3785 Park Mill Run Dr
Hilliard, OH 43026
Mill Run Square | Affluent CBUS Sub. | 8% CAP · Retail Property For Sale

Marcus & Millichap, on behalf of ownership, is pleased to present Mill Run Square in Hilliard, Ohio. The subject property is a two-tenant retail center comprising 118,161 square feet and situated on 12.14 acres. Mill Run Square is part of a larger shopping center development anchored by Lowe’s, with numerous complementary small-shop and outparcel retailers and restaurants. The subject property is tenanted by home improvement, design, and furnishings retailers Floor & Décor and Arhaus - The Loft. Floor & Décor occupies 80,091 square feet which is nearly 68 percent of the gross leasable area, and is leased to triple-net terms through September 2027. Floor & Décor has been a tenant since 2010 and is subject to rent increases in October 2020 and 2025, providing the prospective purchaser with meaningful gross rent growth over the hold period. Floor & Décor is publicly traded (NYSE: FND) with impressive year-over-year sales growth and a current market capitalization of $3.8 billion. Arhaus - The Loft occupies 38,070 SF, which comprises the remaining 32 percent of gross leasable area, and is leased to triple-net terms through March 2025. This location is one of only two in the Central Ohio market, and the only discount “The Loft” location for Arhaus in the market, focused on retailing off-price and clearance home furnishings. Arhaus has been a tenant since 2015, and is headquartered in Boston Heights, Ohio, 130 miles northeast of the subject property, making this location a key home-state store within close proximity to distribution facilities. Both tenants have three, five-year extension options with rent increases. The prospective purchaser benefits from ease of management, with only two tenants on triple-net leases.