Diamond Plaza
Retail | 6.20% CAP | 13,806 SqFt
Marketing description
Marcus & Millichap, on behalf of Ownership, is pleased to present Diamond Plaza, a 13,806 square foot retail strip center located in the Easton submarket of Columbus, Ohio (the "Offering"). The Property features a credit oriented tenant roster, led by T Mobile and Eyemart Express, which collectively represent 80% of the property's revenue. The center offers investors stable in place cash flow supported by strong retail fundamentals within one of the most sought after submarkets in the Columbus MSA. It is further reinforced by a compound annual growth rate (CAGR) exceeding 5% and a weighted average remaining lease term (WALT) of 5.8 years, which together limit near term rollover risk.
Constructed in 2007, the Property is positioned within one of the most dynamic and proven retail corridors in Central Ohio. The center is shadow anchored by Easton Town Center, a nationally recognized destination with over 9.8 million annual visits per Placer.ai, ranking among the top 1% of power centers in the United States. The Property sits directly across from Whole Foods, and is adjacent to the broader Easton retail corridor, home to more than 200 national retailers.
The site benefits from exceptional frontage and exposure to 42,000 vehicles per day along Morse Road and 175,719 vehicles on I 270. Additional demand drivers include proximity to Easton Market (4.6 million annual visits) and Easton Square (6.9 million annual visits), further reinforcing the Property's visibility and regional draw.
Investment highlights
- Credit oriented tenant roster, led by T-Mobile and Eyemart Express, which collectively represent 80% of the property's revenue
- Compound annual growth rate (CAGR) exceeding 5% and a weighted average remaining lease term (WALT) of 5.8 years
- T-Mobile (NASDAQ: TMUS) on a long term lease through 2035 with 'BBB' credit rating from Standard & Poor's and 'Baa1' from Moody's
- T-Mobile executed a new 10 year lease at $35.13 PSF, with $31 TI from the landlord, providing a clear benchmark for future leasing opportunities
- Rental rates for two of the three tenants remain significantly below market, creating meaningful mark to market upside
- Upon stabilization and execution of the mark-to-market strategy, NOI is projected to be $216,000 higher than Year 1
- Eyemart Express with a history of long term occupancy and multiple renewals, having successfully renewed three times
- Eyemart Express owned by VSP Vision (Vision Service Plan), a large not for profit vision benefits and eye care organization
- Actionable value add opportunities through the lease up of the remaining 2,313 square foot rear suite
- Both Eyemart and REM DDS have expressed interest in expanding their footprints
- Shadow anchored by Easton Town Center with over 9.8 million annual visits, ranking among the top 1% of power centers in the United States
- Directly across from Whole Foods and adjacent to broader Easton retail corridor with more than 200 national retailers
- Exceptional frontage and exposure to 42,000 vehicles per day along Morse Road and 175,719 vehicles on I-270
- Proximity to Easton Market (4.6 million annual visits) and Easton Square (6.9 million annual visits)
Listing Contacts
Valuation Calculator
Valuation Metrics
Map
Zoning
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Additional Information
Is there information that looks off?
