Investment Overview

Marcus & Millichap, on behalf of Ownership, is pleased to present Diamond Plaza, a 13,806 square foot retail strip center located in the Easton submarket of Columbus, Ohio (the “Offering”). The Property features a credit oriented tenant roster, led by T Mobile and Eyemart Express, which collectively represent 80% of the property’s revenue. The center offers investors stable in place cash flow supported by strong retail fundamentals within one of the most sought after submarkets in the Columbus MSA. It is further reinforced by a compound annual growth rate (CAGR) exceeding 5% and a weighted average remaining lease term (WALT) of 5.8 years, which together limit near term rollover risk. The rent roll’s largest revenue generator at 45%, and newest tenant, is T-Mobile (NASDAQ: TMUS), on a long term lease through 2035. T-Mobile boasts a “BBB” credit rating from Standard & Poor’s and “Baa1” from Moody’s. T Mobile was strategically brought into the tenant lineup replacing Mattress Firm and setting a new bar for rent rates in this asset. The tenant executed a new 10 year lease at $35.13 PSF, with $31 TI from the landlord, providing a clear benchmark for future leasing opportunities. Notably, rental rates for two of the three tenants remain significantly below market, creating meaningful mark to market upside once the tenants run out of options or vacate. The two retail spaces are currently leased at $24 PSF and $30 PSF net. Both tenants have one remaining five-year option, positioning this opportunity within a 10-year business plan. Today, rental rates for these spaces are estimated at $40 PSF net with $40 TI (non-food use). Assuming $40 PSF market assumption, upon stabilization and execution of the mark-to-market strategy, NOI is projected to be $216,000 higher than Year 1. This will provide a huge boost to sale value upon exit. The second largest tenant by revenue is Eyemart Express, with a history of long term occupancy and multiple renewals, having successfully renewed three times. Most recently, Eyemark executed a five year contract renewal in 2025. From a credit perspective, Eyemark operates more than 250 locations across 42 states and is owned by VSP Vision (Vision Service Plan), a large not for profit vision benefits and eye care organization based in California. VSP Vision acquired Eyemart Express in early 2025 from FFL Partners and Leonard Green & Partners, recognizing an opportunity to further scale the business.