120-180 East Olentangy Street, Powell, OH, 43065, US

Powell Center

Description

Property Address: 120-180 Olentangy Street, Powell, OH

In-Place NOI: +$618,313

Occupancy: 100%

WALT: 8 Years

GLA/Acres: 39,544 SF/7.21

...

Building area net

39,554 sf

Occupancy

100%

Year built

1989

WAULT

8 years

Stabilized Unanchored Strip Center with Upside Potential

Average in place rent of $15.60/sf, which is 30% below submarket asking rent
33% of GLA does not have fixed rate contractual renewal options
Ability to purchase adjacent land parcel between center and Grace Drive (separate from collateral)

Affluent Demographics with Positive Population Growth

Recent Capital Expenditures

Ownership has invested over $3M in tenant capital and physical capital improvements including building improvements, updated HVAC & electrical, and improvements to the parking lot and walkways

Exceptional Leasing Momentum | Nine (9) New Leases Across 23,300 SF (59% of GLA) Over Past Three Years

Ownership has converted the entire asset to NNN during hold period (previously less than 50% of GLA)

Strong Trade Area With Multiple Demand Drivers

Powell Center is strategically located just east of downtown Powell along Olentangy Road (VPD: 12,557) and is short proximity from national retailer and local demand drivers

Local Market Expertise: Andy Dutcher (andrew.dutcher@jll.com)