New Albany Retail for Sale - Westerville
Passov Group is pleased to present the opportunity to purchase Chipotle in New Albany, OH, comprising fee simple ownership of a corporately guaranteed NNN Chipotle built in 2024 and with 13.1 Years remaining on the primary Lease Term, a 10% Rent Increase scheduled on 6/1/2029, and every 5 years thereafter. The subject is located on 1.0 AC along the Johnstown Rd (Rte 62) corridor in New Albany, Ohio.
The property is offered at $2,466,000 (5.00% cap rate), reflecting $123,291 in Annual Base Rent The Property is positioned on a 4-way Signalized Intersection with direct frontage to Johnstown Rd (27,000 VPD) and Walton Pkwy (6,000 VPD), with immediate proximity to SR161 (60,000 VPD) 1,000 feet to the south, connecting New Albany to
Greater Columbus.
Given this is a new construction asset, the property requires zero deferred maintenance and offers investors a long runway before any capital investment is anticipated, which is a meaningful distinction in today's NNN market where vintage product carries increasing operational risk.
New Albany's growth story is backed by hard capital. Intel's $20B+ semiconductor campus has anchored a wave of corporate relocation, infrastructure investment, and residential absorption that has made this a strongly positioned Retail corridor. The New Albany submarket, as the wealthiest community in the State, reflects that with median
home values of $772,100 and average household incomes of $345,262 - a consumer profile that has attracted a deep pool of Retailer demand.
Chipotle's site selection here, which entails one of the most critical site selection criteria’s within the QSR sector, is a direct indicator of the fundamental strength of the New Albany trade area. Compounding the location's durability is the near-absence of comparable alternatives within the submarket, as the supply constraints that make New Albany attractive to retailers are the same constraints that make relocation or replacement effectively a non-option for Chipotle, anchoring the tenancy to this specific corner for the long term.
The broader Columbus MSA provides the macro foundation. The fastest-growing MSA in the Midwest, up 16% since 2010 with an additional 33% projected by 2050, Columbus has diversified well beyond its university roots into a $182B GDP economy that now ranks as the #3 largest hyperscale data center market in the country, with commitments from Meta, Google, and Amazon. That combination of population growth, income depth, and institutional capital investment has created a deeply-rooted demand environment that supports long-term investment performance.
The New Albany submarket delivers one of the most exceptional consumer profiles in the Columbus MSA. New Albany carries a median household income of $238,250 and an average approaching $345,000 — more than triple the statewide median. The median home value exceeds $772,000, an 88.7% homeownership rate reflects a stable, wealth-holding residential base, and nearly 80% of adults hold a bachelor's degree or higher — a profile that durably supports premium retail, services, and dining tenancy across economic cycles.
New Albany's employment base is undergoing a generational transformation. The New Albany International Business Park has attracted more than $47 billion in private investment, anchored by Intel's $20 billion semiconductor campus — the largest single private investment in Ohio history — with expansion potential toward $100 billion. Amazon Web Services, Google, and Pharmavite have each made multibillion-dollar commitments in the park, generating thousands of permanent positions and tens of thousands of indirect jobs that are fundamentally reshaping the trade area's consumer spending capacity for decades to come.
New Albany's corporate identity amplifies this foundation. The city serves as global headquarters for Abercrombie & Fitch alongside Lane Bryant, Victoria's Secret, Red Roof Inn, and Bob Evans Restaurants — generating a deep, professional-class resident and employee base with consistent, high-frequency spending behavior. The subject is shadow-anchored by Giant Eagle Market District immediately adjacent — the brand's flagship format and one of the highest-volume grocery draws in the region — providing sustained daily traffic that directly underpins the node's retail performance.
The convergence of the highest household incomes in the Columbus MSA, a supply-constrained master-planned retail environment, and transformational private investment positions New Albany among the most defensible retail submarkets in Central Ohio — one where demand is structural, purchasing power is exceptional, and the fundamentals supporting long-term occupancy and rent growth are firmly intact.
