Legacy Crossing

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Marion, OH

 

     

       Legacy Crossing is a 134,000 square foot Class A shopping center  in Marion OH, (Columbus, OH MSA)  located on Marion Mt Gilead Rd just off Highway 23.

     The center is anchored by Hobby Lobby, Petco, Dollar Tree, and Starbucks. North Heights Plaza is shadow anchored by Kohls and is situated directly between Lowes and WalMart Supercenter. Directly across the street sits Ohio State University's Marion Campus. 

       Built in 2007 Legacy Crossing is the newest retail center of gravity in the market. The center is currently 76.4% occupied with an available 14,000 SF box that can be expanded to 20,000 SF. This represents a unique value-add opportunity in a market with average occupancy in excess of 90%. In addition, other big boxes in this market typically do not benefit from the excellent visibility and high quality cotenants with regional draw like Legacy Crossing. Within our submarket, there are no comparable available vacant boxes.

      PMAT was able to acquire this center off market at a significant discount to replacement value as well as a discount to the seller's original basis. This reset basis allows for maximum flexibility in our efforts to stabilize this asset.