Save-A-Lot & Family Dollar
Retail | 7.88% CAP | 28,237 SqFt
Marketing description
Horvath & Tremblay is pleased to present the exclusive opportunity to purchase Toledo Center, a multi-tenant retail investment property with Save-A-Lot and Family Dollar tenants, located at 1703 Airport Highway in Toledo, OH (the “Property”). Family Dollar has over 3 years remaining on their original lease with one (1) 5-year option. Save-A-Lot has been at this location since 2004 and has 2 months remaining on their original lease. Save-A-Lot occupies 18,109 square feet of the retail center, approximately 64% of total gross living area, while Family Dollar occupies 10,128 square feet of the retail center, approximately 36% of the gross living area. The Property is situated upon a 2.79-acre lot.
The Property is located along one of Toledo’s primary commercial corridors, offering strong visibility and convenient access within a well-established Lucas County retail market. The Property is positioned along Airport Highway (U.S. Route 20), a heavily trafficked arterial, and is in close proximity to complementary national and local retailers, service-oriented businesses, and dining options that generate consistent daily traffic. Surrounded by dense residential neighborhoods and nearby employment centers, the site benefits from a stable and diverse customer base. The Property provides efficient access to U.S. Route 20 and Interstate 475, with Interstate 75 located nearby, allowing for direct connectivity throughout the Toledo metropolitan area and the broader Northwest Ohio region.
Investment highlights
LEASE TERM: Family Dollar has been at this location since 2004 and has 3+ years remaining on their original lease. Save-A-Lot has also been at this location since 2004 and has 2 months remaining on their original lease.
MINIMAL LANDLORD RESPONSIBILITIES: Both Family Dollar and Save-A-Lot reimburse for real estate taxes, insurance, utilities and common area maintenance, protecting against rising expenses. The Double-Net lease structure for both tenants leaves the Landlord responsible for the building’s roof & structure, as well as parking lot replacement.
STRATEGIC RETAIL LOCATION: The Property is a strategically positioned multi- tenant retail center anchored by Family Dollar and Save-A-Lot, two value-oriented national brands that drive consistent, needs-based traffic from surrounding Toledo neighborhoods. Situated along Airport Highway just east of the South and Arlington residential districts, the center benefits from strong visibility and convenient access on a well-traveled urban corridor connecting downtown Toledo with southwest city neighborhoods and the wider metro roadway network. This position within a mature, densely populated trade area supports frequent repeat visits for everyday essentials, reinforcing long-term tenant performance
CORPORATE LEASE: The Family Dollar lease is guaranteed by Family Dollar Stores, Inc. On March 25, 2025, Dollar Tree, Inc entered into a definitive agreement to sell the Family Dollar business to Brigade and Macellum for a purchase consideration of $1.0 Billion. The sale was finalized on July 7, 2025. Family Dollar operates approximately 8,200 stores across 46 U.S. states.
STRONG REAL ESTATE FUNDAMENTALS: The Property is offered at a low price point (well below replacement cost), with a low rent per square foot in the strong Toledo, Ohio market.
RECESSION RESISTANT TENANT: Save A Lot and Family Dollar thrive in middle- America markets where incomes may be modest, proving the tenant to be a resilient and recessions-resistant retailer.
TRAFFIC COUNTS: Over 12,300 vehicles pass the Property daily along Western Ave (SR-2) and more than 15,000 vehicles pass through the nearby signalized intersection of Western Ave (SR-2) and South Detroit Ave (US-24).
DEMOGRAPHICS: More than 12,100 people live within 1-mile of the Property with an average household income of $61,559. More than 87,200 people live within 3-miles of the Property with an average household income of $65,058.
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