909-939 N Lexington-Springmill Rd
Mansfield, OH 44906
Regional Power Center | Mansfield MSA · Retail Property For Sale

Marcus & Millichap, on behalf of ownership as its exclusive advisor, is pleased to market for sale Village Square in Ontario, Ohio. The subject property is a 166,165-square-foot regional power center situated on 22 acres. Village Square features four tenants – Hobby Lobby, Dunham’s Sports, Ashley Furniture HomeStore, and Big Lots. Hobby Lobby recently signed a new ten-year triple-net lease on 51,273, making them the largest tenant comprising nearly 31 percent of the gross leasable area. Hobby Lobby’s unit and storefront are currently being built out, with rent commencing March 2019. Ashley Furniture occupies 23 percent of the gross leasable area and has been in-place since 2008. Ashley recently renewed and is currently leased through March 2023. Rounding out the tenant roster are Big Lots and Dunham’s Sports who are both leased through January 2022 and combined comprise 46 percent of the gross leasable area. Notably, all tenants have options with rent increases, and all but Dunham’s are leased to triple-net terms. The prospective purchaser benefits from ease of management with only four tenants and strong recovery of operating expenses via triplenet leases. There is a tangible upside opportunity via excess outparcel land comprising three separate pad sites that can either be developed or subdivided and sold. Ancillary income is generated through Buffalo Wild Wings, which is separately owned but pays for shared parking access, and Sutton Bank and Farm Credit Mid-America, who each pay for access through the subject property. A new Firestone TPO roof with a 15-year warranty was installed in 2008, and the owner has completed over $500,000 of capital improvements in 2018 including a new parking lot, new HVAC for Ashley HomeStore, and fresh paint on the entire center. Village Square in located along N. Lexington -Springmill Road, the Mansfield metropolitan area's primary and dominant retail corridor with a who's who of neighboring retailers including Menards, Meijer, Target, Richland Mall (Macy's, JCPenney, Sears) , Sam's Club, Walmart Supercenter, Lowe's, Home Depot, Kohl's, Burlington, Gabes, Aldi, Dick's, Best Buyer, Office Max, Planet Fitness, Staples, JoAnn Fabrics, Barnes & Noble, and numerous other national retailers and restaurants. Demographics in the surrounding area are stable and mature, with 53,107 residents within five miles and 113,193 residents within ten miles. The subject property is just 0.35- miles south of exit ramps to U.S. Route 30, the primary east-west highway through the Mansfield MSA and third longest U.S. route stretching over 3,000 miles from New Jersey to Oregon. The Mansfield MSA is home to a population of 124,475 and is the largest shopping destination in a five-county region.