Indian Springs Market Center

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FAIRFIELD TOWNSHIP (CINCINNATI), OH

 

     

Indian Springs Market Center is an 146,000 SF shopping center anchored by Kohl's and Office Depot. The center shares the main entrance of a WalMart Supercenter. The existing tenants have been at this center since its inception in 2006 and have weathered the Great Recession. 

      The center is located in Fairfield Township, a suburb of Cincinnati, OH which is home to Miami University Hamilton and the County Seat of Butler County.  The location on Princeton Road has traffic of 24,000 vehicles per day and is at the intersection of one of Bypass 4, also with 24,000 vehicles per day. In addition, the property abuts Butler County Veterans Highway with 36,000 vehicles per day and even has a shared, oversized pylon right at the ramp to this regional traffic artery.

     Indian Springs Market Center is located in the regional trade area and is adjacent to Bridgewater Falls, a +500,000 square foot Target-anchored power and lifestyle center with tenants such as Target, Dick’s, Bed Bath & Beyond, Michael’s, Best Buy, TJ Maxx, Petsmart, Bed Bath & Beyond, JC Penney, and others.  The immediate neighborhood trade area has an affluent population with average incomes of $100,000 and 6,100 people.  Within a 3 mile radius of the property are 58,000 people with average incomes of $75,000 per year. The broader market has continued density with 140,000 people in a 5 mile radius and average incomes of $73,000 per year.  Moreover, the population in a 1- and 3-mile radius has grown 81% and 26%, respectively, from 2000 to 2016 and the regional draw provides a much larger than standard neighborhood center trade area.

      While the center still enjoys a steady cash flow, there is an immediate opportunity to add value by leasing a former hhgregg box and by retenanting the Office Depot box in the medium run.