Tuttle Crossing

Short Description:
High profile nationally tenanted NNN retail plaza in the affluent suburb of Dublin/Columbus, Ohio (near The Ohio State University campus). The featured property sits directly across from The Mall at Tuttle Crossing – a 1.3 million square foot regional mall – and is less than 1/4 mile from I-270. Assumable fully amortizing non-recourse financing is available with approximately 10 years remaining at a 5.69% rate or new financing is an option giving a buyer ultimate flexibility. The sale price with new financing is 2,850,000 at a 8.84% CAP and the sale price with assumable financing is 2,850,000 at a 8.86% CAP.

Details
Tuttle Crossing is a 6,145 square foot retail plaza optimally located at the highly trafficked signalized corner of Blazer Parkway and Tuttle Crossing Boulevard, in Dublin/Columbus, Ohio. The plaza sits directly in front of The Mall at Tuttle Crossing, a 1.3 million square foot shopping center with over 125 specialty stores and restaurants. Tuttle Crossing lies in between the Ohio State University Airport to the east, the Golf Club of Dublin to the west, and The Ohio State University to the southeast, attracting over 52,000 students to this retail hub. With 100% occupancy, the plaza has a diverse collection of targeted national retail tenants, including: Chipotle, Sprint Nextel, and GameStop (just extended lease). New financing may be put on the center or assumable fully amortizing non-recourse financing exists with approximately 10 years remaining at a 5.69% interest rate. 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 new (2004) brick plaza boasts full occupancy with all tenants on Triple Net (NNN) Leases and all have separately metered utilities that they pay directly. All tenants reimburse Administrative Fees as well. With an 11.78% total projected property return for Year 1 (With Loan Assumption) or a 11.60% cash-on-cash return (with New Financing), Tuttle Crossing can provide the right investor with a stable, well-tenanted retail property in the affluent market of Dublin/Columbus, Ohio. With its newer construction, the plaza has an inviting appearance, drawing many customers to one of the fastest growing restaurants in the country (Chipotle), and other high profile service oriented businesses. The options of assuming existing financing or putting a new loan on the center offers a buyer ultimate flexibility in purchasing this asset. The plaza is in an economically strong residential community with average household incomes of just over $87,000. The young age of the plaza along with its location on a tremendous corner in a rapidly growing city give any investor an opportunity to acquire a hands-off asset with minimal responsibilities or worries.