Plaza Shopping Center

Short Description:
The Cooper Commercial Investment Group is pleased to announce the sale of Plaza Shopping Center, a 209,367 square foot retail plaza optimally located along the main retail corridor of North Memorial Drive in Lancaster, Ohio. The property had existing financing at a 6.34% interest rate and 75% LTV. The plaza sits just one mile south of River Valley Mall, with over 70+ specialty stores and restaurants, as well as a Regal Cinemas Movie Theater. With high occupancy (93%), the plaza is grocery store anchored and has a diverse collection of targeted national retailers that have impressive sales and a long track record at the property, including: Grocery Anchor – Carnival Foods, Big Lots, Buffalo Wild Wings, Rent-A-Center, Sally Beauty Supply, AutoZone, Family Dollar and Huntington National Bank. With stable tenancy for the above listed businesses, tenants find the center to provide them with an ideal location for commercial activity in one of the fastest growing suburbs of Columbus, Ohio. The tenants in the plaza also pay below market rental rates for this area, which offers great incentive to the owners that the tenants will remain at this location.

Details
The well-maintained plaza boasts most of it’s tenants on Triple Net (NNN) Leases and all have separately metered utilities that they pay direct. Most of the tenants reimburse Administrative Fees as well. The featured property is in an economically strong residential community with average household incomes of just over $54,745 within a five-mile radius. The location of the plaza along North Memorial Drive/State Rout 33, which is the highway into Columbus, is in a great location for people that want a short commute to the city while living in the suburbs. The plaza has easy access for students and employees, offering them stores and services that are necessary for every day living. Additionally, the plaza in conveniently located in route between Ohio University and The Ohio State University campuses. The center is also only 2.15 miles to the Ohio University – Lancaster Branch, which enrolls over 1,160 students. A heavy concentration of other national retailers within a one-mile radius makes the plaza a destination point in between the suburbs and the capital city of Columbus.