Meadows Plaza

Property Type: | Property Status: Sold

Meadows Plaza

Property Details

Price: $850,000

CAP Rate:

Square Feet:

Tenancy Type: Mixed

Lease Type: Modified Gross

Location Info

Address: 1104-1124 Kemper Meadow Drive

City: Forest Park

State: OH

Zip: 45240

Property Description

Short Description:
The Cooper Commercial Investment Group has been exclusively retained by ownership to sell Meadows Plaza, a 100% occupied, 11,746 S.F. retail asset boasting all service-oriented and recession proof tenants. The plaza is being offered for $850,000, representing an attractive 7.63% CAP Rate generating near a 11.27% projected year-1 cash-on-cash return and an extremely low price point of $72/S.F.

Meadows Plaza is comprised of many well-known and highly recognizable regional tenants that have a strong customer base, including: Harper’s Point Eye Associates/AEG Vision, Allstate Insurance, Reliable Staffing, AnyLabTestNow, along with others that have been entrenched in the community. In fact, over 2/3 of the tenants in the center have renewed leases, demonstrating their success at the property. The asset has been well-maintained and has recently completed upgrades, including exterior lighting. The suburban community of Forest Park is advantageously located between Downtown Cincinnati (14 miles) and Dayton (35 miles). The property is located in a strong community with average household incomes over $82,000 and a population of nearly 161,000 people within a 5-mile radius of the property. Positioned with excellent frontage and prominent monument signage, the property has easy access. One of the properties most significant attributes is its direct access to I-275 (104,600+ VPD), located just 0.5 miles from Meadows Plaza. The location is positioned in the retail corridor off the highway exit and is surrounded by high-traffic complimentary retailers, including Starbucks, Bass Pro Shops, Walmart Supercenter, Kroger, Meijer, Chipotle and more, creating a constant flurry of nearby activity. The community offers a wide range of employment between the area’s retail sector and the region’s other major employers, while still being a short distance from Cincinnati for commuters to the city. Forest Park’s largest employment sector is its retail base. Hundreds of employees and consumers flood the area for its well-known retailers. Additionally, insurance giant Liberty Mutual recently announced their plans and are in the process of leaving their nearby Fairfield location and relocating to Forest Park. The location will be the new home to 800 on-site employees. Meadows Plaza also sits just south of Mercy Health’s 236-bed Fairfield Hospital/Cincinnati’s Children’s, which is Fairfield’s largest employer with over 2,000 employees. You will find several Fortune 500 companies headquartered in Cincinnati, such as Procter & Gamble, The Kroger Company, and Fifth Third Bank. General Electric has also headquartered their Global Operations Center in Cincinnati, while the Kroger Company employs over 21,645 people locally, making it the largest employer in the city. The University of Cincinnati (12.5 miles) is the second largest at 16,000 and enrolls over 44,000 students. Given the property’s strategic placement and proximity to employees and residents; this asset is positioned with great potential to continue to thrive.