Property Picture


Price: $4,960,000
Property Type: Retail
Status: In Contract
Address: 6685 Sawmill Road
                  Dublin, OH  43017
CAP Rate: 7%
Square Feet: 18,100
Tenancy Type: Mixed
Lease Type: Absolute NNN

Short Description:
The Cooper Commercial Investment Group has been exclusively retained by ownership to sell the 100% fee simple interest in the two-tenant RiteRug Center located in the desirable and upscale community of Dublin/Columbus, Ohio. The property is being offered for $4,960,000, representing a 7.00% CAP Rate and is home to two extremely stable, long-term internet resistant tenants. Both are on Absolute NNN lease structures with recent early lease extensions accommodating RiteRug Flooring through 2027 and Covelli Enterprises through 2023. The RiteRug lease also includes a mid-term rental increase providing an investor with future income growth.

Details
The center’s two well-known companies have a proven track record. Covelli Enterprises, the largest Panera Bread franchise group houses their central Ohio corporate headquarters at the location. The company is ranked a top 5 restaurant franchise in the U.S. with over 300 Panera Bread locations throughout 5 states and Canada. In 2017, the company reported over $1 billion in annual revenue. The outstanding tenant roster continues with RiteRug, in business since 1934. They are the 5th largest flooring retailer in the U.S. and largest flooring retailer in Columbus. The company reported major sales growth with an increase from $243 million in 2016 to $273 million in 2017. The property has excellent frontage off Sawmill Road (67k VPD), prominent monument signage and also boasts a new roof in 2015, with a 15-year transferable warranty. The all brick, 18,100 S.F. building is positioned in an irreplaceable location directly off I-270 (141k VPD) in the heart of the retail corridor. The Dublin area is home to more than 3,000 businesses and known for its strict building requirements, making it a high barrier to entry community. The center is strategically positioned directly in front of Dublin Village Center, Lowe’s and the new Bridge Park neighborhood. The new upscale community offers residents a mixed-use setting with luxury townhomes/apartments, restaurants, retail, services and many other amenities. The property is also adjacent or just a stone’s throw away from a host of other complimentary retailers including: Party City, AMC Theatres, Honda of Dublin, Panera Bread, Big Lots, Chipotle, Fresh Thyme Farmer’s Market, Trader Joe’s, Old Navy, Five Below, Hobby Lobby, Mattress Firm, Petco, Starbucks, Whole Foods, Nordstrom Rack, DSW, Ashley Furniture, Michael’s and many more. The heavy concentration of other national retailers within a 1-mile radius makes the property one of the most desirable locations in-between the suburbs and the capital city of Columbus. The featured asset is surrounded by an economically strong residential community with average household incomes of over $130,000 and a whopping population of close to 212,000 residents within 5-miles. The Dublin School district is one of Ohio's highest achieving districts, rated recently as high as #2 in the State of Ohio. Dublin is home to the headquarters of a number of major companies, including Cardinal Health, IGS Energy, Stanley Steemer, Wendy's, OCLC, Pacer Intl. and MindLeaders. Other organizations with significant operations include Ashland Inc., Nationwide Insurance and Dublin Methodist Hospital, part of the OhioHealth system. The property sits just north of The Ohio State University Airport and conveniently located with direct access to I-270 which encircles Columbus and connects with other area highways including I-71, I-70, I-670 and Route 315, the direct route to Downtown. Additionally, The Ohio State University (9 miles) boasting more than 66,000 students and 28,000 faculty/staff is only a short commute away along with the state capital’s government provides a robust, stable economic base for all of Columbus. Coupling all of the attributes, the offering provides an investor a rare opportunity in today’s market to purchase a superior location, stable tenancy and curb appeal, poised to be a quality investment for many years to come.

    Full Offering Memorandum