Franklin County assessment shows the current market value of $470,000
Outparcel to 270,000 SF Power Center including Lowe's and Kroger
Zoned C-4 (Commercial District)-Allows for a variety of commercial uses
RealINSIGHT Marketplace and Cbre are pleased to present a ±4.32 AC undeveloped land parcel located at 1800 Georgesville Square Drive and identified as Parcel-00 in Columbus, OH (the “Property”). Positioned within a prime retail corridor and shadow-anchored by Lowe's, this Property offers an exceptional investment opportunity via development and First BID Meets Reserve.
The Property consists of one noncontiguous undeveloped parcel and offers potential investors the ability to acquire commercial land with significant value-add through development and long term lease-up. The Property is located on a main area thoroughfare and positioned as an outparcel to Georgesville Square, a ±270K SF Kroger and Lowe's anchored center with a diverse mix of other national tenants including Great Clips, Gnc, Applebee's, Bob Evan's, Buffalo Wild Wings, White Castle, and At&T and offers an immediate consumer base to the Property. The Property offers excellent visibility and accessibility from main roads in a high traffic area and benefits from over 35k vehicles per day at the intersection of I-270 and Georgesville Road. The Property is zoned C-4, Commercial District, and offers favorable flexible zoning that allows for a variety of uses. The purpose of the C-4, Commercial District is to provide a zoning district that promotes a range of uses from office and community-scale retail uses through regional-scale uses where a mix of business, profession and service may be conducted. The Property is currently cleared and offers off-site curb/gutter/sidewalk, utility hookup, and paved streets.
The Property is located in Columbus's Southeast Submarket which is known for its large industrial presence and in 4Q19 Gap, FedEx and Total Distribution all leased space in the submarket. In addition to the submarket's industrial presence, headquarters, marketing, and research firms, and store design and real estate developers are joined by cutting edge information technology providers, manufacturers and logistics providers to create the Columbus Region's retail ecosystem. Shoppers from the Columbus suburbs seek out this area for its retail choices, numerous dining and QSR options, convenient location, and quality of the overall shopping experience. The Property is well located and proximate to a plethora of national co-tenants and several automotive dealerships including VW, Honda, Subaru, Hyundai, and Germain AutoMall. The Property's location just off Exit 5 on I-270 offers excellent accessibility to the broader area and those commuting to downtown daily. I-270, commonly known locally as The Outerbelt or the Jack Nicklaus Freeway, is widely regarded as a “suburb connector” and provides access to several suburbs and towns surrounding Columbus, including Grove City, Westerville, Worthington, Hilliard and Dublin and also provides access to John Glenn Columbus International Airport. The Property benefits from compelling demographics and in 2018, had approximately ±190,988 individuals residing within a five-mile radius, an Ahhi of ±$64,031 and ±$1.6B in annual budget expenditures.