Address: 100 Mall Drive, Steubenville, Ohio, United States 43952
Type: Net-Leased Retail
Cap Rate: 6.15%
Lease Type: NNN
Annual Rent: $800,000
Net Operating Income: $800,000
Lease Term Remaining: 7.6 Years
Rental Increases: In Options
Options: Four (4), Ten (10)-Year
Year Built: 2002
Rentable Sq/Ft: 209,621 SF
Rent Sq/Ft: $3.82
Price Sq/Ft: $62
Lot Size: +/- 16.21 Acres
Marcus and Millichap is pleased to present the exclusive listing for a Walmart located at 100 Mall Drive in Steubenville, Ohio. The property is made up of 209,621 square feet of building space and sits on approximately 16.21 acres of land. The property is subject to a 25-year triple-net (NNN) ground lease with 7.5 years remaining and zero landlord responsibilities. The current annual rent is$800,000 and is scheduled to increase by five percent commencing in the four, ten-year tenant renewal options.
This Walmart investment property is located 100 Mall Drive in Steubenville, Ohio at the western side of the Fort Steuben Mall and the three-state juncture of Ohio, West Virginia, and Pennsylvania. Mall Drive is a busy connector between two of Steubenville’s major arteries, John Scott Highway & Lovers Lane which have traffic counts of 21,453 and 40,364 vehicles per day, respectively. With the abundance of vehicle traffic in the immediate area, Mall Drive has its own traffic counts of almost 12,000 vehicles daily. The subject property is located less than 2 miles from Highway 22 which provides direct access to and from Pittsburgh, Pennsylvania, 35 minutes west. There are more than 24,600 individuals within a three-mile radius of the subject property and nearly 93,000 within a 10-mile radius of this Walmart.
Walmart has directly invested to their commitment in this market through the development of an 880,000 square foot distribution center 6 miles north of Steubenville, employing more than 600 people. The sprawling complex, estimated to have cost more than $40 million, supports 80-100 stores within a 300 miles region. The subject property is the closest Walmart location to this distribution center, decreasing costs of operation and increasing output. Additionally, the nearest Walmart store to the subject property lies more than 10 miles away over the Ohio River in the far-less dense or active market of Weirton, West Virginia.
This Walmart benefits from being positioned within the densest trade area in the region consisting of national and local tenants. Major nearby retailers include Lowe’s Home Improvement, Aldi, Harbor Freight Tools, AMC Theatres, JC Penney, Dick’s Sporting Goods, Aspen Dental, Texas Roadhouse, Applebee’s, Dollar Tree, Ollie’s Bargain Outlet, DaVita, McDonalds, Chase Bank, T.J. Maxx, Kroger, and numerous others. Also located nearby is Trinity Health System’s West Campus, which is currently undergoing a $75 million, 183,400 square foot expansion. This hospital, together with the East Campus, has a combined capacity of over 471 beds and employs more than 2,500 people, 1,650 of which are located at the nearby West campus. An additional nearby point of interest and economic driver is the Franciscan University of Steubenville, a private Catholic university with an enrollment of more than 2,700 students and more than 48 undergraduate and graduate degrees offered. Additional economic development has been announced to construct a brand-new marina to the riverfront, dedicating millions of dollars connecting it to Downtown.
The Fort Steuben Mall is making way for a new entertainment center catering to all ages. The owners have announced that the new development will attract business throughout the day, providing youth with a new place of entertainment and remaining open late for adults. The complex will encompass more than 120,000 square feet and employ more than 200 people. This entertainment hub will be unique to the region, expanding its reach to nearby counties like Pittsburgh, Columbus, and Cleveland who do not have anything similar. The subject Walmart will only stand to benefit from increased all-day traffic.
Broker of Record: Michael Glass License #BRK.2007005898