Best Buy & Michaels Center with Outparcel Opportunity - $631K NOI

Investment Highlights

• NOI: $631,174.85
• 100% occupied national center with 100% of the NOI coming from nationals
• New lease from Michaels with term going through 2033
• Strong store sales with Dunham’s doing $3.5 Million
• 1.4 acre parking lot pad that can have a portion developed
• Best Buy's second largest distribution center is located in Findlay, OH and is over 1 Million square feet, showing commitment to the site

 

Offering Details

Marcus & Millichap and RI Marketplace are pleased to present a Three Tenant National Center (the "Property"), a 78,929 square foot retail opportunity in Findlay, Ohio. The Property is fully occupied between three national tenants including Best Buy, Dunham's Sports, and Michaels with a demonstrated long-term tenure (Best Buy - 18 years; Dunham's Sports - 17 years) and long-term commitment (Michaels - 12 years of term remaining). Inclusive of the offering is the development opportunity on a portion of the 1.4-acre parking lot pad which benefits from frontage on Tiffin Ave with 19,000 vehicles per day.​    

Findlay is a city in and the county seat of Hancock County, Ohio, United States. The city metro area is often referred as The Greater Findlay Area. The second-largest city in Northwest Ohio, Findlay lies about 40 miles south of Toledo. It is home to the University of Findlay. Findlay is the Headquarters of Fortune 1000 companies Marathon Petroleum and Cooper Tire & Rubber Company, who rank 22 and 830 on the list respectively. Findlay is a part of the Toledo, OH Metropolitan Statistical Area. It is approximately thirty minutes from Toledo, OH which is the fourth largest city in Ohio with a population of nearly 300,000 people.