OFFERING MEMORANDUM - LoopNet
AIRPORT CROSSINGS
1260 SOUTH REYNOLDS ROAD, TOLEDO, OH 43615
OFFERING MEMORANDUM
SCOTT CLEMENTS P// 206.445.7664 sclements@
DAVID BUTLER P// 206.445.7665 dbutler@
1218 Third Avenue Suite 2200 Seattle, WA 98101
P// 206.734.4100 Established in 2010
TABLE OF CONTENTS
TABLE OF
CONTENTS
AIRPORT HWY
30,000 VPD
// INVESTMENT SUMMARY // SITE OVERVIEW // FINANCIAL ANALYSIS // MARKET OVERVIEW
PAGE//
3
PAGE//
5
PAGE//
10
PAGE//
13
S REYNOLDS ROAD
28,000 VPD
2 // AIRPORT CROSSINGS
28,000 VPD
INVESTMENT
SUMMARY
AIRPORT HWY
30,000 VPD
S REYNOLDS ROAD
3 // AIRPORT CROSSINGS
THE OFFERING
ORION Commercial Partners is pleased to offer for sale Airport Crossings, located at 1260 S Reynolds Road in Toledo, Ohio. This two tenant class `A' retail center was built in 2007 and has been occupied by Starbucks? (S&P rated A-) and Verizon Wireless (S&P rated BBB+) ever since. Starbucks? just recently exercised two of its (4) five year options creating a new 10 year term, and Verizon Wireless just recently executed the first of its (4) three year options.
Airport Crossings is located at the high traffic, signalized intersection of Airport Highway (30,000 vehicles per day) and S Reynolds Road (28,000 vehicles per day) directly across from Airport Square Shopping Center, a 100,000 square foot center anchored by Pet Supply Plus, Michael's & Burlington Coat Factory.
Airport Crossings is being offered at $1,995,000 which is a 6.80% capitalization rate based on the current NOI of $135,612. Based on the recent lease renewals of both Starbucks? and Verizon Wireless, this strategically located retail center will enjoy continued success for many years to come.
Address
1260 SOUTH REYNOLDS RD, TOLEDO, OH 43615
Offering Price
$1,995,000
Price Per Square Foot Building
$536.29
Building Size
3,720 SF
$
NOI
$135,612
Total Land Area
24,393 SF
Cap Rate
6.80%
Year Built
2007
INVESTMENT
SUMMARY
AIRPORT HWY
30,000 VPD
S REYNOLDS ROAD
4 // AIRPORT CROSSINGS
STRONG CREDIT TENANT
Both Starbucks? and Verizon Wireless are outstanding credit tenants. Starbucks? (SBUX) has a Standard & Poor's rating of A- and a Moody's rating of AZ. Verizon Wireless (VZ) has a Standard & Poor's rating of BBB+ and a Moody's rating of Baa1.
STRATEGIC LOCATION
The Starbucks? & Verizon Wireless Retail Center is strategically located at the S.E. corner of Airport Highway and S Reynolds Road with traffic counts of 28,000 VPD along S Reynolds Road and 30,000 VPD along Airport Highway.
DYNAMIC BUSINESS ENVIRONMENT
In 2017, the City's Division of Building Inspection approved 305 commercial plans, equaling a total construction value of $396 million. The investment in 2017 outpaced 2016 by more than 20 percent, With Toledo's instant access to air, rail, seaport and two of the country's most traveled interstates, the doors to the global market are wide open.
28,000 VPD
28,000 VPD
SITE
OVERVIEW
AIRPORT HWY
30,000 VPD
S REYNOLDS ROAD
5 // AIRPORT CROSSINGS
STRUCTURE OVERVIEW
Property Assessor's Parcel Number Price Per Square Foot Building Type of Ownership Landscaping Topography Foundation Framing Exterior Parking Surface Roof HVAC Fire Protection Utilities Walls Ceilings Floor Coverings Restrooms
Airport Crossing 06-278-004.0 $536.29 Fee Simple Commercial Flat Concrete Steel Brick // Block Asphalt Rubber Membrane Commercial Grade Sprinkler City Drywall Drop Ceiling Carpet // Tile Men // Women
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