-quality brick construction asset, anchored by Dollar Tree is being offered for $2,730,000, representing an attractive 8.00% CAP Rate and low $79/SF, which is well below replacement cost. The 80% occupied property offers stability with Dollar Tree’s recent extended lease through 3/31/2027, as well as potential upside through lease-up of the remaining vacant units. Amberwood Center boasts other recent lease extensions and several new lease executions.

Built in 2006, Amberwood Center has a modern curb appeal with solid brick construction. The property offers multiple points of ingress/egress for easy access and prominent monument signage, including being positioned in front of the Walmart Supercenter. The center includes a variety a retailers/services making 50% of the center nationally-recognized, corporately backed leases. Dollar Tree is the nation's leading operator of single-price-point dollar stores, while Humana has ranked No. 1 in Health Care Providers industry for three consecutive years and 11 overall on 2018 list from JUST Capital and Forbes, GNC is the world's largest company of its kind and Sally Beauty is the largest retailer of professional beauty supplies in the world, along with some well-known regional tenants. The center is located in a strong commercial corridor with excellent highway access from I-71, the route between Cleveland and Columbus. The business corridor boasts 29,000 VPD along Main Street in front of the center and another 43,000 VPD along I-71. The retail corridor just off the highway exit makes Amberwood Center a destination point for all commuters, students and employees traveling from I-71 to Ashland University. The university is a private institution, ranked in the Top 200 of colleges and universities in the National Universities category by U.S. News and World Report. The university boasts 6,700 students and nearly 900 employees. Additionally, the center is positioned amongst other complimentary retailers, including Walmart Supercenter, Home Depot, Holiday Inn Express, ALDI, Buehler’s, GameStop, Buffalo Wild Wings, Chipotle and many more creating a destination point for the students and staff. The Ashland community has strong average household incomes near $85,000 within a 1-mile radius of the property. The community has been experiencing positive growth trends from both, the residential and commercial markets. Cleveland’s world-renowned University Hospitals operates the Samaritan Medical Center located in Ashland and the hospital boasts 52 staffed beds. The acute care facility with 725 employees serves the surrounding community. Additionally, Ashland boasts a strong employment base through Bookmasters located adjacent to property with 165 employees, as well as Charles River Laboratories (875 employees), McGraw-Hill Education (approximately 300 employees) and Mansfield Plumbing (700 employees), all located across Main Street, less than 1 mile from Amberwood Center. Ashland County (510 employees), Ashland City Schools (400 employees) and BCU Electric with 400 employees are all within close proximity as well. With the property’s strategic placement just off I-71 on the way to the university, quality construction in a high-growth market; the asset is poised to be an excellent investment for years to come.

    Full Offering Memorandum