Description

Address: 5496 Dressler Rd NW, North Canton, OH 44720

GLA: 486,099 SF

Year Built: 1995

Occupancy: 97.2%

Number of Buildings: 6

Number of Single Tenant Pads: 2

WALT: 6.6 Years

Weighted Average Tenant Tenure: 14.1 Years

Jon Vanderplough Licensee #: OH - 2005015674

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Attributes

Occupancy

97.2%

Year built

1995

Regionally Dominant Center Anchoring the Canton Trade Area
7.1M annual visitors | #1 most trafficked center in 20-mile radius & #15 in all of Ohio (99th percentile)
Shadow-anchored by most trafficked Target in 50-mile radius (2M annual visits | #2 in Ohio)
#1 most trafficked Kohl's, PetSmart, and Raising Cane's in Ohio
2.9% retail vacancy rate & 11.51% Rent Growth (2020-2025) in Canton MSA
Best-in-Class Anchor Tenants with Secure Income Stream
~86% of total GLA leased to national/credit tenants across 26 in-place tenants
No tenant contributes more than 13% of income to the center
Exceptional Leasing Momentum
+135,000 SF of recent leasing across 6 tenants
Recent 10-year leases with Barnes & Noble, Old Navy, HomeSense, Sierra Trading Post, and Cleveland Furniture
Value Creation Opportunities
Exit strategy with ability to sell 4 separate parcels at profitable cap rate arbitrage
Existing 8,907 SF of leasable vacancy across 3 suites
Minimal Capital Exposure
Roofs are ~8 years old, minimizing investor future capital outlays
Low Jr. Anchor Rents Provide Embedded Upside
Recent jr. anchor leasing (2023-2025) weighted average rents of $16.28/sf represent ~9.5% increase over existing weighted average jr. anchor rents