Department Store
Frontgate & Ballard Designs - Premier NN Leased Offering - Easton Town Center
3883 Gramercy St, Columbus, OH 43219
Listing Price: $11,620,000
Investment Overview
Marcus & Millichap is pleased to present for sale Frontgate & Ballard Designs, located in Columbus, Ohio. 28,400-Square-Feet Class “A” Freestanding Dual-Concept Home- Décor Store with 8.3 Years Remaining Located within Easton Town Center in the Columbus MSA. Hard-Corner Location within Easton Town Center -
#1 Retail Destination in Ohio with 30 Million Annual Visitors; over 200 Retailers, over 65 Restaurants, 590 Hotel Rooms, Millions of Square Feet of Retail & Office. Just East of Major Intersection at Morse Crossing with 25,000 Vehicles per Day; One-Mile from I-270 Exit Ramps at Morse Road (I-270 Sees Nearly 200,000 Vehicles per Day).
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; 8.6 Percent CAP by 2033 Expiration (Over 161 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: $11,620,000
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; 8.6 Percent CAP by 2033 Expiration (Over 161 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. 28,400-Square-Feet Class “A” Freestanding Dual-Concept Home- Décor Store with 8.3 Years Remaining Located within Easton Town Center in the Columbus MSA. Hard-Corner Location within Easton Town Center - #1 Retail Destination in Ohio with 30 Million Annual Visitors; over 200 Retailers, over 65 Restaurants, 590 Hotel Rooms, Millions of Square Feet of Retail & Office. Just East of Major Intersection at Morse Crossing with 25,000 Vehicles per Day; One-Mile from I-270 Exit Ramps at Morse Road (I-270 Sees Nearly 200,000 Vehicles per Day).
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