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Shopping Strip

The Shops at Walton Parkway

9685 Johnstown Rd, New Albany, OH 43054

Listing Price: $4,630,000

Cap Rate
6.50%
Gross SF
15,060
Rentable SF
15,060
Price/Gross SF
$307.44
Lot Size
2.65 acres
Year Built
2006

Investment Overview

Marcus & Millichap is pleased to present, The Shops at Walton Parkway, a 15,060-square-foot neighborhood retail center located in New Albany, Ohio. The subject property was built in 2006 and is situated on 2.65 acres. The subject property is currently 100 percent occupied by a strong mixture of national, regional and local tenants, all of whom are e-commerce proof. Prominent tenants at the site include Tim Hortons, Jersey Mikes, F45 Fitness and Blue Agave. Tim Hortons is an original tenant from construction in 2006 and occupies the endcap space which includes a drive-thru. Tim Horton’s has consistently been a main attraction for the center and despite immense growth nearby, remains the only drive-thru coffee and breakfast provider within two-miles. Tim Hortons comes with strong corporate backing with over 4,950 locations across 14 countries and is wholly owned by Restaurant Brands International Inc. (RBI), who has annual revenues of over $4.97 billion and is traded on the NYSE under Ticker Symbol: QSR. The sites newest tenant is Jersey Mikes, a prominent sandwich shop with over 1,910 locations across the country. Jersey Mikes just signed a brand-new 10-year lease and is currently undergoing an extensive buildout. F45 is the sites second newest tenant and opened in 2021. F45 has become the fastest growing fitness franchise globally with over 1,750 studios across 45 countries, and this is the first location serving the Columbus MSA. The final major tenant is Blue Agave, which is an extremely popular Mexican restaurant serving New Albany since 2011. Blue Agave occupies the 5,000-square-foot endcap and is currently in discussions with ownership regarding expanding their outdoor seating to meet-up with demand. Ownership benefits from staggered lease expirations and has an impressive weighted average lease term remaining of six and a half years. The flourishing tenant base is a byproduct of the site’s irreplaceable real estate and strategic locations in one the nation’s top suburbs. The Shops at Walton Parkway is located along Johnstown Road, which immediately sees over 27,458 vehicles per day. The subject property is directly off Route 161 which sees an additional 61,480 vehicles per day. Walton Parkway is strategically situated between the dense residential and industrial districts of New Albany which allows it to benefit from immense all-day foot traffic. Immediate demographics in the surrounding area are affluent and quickly growing, with population counts of 2,972 within one-mile, 23,416 within three-miles and 67,195 within five-miles. Population counts within a one-mile and three-mile radius have grown 180 percent and 203 percent since 2000, and the average household incomes far exceeds the national average at $165,221 and $153,168 respectively. Despite the fast growing surrounding area, the subject property remains the only strip center within a few miles radius and caters extremely well to the heavy crowds nearby. Major points of attraction in the immediate vicinity include New Albany Schools, Sheetz, Home2 Suites, Courtyard, Hampton Inn, Kroger, Giant Eagle, and the subject property is less than three-miles from Hamilton Quarters, which is a one of Northeast Columbus’ largest developments with over two million square-feet of office, retail, and medical uses. The City of New Albany is located in the Columbus MSA, which is the 32nd largest MSA in the United States and has a total population of 2.139 million. New Albany is situated at the Northeast outskirt of Columbus and just 15-minutes from Downtown. New Albany has become a hotbed for families relocating within the metro or from out-of-state and has a diversified economy home to renowned companies such as Abercrombie & Fitch, Big Lots, Facebook, Amazon, Mt. Carmel Hospital, Lower, Discover, State Farm, and AEP. In 2015, New Albany was ranked the #1 best suburb in America by Business Insider.

Investment Highlights

  • 100 Percent Occupied 15,060-Square-Foot Neighborhood Center in New Albany, Ohio (Columbus MSA – Over 2.139 Million People)
  • New Albany was Voted #1 Suburb In America by Business Insider | Part of Columbus MSA which is #1 Fastest Growing City in the Midwest
  • Built in 2006 and Situated on 2.65 Acres | Class-A Brick Construction | Extremely Strong Frontage Parallel to Major Road
  • Strategic Location Seeing Over 27,458 Vehicles per Day | Immediately Off Highway Seeing Additional 61,480 Vehicles per Day
  • Dense and Affluent Demographics | Population Growth Within One-Mile and Three-Mile Radius of Over 180 Percent and 203 Percent Since 2000 | Average Household Income in Excess of $165,000
  • Anchored by Tim Hortons | End Cap with Drive Thru | Original Tenant Since Construction in 2006 | Only Coffee and Breakfast Provider Within Two-Miles
  • Near-Term Upside Opportunity | New Nails Currently Paying Below Market Rent Without Options | $10-15 per Square Foot Below Market
  • Major Businesses Nearby Include Big Lots HQ, Abercrombie & Fitch HQ, Facebook, Amazon, Mt. Carmel Hospital, Lower, Discover, State Farm, and AEP

Exclusively Listed By

Financing By

Shopping Strip

The Shops at Walton Parkway

Listing Price: $4,630,000

Cap Rate
6.50%
Gross SF
15,060
Rentable SF
15,060
Price/Gross SF
$307.44
Lot Size
2.65 acres
Year Built
2006

Investment Highlights

  • 100 Percent Occupied 15,060-Square-Foot Neighborhood Center in New Albany, Ohio (Columbus MSA – Over 2.139 Million People)
  • New Albany was Voted #1 Suburb In America by Business Insider | Part of Columbus MSA which is #1 Fastest Growing City in the Midwest
  • Built in 2006 and Situated on 2.65 Acres | Class-A Brick Construction | Extremely Strong Frontage Parallel to Major Road
  • Strategic Location Seeing Over 27,458 Vehicles per Day | Immediately Off Highway Seeing Additional 61,480 Vehicles per Day
  • Dense and Affluent Demographics | Population Growth Within One-Mile and Three-Mile Radius of Over 180 Percent and 203 Percent Since 2000 | Average Household Income in Excess of $165,000
  • Anchored by Tim Hortons | End Cap with Drive Thru | Original Tenant Since Construction in 2006 | Only Coffee and Breakfast Provider Within Two-Miles
  • Near-Term Upside Opportunity | New Nails Currently Paying Below Market Rent Without Options | $10-15 per Square Foot Below Market
  • Major Businesses Nearby Include Big Lots HQ, Abercrombie & Fitch HQ, Facebook, Amazon, Mt. Carmel Hospital, Lower, Discover, State Farm, and AEP

Investment Overview

Marcus & Millichap is pleased to present, The Shops at Walton Parkway, a 15,060-square-foot neighborhood retail center located in New Albany, Ohio. The subject property was built in 2006 and is situated on 2.65 acres. The subject property is currently 100 percent occupied by a strong mixture of national, regional and local tenants, all of whom are e-commerce proof. Prominent tenants at the site include Tim Hortons, Jersey Mikes, F45 Fitness and Blue Agave. Tim Hortons is an original tenant from construction in 2006 and occupies the endcap space which includes a drive-thru. Tim Horton’s has consistently been a main attraction for the center and despite immense growth nearby, remains the only drive-thru coffee and breakfast provider within two-miles. Tim Hortons comes with strong corporate backing with over 4,950 locations across 14 countries and is wholly owned by Restaurant Brands International Inc. (RBI), who has annual revenues of over $4.97 billion and is traded on the NYSE under Ticker Symbol: QSR. The sites newest tenant is Jersey Mikes, a prominent sandwich shop with over 1,910 locations across the country. Jersey Mikes just signed a brand-new 10-year lease and is currently undergoing an extensive buildout. F45 is the sites second newest tenant and opened in 2021. F45 has become the fastest growing fitness franchise globally with over 1,750 studios across 45 countries, and this is the first location serving the Columbus MSA. The final major tenant is Blue Agave, which is an extremely popular Mexican restaurant serving New Albany since 2011. Blue Agave occupies the 5,000-square-foot endcap and is currently in discussions with ownership regarding expanding their outdoor seating to meet-up with demand. Ownership benefits from staggered lease expirations and has an impressive weighted average lease term remaining of six and a half years. The flourishing tenant base is a byproduct of the site’s irreplaceable real estate and strategic locations in one the nation’s top suburbs. The Shops at Walton Parkway is located along Johnstown Road, which immediately sees over 27,458 vehicles per day. The subject property is directly off Route 161 which sees an additional 61,480 vehicles per day. Walton Parkway is strategically situated between the dense residential and industrial districts of New Albany which allows it to benefit from immense all-day foot traffic. Immediate demographics in the surrounding area are affluent and quickly growing, with population counts of 2,972 within one-mile, 23,416 within three-miles and 67,195 within five-miles. Population counts within a one-mile and three-mile radius have grown 180 percent and 203 percent since 2000, and the average household incomes far exceeds the national average at $165,221 and $153,168 respectively. Despite the fast growing surrounding area, the subject property remains the only strip center within a few miles radius and caters extremely well to the heavy crowds nearby. Major points of attraction in the immediate vicinity include New Albany Schools, Sheetz, Home2 Suites, Courtyard, Hampton Inn, Kroger, Giant Eagle, and the subject property is less than three-miles from Hamilton Quarters, which is a one of Northeast Columbus’ largest developments with over two million square-feet of office, retail, and medical uses. The City of New Albany is located in the Columbus MSA, which is the 32nd largest MSA in the United States and has a total population of 2.139 million. New Albany is situated at the Northeast outskirt of Columbus and just 15-minutes from Downtown. New Albany has become a hotbed for families relocating within the metro or from out-of-state and has a diversified economy home to renowned companies such as Abercrombie & Fitch, Big Lots, Facebook, Amazon, Mt. Carmel Hospital, Lower, Discover, State Farm, and AEP. In 2015, New Albany was ranked the #1 best suburb in America by Business Insider.

Exclusively Listed By

Financing By

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