Department Store
Frontgate & Ballard Designs - Premier NN Leased Offering - Easton Town Center
3883 Gramercy St, Columbus, OH 43219
Listing Price: $11,900,000
Cap Rate
6.85%
Tenant Name
Frontgate & Ballard Designs
Years Remaining On Lease
8.2
Gross SF
28,400
Guarantor
Corporate Guarantee
Rentable SF
28,400
Price/Gross SF
$419.01
Lease Type
Double Net
Rent Per Square Feet
$28.64
Investment Overview
Marcus & Millichap is pleased to present for sale Frontgate & Ballard Designs, located in Columbus, Ohio.
Frontgate & Ballard Designs - Premier NN Leased Offering - Easton Town Center
Investment Highlights
- 28,400-Square-Foot Class "A" Freestanding Dual-Concept Home- Décor Store with 8.3 Years Remaining Located within Easton Town Center in the Columbus MSA
- Frontgate Comprises 59 Percent of Gross Leasable Area and Rent and Ballard Designs Comprises 41 Percent of Gross Leasable Area and Rent
- Single Freestanding Building with Two Separate Leases. Leases are Co-Terminus with the Same per Square Foot Rental Rate, and have Virtually Identical Lease Language Throughout
- 3 Percent Annual Rent Increases Throughout the Current Term and Options; 8.4 Percent CAP by 2033 Expiration (Over 156 Bps)
- Double-Net Leases with Minimal Landlord Responsibilities
- Massive Investment by Tenants in 2023 Build-Outs and CapEx Totaling $8.23 Million ($290 per Square Foot), with Over $6.4 Million of that Cost ($225 per Square Foot) Borne at Tenants' Sole Expense
- Over $500,000 Invested by Landlord in Capital Improvements in 2023 Including New TPO Roof, Four of Five HVAC Units Replaced, and Entire Parking Lot Milled, Paved and Striped
- Corporate Guaranty from Cornerstone Brands, Inc. Throughout Remaining Term – Wholly-Owned Subsidiary of QVC Group, Inc. Comprising Four Brands and $1 Billion Annual Revenue
Department Store
Frontgate & Ballard Designs - Premier NN Leased Offering - Easton Town Center
Listing Price: $11,900,000
Cap Rate
6.85%
Tenant Name
Frontgate & Ballard Designs
Years Remaining On Lease
8.2
Gross SF
28,400
Guarantor
Corporate Guarantee
Rentable SF
28,400
Price/Gross SF
$419.01
Lease Type
Double Net
Rent Per Square Feet
$28.64
Investment Highlights
- 28,400-Square-Foot Class "A" Freestanding Dual-Concept Home- Décor Store with 8.3 Years Remaining Located within Easton Town Center in the Columbus MSA
- Frontgate Comprises 59 Percent of Gross Leasable Area and Rent and Ballard Designs Comprises 41 Percent of Gross Leasable Area and Rent
- Single Freestanding Building with Two Separate Leases. Leases are Co-Terminus with the Same per Square Foot Rental Rate, and have Virtually Identical Lease Language Throughout
- 3 Percent Annual Rent Increases Throughout the Current Term and Options; 8.4 Percent CAP by 2033 Expiration (Over 156 Bps)
- Double-Net Leases with Minimal Landlord Responsibilities
- Massive Investment by Tenants in 2023 Build-Outs and CapEx Totaling $8.23 Million ($290 per Square Foot), with Over $6.4 Million of that Cost ($225 per Square Foot) Borne at Tenants' Sole Expense
- Over $500,000 Invested by Landlord in Capital Improvements in 2023 Including New TPO Roof, Four of Five HVAC Units Replaced, and Entire Parking Lot Milled, Paved and Striped
- Corporate Guaranty from Cornerstone Brands, Inc. Throughout Remaining Term – Wholly-Owned Subsidiary of QVC Group, Inc. Comprising Four Brands and $1 Billion Annual Revenue
Investment Overview
Marcus & Millichap is pleased to present for sale Frontgate & Ballard Designs, located in Columbus, Ohio.
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