5201 Airport Highway Toledo, OH 43615
E X C L U S I V E
R E T A I L
O F F E R I N G
S HOPPING R EGIONAL A IRPORT S QUARE S HOPPING C ENTER 5201 Airport Highway Toledo, OH 43615
OFFERING SUMMARY INVESTMENT HIGHLIGHTS
Price
National Tenants: Burlington, Michael's, Pet Supplies Plus, DaVita Dialysis
Down Payment
More than 54,000 Vehicles Per Day
Approximately 75 Percent Occupied
Upside Through Leasing and Redevelopment
Shadow Anchored by Lowe's and ABC Warehouse
Value-Add Redevelopment Opportunity
Regional Center Priced Under $50 Per Square Foot
Offices Nationwide
$10,100,000 (100%) $10,100,000
Gross Leasable Area (GLA)
187,252
Price per Square Foot (GLA)
$53.94
Year Built Lot Size Cap Rate - 2016 Cap Rate - Pro Forma
1986 22.77 Acres 9.60% 12.73%
Listed by:
JOHN NUZMAN Vice President Investments Senior Director National Retail Group Tel: (248) 415-2616 Fax: (248) 352-3813 License: MI 6501246023, MI 6502389859 [email protected] www.marcusmillichap.com/JohnNuzman
Two Towne Square, Suite 450 Southfield, MI 48076 • Tel: (248) 415 -2600 Fax: (248) 352-3813
www.marcusmillichap.com
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Ohio, Inc. © 2015 Marcus & Millichap (Activity ID: W0290671 Property ID: 2028945)
5201 AIRPORT HIGHW AY • T OLEDO, OH 43615 MAJOR TENANTS
OPERATING DATA Income Base Rent Occupied Space Vacant Space at Market Rents (37,800 SF) Gross Potential Rent Expense Reimbursements Gross Potential Income Vacancy/Collection Allowance Effective Gross Income Total Expenses Net Operating Income Reserves / Replacements
2016
Pro Forma
$1,433,507
$1,433,507 $213,600
$1,433,507 $324,226 $1,757,733 $1,757,733 $787,633 $970,100 $28,088
$1,647,107 $524,590 $2,171,697 15% / $247,066 $1,924,631 $638,457 $1,286,174 $28,088
488,002 37,450 69,669 25,056 40,000 34,000 40,000 24,456 15,000 10,000 4,000 $192,512 $787,633 $4.21
332,150 37,450 76,345 25,056 40,000 34,000 40,000 24,456 15,000 10,000 4,000 $192,512 $638,457 $3.41
Michael's HomeTown Buffet Pet Supplies Plus Burlington Coat Factory DaVita Dialysis Woodcraft Southwestern Acquisitions
INVESTMENT OVERVIEW Marcus & Millichap is pleased to offer for sale this 187,252square foot regional shopping center located in Toledo, Ohio. Airport Square is approximately 75 percent leased and was built in 1986. The center occupies 20 acres and is located at the southwest corner of Airport Highway and South Reynolds Road. Multiple full-movement curb cuts provide easy access to the property as well as additional signalized access through the Lowe’s shopping center to the west. Airport Square is occupied by national tenants including Burlington Coat Factory, Michael’s, Pet Supplies Plus, Woodcraft and DaVita Dialysis. Located in the southwestern Toledo submarket, the area is widely considered a strong retail corridor. Major nearby retailers include Lowe's (adjacent via cross-easement), Kohl’s, Bed Bath & Beyond, Old Navy and Gander Mountain. Average daily traffic count is 27,260 vehicles per day on Airport Highway and 27,130 vehicles per day on South Reynolds Road per the Toledo Metropolitan Area Council of Governments (TMACOG).
EXPENSES Real Estate Taxes Insurance Management Fee Utilities Contract Services Repair & Maintenance Snow Removal *Utilities - Vacant *Legal *Non-CAM Repairs *Accounting Total CAM Total Expenses Expenses per SF
Two Towne Square Suite 450 Southfield, MI 48076 Tel: (248) 415-2600 Fax: (248) 352-3813 www.marcusmillichap.com
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Ohio, Inc. © 2015 Marcus & Millichap (Activity ID: W0290671 Property ID: 2028945)
R E T A I L
O F F E R I N G
S HOPPING R EGIONAL A IRPORT S QUARE S HOPPING C ENTER 5201 Airport Highway Toledo, OH 43615
OFFERING SUMMARY INVESTMENT HIGHLIGHTS
Price
National Tenants: Burlington, Michael's, Pet Supplies Plus, DaVita Dialysis
Down Payment
More than 54,000 Vehicles Per Day
Approximately 75 Percent Occupied
Upside Through Leasing and Redevelopment
Shadow Anchored by Lowe's and ABC Warehouse
Value-Add Redevelopment Opportunity
Regional Center Priced Under $50 Per Square Foot
Offices Nationwide
$10,100,000 (100%) $10,100,000
Gross Leasable Area (GLA)
187,252
Price per Square Foot (GLA)
$53.94
Year Built Lot Size Cap Rate - 2016 Cap Rate - Pro Forma
1986 22.77 Acres 9.60% 12.73%
Listed by:
JOHN NUZMAN Vice President Investments Senior Director National Retail Group Tel: (248) 415-2616 Fax: (248) 352-3813 License: MI 6501246023, MI 6502389859 [email protected] www.marcusmillichap.com/JohnNuzman
Two Towne Square, Suite 450 Southfield, MI 48076 • Tel: (248) 415 -2600 Fax: (248) 352-3813
www.marcusmillichap.com
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Ohio, Inc. © 2015 Marcus & Millichap (Activity ID: W0290671 Property ID: 2028945)
5201 AIRPORT HIGHW AY • T OLEDO, OH 43615 MAJOR TENANTS
OPERATING DATA Income Base Rent Occupied Space Vacant Space at Market Rents (37,800 SF) Gross Potential Rent Expense Reimbursements Gross Potential Income Vacancy/Collection Allowance Effective Gross Income Total Expenses Net Operating Income Reserves / Replacements
2016
Pro Forma
$1,433,507
$1,433,507 $213,600
$1,433,507 $324,226 $1,757,733 $1,757,733 $787,633 $970,100 $28,088
$1,647,107 $524,590 $2,171,697 15% / $247,066 $1,924,631 $638,457 $1,286,174 $28,088
488,002 37,450 69,669 25,056 40,000 34,000 40,000 24,456 15,000 10,000 4,000 $192,512 $787,633 $4.21
332,150 37,450 76,345 25,056 40,000 34,000 40,000 24,456 15,000 10,000 4,000 $192,512 $638,457 $3.41
Michael's HomeTown Buffet Pet Supplies Plus Burlington Coat Factory DaVita Dialysis Woodcraft Southwestern Acquisitions
INVESTMENT OVERVIEW Marcus & Millichap is pleased to offer for sale this 187,252square foot regional shopping center located in Toledo, Ohio. Airport Square is approximately 75 percent leased and was built in 1986. The center occupies 20 acres and is located at the southwest corner of Airport Highway and South Reynolds Road. Multiple full-movement curb cuts provide easy access to the property as well as additional signalized access through the Lowe’s shopping center to the west. Airport Square is occupied by national tenants including Burlington Coat Factory, Michael’s, Pet Supplies Plus, Woodcraft and DaVita Dialysis. Located in the southwestern Toledo submarket, the area is widely considered a strong retail corridor. Major nearby retailers include Lowe's (adjacent via cross-easement), Kohl’s, Bed Bath & Beyond, Old Navy and Gander Mountain. Average daily traffic count is 27,260 vehicles per day on Airport Highway and 27,130 vehicles per day on South Reynolds Road per the Toledo Metropolitan Area Council of Governments (TMACOG).
EXPENSES Real Estate Taxes Insurance Management Fee Utilities Contract Services Repair & Maintenance Snow Removal *Utilities - Vacant *Legal *Non-CAM Repairs *Accounting Total CAM Total Expenses Expenses per SF
Two Towne Square Suite 450 Southfield, MI 48076 Tel: (248) 415-2600 Fax: (248) 352-3813 www.marcusmillichap.com
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Ohio, Inc. © 2015 Marcus & Millichap (Activity ID: W0290671 Property ID: 2028945)
