2015 Schorrway Dr NW - Freestanding FOR SALE


Lancaster, OH 43130
$3,400,000 USD
614-961-9943
2015 Schorrway Dr NW, Lancaster, OH for Sale
$3,400,000 USD
Freestanding - FOR SALE
1/4
null | 7.76% Cap Rate

2015 Schorrway Dr NW
Lancaster, OH 43130


OVERVIEW

• 100% Occupied Heartland Dental Anchored Strip Center | Lancaster, Ohio (Part of Columbus-MSA) • Dual Anchored Strip with Only 2 Tenants| Heartland Dental & Dunkin’s Diamonds | Ease of Management & Passive Investment Opportunity • High-End Construction | 9,000 Square-Feet | Built in 1994 as a Pier-1 Build-to-Suit |Heavily Redeveloped in 2022 | Situated on1.09 Acres with Superior Frontage • Relocation Stores for Both Tenants |Upgraded Inner-Market Locations to Amplify Pre-Existing & Successful Locations| Recent Grand-Openings • Corporate Backed & Signed Lease by Heartland Dental | Over 1,700 Locations Across Country | Employs Over 2,800Dentists | Arguably the Top National Dental Brand in County • Heartland Dental | Signed Long-Term 10-Year Lease | DBA Fairfield Family Dental | Relocation Site with Pre-Existing Clientele • Heartland Dental is Paying Well-Below Market Rent Relative to Average Heartland Location | Currently Paying Only $27.69/SF | +46% Lower than the Average Heartland Site & 80% Lower than the Average New-Build Site ( See Page 12 ) • Dunkin’s Diamond’s | Catalyst for Redevelopment | Long-Term 10-YearLease | 57% of GLA and 59% of Base Rent • Dunkin’s Diamonds | Corporate Guarantee from Long-Standing Family Owned Jewelry Boutique | 9 Locations Spanning Ohio and Florida | Grown to Become one of the Most Prominent Fine Jewelry Brands in the Region | Relocation Site with Pre-Existing Clientele • Favorable NNN Lease Structures |Recapture of Tax, CAM, Insurance Expenses as Well as 3rd Party Management Fees | Very Limited Landlord Responsibilities • Hedge Against Inflation with Significant Rent Bumps Every 5-Years From Both Tenants

FOR SALE DETAILS

PRICE

$3,400,000 USD

PRICE/SF

$378 USD /SF

CAP RATE

7.76%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Heartland Dental Strip Center

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Freestanding

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1994

SPRINKLERS

-

PARKING SPACES

60

LAND DETAILS

LAND ACRES

1.09 AC

LAND SF

47,480 SF

ZONING

CG

APN/PARCEL ID

05-32199-510

ASK ABOUT THIS PROPERTY

Zachary TurnerMarcus & MillichapMore Info
614-961-9943

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Zachary TurnerMarcus & MillichapMore Info
614-961-9943

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.