Department Store
Frontgate & Ballard Designs - Premier NN Leased Offering - Easton Town Center
3883 Gramercy St, Columbus, OH 43219
Listing Price: $11,172,000
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. The Only Retail Parcel Included and Adjacent to Easton Town Center not owned by ‘Easton Ownership. 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 SF Class "A" Freestanding Dual-Concept Home- Décor Store with 7.5 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: $11,172,000
Investment Highlights
- 28,400 SF Class "A" Freestanding Dual-Concept Home- Décor Store with 7.5 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. The Only Retail Parcel Included and Adjacent to Easton Town Center not owned by ‘Easton Ownership. 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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