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1048-1052 Williams Reserve Blvd

Wadsworth, OH 44281

$5,565,000

Freestanding For Sale  •  32,238 Sq Ft

Property Details

  • Property Type Freestanding
  • Total Building Size 32,238 Sq Ft
  • Building Class B
  • Year Built 2007
  • Cap Rate 8.18 %
  • Tenancy Multiple
0 Transit Score
35 Walk Score

Description

Marcus & Millichap, on behalf of ownership as its exclusive advisor, is pleased to bring to market Planet Fitness Shopping Center, a 32,238 square foot Lowe’s, Target & Kohl’s-anchored retail center occupied by Planet Fitness, Petco, and Antonio’s Pizza, and located in Wadsworth, Ohio. The Lowe’s, Target & Kohl’s boxes and parcels are all corporately owned by the retailers themselves. Petco is an original tenant and is leased through January 2023, and Planet Fitness is a new tenant replacing MC Sports. Planet Fitness and Antonio’s Pizza signed new ten-year leases in December 2017 and October 2015, respectively, providing substantial remaining lease term. Petco exercised its option in 2017, demonstrating commitment to the site.
Wadsworth Crossings is located at the interchange of Interstate 76 and Ohio State Route 261 (Akron Road). Traffic counts in the immediate vicinity are substantial, with 48,616 cars per day on Interstate 76, and 12,172 cars per day on Route 261. With convenient access to the freeway, Wadsworth Crossings is a major shopping and dining destination for residents of communities neighboring Wadsworth, including Norton, Barberton, Rittman, Doylestown, Seville, and Southwest Akron. Demographics in the surrounding area are stable and mature, with 28,731 residents within three miles, 59,993 residents within five miles, and average household income between $73,000 and $78,000 in three-, five-, and ten-mile radii. Other notable tenants within immediate proximity to the subject property include Giant Eagle, GetGo, and KeyBank. Wadsworth is part of the larger Cleveland-Elyria metropolitan area, which is home to more than two million residents.

Highlights

32,238 Square Foot Three-Tenant Retail Center Occupied by Petco, Planet Fitness, & Antonio’s Pizza
52% of Center Leased Through 2025 and Beyond
No Lease Rollover Until 2023
Planet Fitness and Antonio’s Pizza signed new ten-year leases in December 2017 and October 2015
Petco Exercised an Option in 2017, Demonstrating a Commitment to the Site
All Tenants Leased on NNN Basis, Including Reimbursement for Management/Administrative

Financial Summary (Actual)

Net Operating Income: $455,282 (2018)
Cap Rate: 8.18 %

Major Tenants

Tenant SF Occupied Lease End Date
Antonio's Pizza 2,166 SF
Petco Animal Supplies 15,395 SF
Planet Fitness 14,677 SF

Amenities

  • Freeway Visibility
  • Signalized Intersection

Public Transportation

AirportDriveWalkDistance
Akron-Canton Regional Airport 27 min - 20.1 mi
Cleveland Hopkins International Airport 49 min - 33.0 mi

Parking Details

Parking Available: Yes
Reserved: No
Spaces Provided: 100
Type: Surface
Included in Rent: Yes
Scott Wiles 216-264-2000 Marcus & Millichap
Scott Wiles 216-264-2000 Marcus & Millichap