328 Mcmahan BlvdMarion, OH 43302

Property Details for 328 Mcmahan Blvd

Year built

2006

Lot size

10.61 AC

Property size (Sq ft)

71,026 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

Legacy Crossing, a 71,026 square foot shopping center in Marion, Ohio (43302), presents a compelling investment opportunity. This Core+ asset boasts a strong national tenant lineup including Dollar Tree, Petco, Five Below, Maurices, and Bealls, with 94.1% occupancy and a Net Operating Income (NOI) of $729,599. Built in 2006 on a 10.61-acre lot, the property features 700 parking spaces and benefits from recent leasing momentum, including a new 10-year lease with Five Below. The property enjoys a prominent location off US Route 23 and Highway 95, a high-traffic corridor with 41,387 combined daily vehicles. Shadow anchors Hobby Lobby and Kohl's further enhance its appeal. Two vacant suites totaling 4,220 square feet offer value-add potential, with previous tenants including T-Mobile and a restaurant. The property's tenancy is characterized by limited chain competition within a 20-mile radius, ensuring strong drawing power for its diverse retail mix. The remaining lease term averages 4.7 years, and rent bumps are included in the lease agreements. This asset offers a stable income stream supported by strong credit tenants, representing 91% of the gross leasable area (GLA). The property's strategic location and strong tenant performance make it an attractive investment prospect. Offers are due July 11, 2024.

Location Insight

City

Marion

County

Marion

State

Ohio

Latitude

40.584

Longitude

-83.0825

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