2310 Tiffin Avenue | Findlay, OH 45840 - OFFERING MEMORANDUM - Sands Investment Group
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OFFERING MEMORANDUM
2310 Tiffin Avenue | Findlay, OH 45840
Actual Property Image
EXCLUSIVELY MARKETED BY: 2
CHRIS SANDS CLIFTON MCCRORY
Lic. # 93103 Lic. # 99847
1017 Chuck Dawley Blvd., Suite 200
Mount Pleasant, SC 29464 310.870.3282 | DIRECT 843.779.8255 | DIRECT
844.4.SIG.NNN chris@SIGnnn.com clifton@SIGnnn.com
www.SIGnnn.com
In Cooperation with Cooper Commercial Investment Group, LLC
BoR: Dan Cooper – Lic # 2009003618
© 2018 Sands Investment Group (SIG). The information contained in this ‘Offering Memorandum,’ has been obtained from sources believed to be reliable. Sands
Investment Group does not doubt its accuracy, however, Sands Investment Group makes no guarantee, representation or warranty about the accuracy contained herein. It
is the responsibility of each individual to conduct thorough due diligence on any and all information that is passed on about the property to determine it’s accuracy and
completeness. Any and all projections, market assumptions and cash flow analysis are used to help determine a potential overview on the property, however there is no
guarantee or assurance these projections, market assumptions and cash flow analysis are subject to change with property and market conditions. Sands Investment Group
encourages all potential interested buyers to seek advice from your tax, financial and legal advisors before making any real estate purchase and transaction.
TABLE OF CONTENTS 3
Kohl’s | 2310 Tiffin Avenue | Findlay, OH 45840
Investment Overview
Investment Summary
Investment Highlights
Property Overview
Location Map
Retail Maps
Area Overview
City Overview
Area Highlights
Demographics
Tenant Summary
Tenant Profile
Lease Abstract
Lease Summary
Rent Roll
INVESTMENT OVERVIEW 4
INVESTMENT SUMMARY 5
Sands Investment Group is Pleased to Present for Sale the Kohl’s Located at 2310 Tiffin Avenue in Findlay, Ohio. This is a
Corporate Guaranteed Lease Investment Opportunity with 14+ Years Remaining. The Building is Approximately 96,227 SF
on 8.47 Acres.
OFFERING SUMMARY
PRICE $8,706,000
CAP 6.53%
NOI* $568,455
PRICE PER SF $90.47
YEARS REMAINING 14+ Years
LEASE GUARANTY Corporate
PROPERTY SUMMARY
ADDRESS 2310 Tiffin Avenue
Findlay, OH 45840
COUNTY Hancock
BUILDING AREA 96,227 SF
LAND AREA 8.47 AC
BUILT 1995
*NOI Includes $6,900 of Additional Income from On-Site ATM
HIGHLIGHTS • Maximum Traffic in Front of Kohl’s Due to Location
Directly in Between Meijer Grocery and Walmart
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Supercenter with Excellent Visibility from Tiffton Ave –
Over 30,000 VPD
• Corporate Guaranteed NN Investment with 14+
Years Remaining on the Lease – Minimal Landlord
Responsibilities
• Kohl’s Main Distribution Center is Located Less Than 10
Miles from this Location
• Kohl’s Has Occupied this Location Since 1995
Showing a Strong Commitment To This Site
• Findlay, Ohio Named Top Micropolitan Community in the
U.S. Four Consecutive Years – Ranked as Best City with
Population of “10,000 – 50,000” to Build New Business in
• 6.8% Rent Increase in February 2021 & 12.74%
Increase in 2026
• Less Than 4 Miles from the University of Findlay and
• Lease Extension Options Include a Ten (10) Year
Owens Community College
Renewal Option in 2033 with Two (2) Additional
Five (5) Year Options Thereafter
• Property is an End Cap to Flag City Station – • Nearby Tenants: Best Buy, Dick’s Sporting Goods, Hobby
National Credit Tenants Include Walmart Lobby, Kroger, Lowe’s Home Improvement, McDonald’s,
Supercenter, Petsmart, Staples, RUE21, Subway, Chipotle, TJ Maxx, Ashley HomeStore, Anytime Fitness,
Red Lobster and Dollar Tree ALDI, Tractor Supply and More
PROPERTY OVERVIEW 7
8
08
Findlay
9
Best Buy
(McLane Distribution, Distribution Center
Lowe’s Distribution Center, 10
Ohio Logistics & Campbell’s
Soup Warehouse)
Glenwood Middle
School
Findlay High School
Distribution CenterAREA OVERVIEW 11
CITY OVERVIEW 12
Findlay, Ohio | Hancock County
Findlay, OH Economy Hancock County
The city of Findlay lies in the center of Hancock Over the years, Findlay and Hancock County have Findlay is one of two cities in Hancock County, along
County, Ohio. The city metro area is often referred to become hubs for numerous corporations and with Fostoria. The county totals 534 square miles
as “The Greater Findlay Area”. It’s located along the innovations. Many companies still keep headquarters, with a population of 75,043 residents. It was named
heavily travelled Interstate 75 and is approximately 40 distribution centers and plants here. Findlay is the after John Hancock, the first signer of the declaration
miles south of Toledo. Findlay is a well-established headquarters of Cooper Tire and Rubber Company, of independence. Management, business and finance
city with a vibrant atmosphere with a fast growing city Marathon Petroleum Company and MPLX LP, make up 14.60% of the population by occupation.
of over 41,301 residents. The city’s patriotic heritage Blanchard Valley Health System and Whirlpool Future job growth is increasing at 37%. The county’s
dates back to 1812. Findlay is proud of its official Corporation’s dishwasher manufacturing plant is income per capita is approximately $25,785 and the
designation as Flag City, USA. It also boasts many notably the largest dishwasher plant in the world. For median household income exceeds $43,101. It is the
recreational opportunities, a historic downtown, the third year in a row, Findlay has the distinction of 35th most populated county in Ohio. The county is
unique shopping, plenty of lodging, a variety of dining being ranked the top micropolitan community in the home to The University of Findlay with enrollment of
and increasing business growth. U.S. for new and expanding facilities. 4,100 students.FINDLAY ACCOLADES 13
Kohl’s | 2310 Tiffin Avenue | Findlay, OH 45840
100 Best Communities Best Hometown in Top 10 Places to
for Young People Northwest Ohio Live in Ohio
America’s Promise Alliance Ohio Magazine Movoto Real Estate
Top “Dream Town” Top Micropolitan Best Small City in
in U.S. Community in U.S. Northwest Ohio
BizJournals Site Selection Magazine WalletHubFINDLAY ECONOMY 14
Kohl’s | 2310 Tiffin Avenue | Findlay, OH 45840
EMPLOYER # EMPLOYEES
Whirlpool Corporation 4,901
Cooper Tire & Rubber Company 2,040
Marathon Petroleum Corporation 1,565
Consolidated Biscuit Company 1,100
Nissin Brake Ohio, Inc. 670
Home to Cooper Tire Kohl’s Distribution Home to Whirlpool
& Rubber Company Center is Kohl’s Oldest Manufacturing Plant &
Lowe’s Distribution Center 600
Headquarters Distribution Center Distribution Center
(Largest Dishwasher Plant in the World)
Kohl’s Distribution Center 450FINDLAY DEVELOPMENTS 15
Kohl’s | 2310 Tiffin Avenue | Findlay, OH 45840
TALL TIMBERS WEST INDUSTRIAL PARK
MIXED-USE DEVELOPMENT SITE
• Campbell’s Soup Company Invested $44 Million for a
Announced March 2018, Blanchard Valley
New 740,000 SF Distribution Center – Which is
Health Systems is Buying 201 Acres of the
Expected to Open Summer/Fall 2018 and Will Create
Site located on Interstate 75 and Hancock
220+ New Jobs
99. 120 Acres are to be Developed for
Residential, Recreational, Wellness and
• Ohio Logistics’ 150,000 SF Warehouse is Expected to
Retail.
be Delivered December 2018
T.B.D. • Additional 130 Acres Available for Future Development
AUTOLIV-NISSIN BRAKE SYSTEMS PLANT
• New $60 Million 216,000 SF Plant is Expected to be
Delivered in 2019 and Estimated to Create 200+ Jobs
MCLANE CO. GROCERY DISTRIBUTION CENTER
• New $150 Million 417,338 SF Distribution Center,
Delivered in 2017 and Added 500+ New JobsDEMOGRAPHICS 16
Kohl’s | 2310 Tiffin Avenue | Findlay, OH 45840
Population
3-MILE 5-MILE 10-MILE
27,897 52,218 66,618
Average Household Income
3-MILE 5-MILE 10-MILE
$69,759 $70,788 $71,923TENANT OVERVIEW 17
TENANT PROFILE 18
Kohl’s is a leading omnichannel retailer with more than 1,1,00 stores in 49 states. Kohl’s purpose is to inspire and
empower families to lead fulfilled lives. Their purpose is supported by five strategic pillars: amazing product,
incredible savings, easy experience, personalized connections and winning teams. They offer quality, national and
proprietary brands for their customers, their families and their homes. In addition to a strong portfolio of proprietary
brands, offered are a deep assortment of top national brands including Nike, Levis, Under Armour, Carter’s, Dockers,
KitchenAid, FitBit, NutriBullet and more. In store, online or with the tap of a finger on the mobile app, Kohl’s is
committed to delivering an easy, connected omnichannel shopping experience for its customers. Their inspiring in-
store experiences and seamless navigation on Kohls.com allow customers to get the amazing product they know and
love from Kohl’s whenever and wherever they choose to shop.
Kohl’s is the leader in value and helps customers get more for every dollar. Savings opportunities include Yes2You
Rewards loyalty program, Kohl’s Charge private label credit card and Kohl’s Cash. Kohl’s is committed to giving back
to the communities they serve. Kohl’s has given more than $650 million to support communities nationwide. Success
is driven by a winning team of approximately 140,000 associates who consistently put customers first, act with
integrity, build great teams and drive results.
COMPANY TYPE FOUNDED # OF LOCATIONS HEADQUARTERS WEBSITE
NYSE: KSS 1962 1,100+ Menomonee Falls, WI kohls.comLEASE ABSTRACT 19
LEASE SUMMARY 20
TENANT Kohl’s Illinois, Inc.
PREMISES A Building of Approximately 96,227 SF
LEASE COMMENCEMENT March 10, 1995
LEASE EXPIRATION January 31, 2033
LEASE TERM 14+ Years Remaining
RENEWAL OPTIONS 1 x 10 Year and 2 x 5 Years Options
6.8% Increase in February 2021
RENT INCREASES
12.74% Increase in 2026
LEASE TYPE Double Net (NN) Lease
PERMITTED USE Department Store
PROPERTY TAXES Tenant’s Responsibility
INSURANCE Tenant’s Responsibility
COMMON AREA Tenant’s Responsibility
ROOF & STRUCTURE Landlord’s Responsibility
REPAIRS & MAINTENANCE Tenant’s Responsibility
HVAC Tenant’s Responsibility
UTILITIES Tenant’s Responsibility
RIGHT OF FIRST REFUSAL N/A
ATM
LEASE EXPIRATION June 2, 2022
RENEWAL OPTIONS 1 x 3 Year
CURRENT RENT (AS OF 09/18) $6,900 Per Year
OPTION RENT (THROUGH 06/02/2024) $7,100 Per Year
OPTION RENT (THROUGH 06/02/2025) $7,320 Per YearRENT ROLL 21
DATE ANNUAL RENT RENT INCREASE CAP RATE
2/1/16 – 1/31/21 $561,555 - 6.25%
2/1/21 – 1/31/26 $599,756 6.80% 6.68%
2/1/26 – 1/31/33 $676,158 12.74% 7.53%
2/1/33 – 1/31/38 $714,358 5.65% 7.95%
2/1/38 – 1/31/43 $790,760 10.70% 8.80%
2/1/43 – 1/31/48 $790,760 - 8.80%
2/1/48 – 1/31/53 $867,163 9.66% 9.65%
SIZE ANNUAL RENT LEASE TERM
TENANT SQUARE % OF ANNUAL RENT RENTAL LEASE LEASE
OPTIONS
NAME FOOTAGE TOTAL BASE RENT PER SF INCREASE BEGIN END
6.8% in 2021 1 x 10 Years &
Kohl’s Illinois, Inc. 96,227 SF 100% $561,555 $5.84 03/10/1995 01/31/2033
12.74% in 2026 2 x 5 YearsCONFIDENTIALITY AGREEMENT 22 The information contained in the following Offering Memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Sands Investment Group and should not be made available to any other person or entity without the written consent of Sands Investment Group. This Offering Memorandum has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Offering Memorandum has been obtained from sources we believe to be reliable; however, Sands Investment Group has not verified, and will not verify, any of the information contained herein, nor has Sands Investment Group conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. By receipt of this Memorandum, you agree that this Memorandum and its contents are of confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose its contents in any manner detrimental to the interest of the Owner. You also agree that by accepting this Memorandum you agree to release Sands Investment Group and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property.
Kohl’s | 2310 Tiffin Avenue | Findlay, OH 45840
23
Representative Image
EXCLUSIVELY MARKETED BY:
CHRIS SANDS CLIFTON MCCRORY
1017 Chuck Dawley Blvd., Suite 200
Mount Pleasant, SC 29464 Lic. # 93103 Lic. # 99847
844.4.SIG.NNN
310.870.3282 | DIRECT 843.779.8255 | DIRECT
www.SIGnnn.com chris@SIGnnn.com clifton@SIGnnn.com
In Cooperation with Cooper Commercial Investment Group, LLC
BoR: Dan Cooper – Lic # 2009003618You can also read
