The Shops at Worthington Place
Worthington, Ohio
Benefits:
- Key demographics of the daily trade area and 10 minute drive time meet or exceed Ohio’s top performing retail demographics.
- Kroger has top sales per square foot in North Columbus region
- Over $13M capital investment made since 2011. An additional $31M, 200 unit apartment project to be completed in late 2014
- Additional $3M in capital improvements planned for the project this year
- Occupancy has increased from 40% in 2011 to over 80% currently
- 86,857 square feet of new or renewed leases have been executed since 2011 at an average of $26.61 p.s.f gross
- Over $3.6M of revenue has been generated since our acquisition from excess land/building sales
- NOI has increased from $139k in 2011 to over $980k in 2013, with an in place NOI of closer to $1.5M
- Major improvements are underway at I-270 and High Street
- Tremendous Community Support
- New Restaurants are averaging over $400 psf in sales
- Current cost basis in only $122 psf
- National ladies fashion retailers, such as Talbot’s, Chico’s and Pendleton’s are performing well
- According to The Roan Report, an unmet sales potential of $74M exists in the immediate trade area and $466M within a 10-minute drive time.
