3785 Park Mill Run Dr
Hilliard, OH 43026
MILL RUN SQUARE · Retail Property For Sale

INVESTMENT HIGHLIGHTS: Long-Term NNN Corporate Leases - The Property features long-term corporate leases with National tenants – Floor & Décor and Arhaus The Loft. Following recent extensions from both tenants, the current weighted average lease term remaining is 8.8 years, providing an investor with a stable yet accretive income stream for years to come Highly Sought after Submarket with Desirable Demographics - Mill Run Square is ideally located in the highly sought after submarket of Hilliard, OH, one of the fastest growing pockets of the surging Columbus MSA. With nearly 225,000 people in the 5 mile radius, boasting average household incomes of nearly $80,000, Hilliard provides a robust and growing consumer base that will continue to provide Mill Run Square with many customers long into the future. Heavily Trafficked Location with Internet Resistant Shadow Anchor - The Property sits directly off I-270 (181,000 VPD) at the intersection with Fishinger Rd. (22,000 VPD) providing some of the heaviest daily traffic counts in the entire Columbus MSA. The Property is shadow anchored by Lowe’s, with other major traffic drivers Target, Home Depot, and At Home in the immediate vicinity. CREDIT TENANTS - The Property provides a long-term, durable income stream from Credit Tenants. Floor & Décor went public in April 2017 on the New York Stock Exchange (NYSE) with an Initial Public Offering (IPO) that valued the company at $1.9B. Their current market cap reflects a valuation of $3.9B as of July 2019. In addition to the positive momentum Floor & Décor has experienced of late, Arhaus has also experienced much of the same. In 2018, Arhaus saw their gross sales increase by 17%. EBITDA was up 151% year-over-year in 2018. So as you can see, some very strong momentum and performance from both tenants providing great stability and durability of the income stream moving forward. Strong Recent Leasing Momentum and Ease of Management - Mill Run Square has experienced strong leasing momentum of late with Floor & Décor recently extending their lease for 10 years (Expires 9/2027). Additionally, Arhaus The Loft signed a new 10-year lease in 2015, followed by an early extension for an additional 5 years in October 2019 (Expires 3/2030), highlighting their commitment to the site and desire to remain here long-term. This is one of only two Arhaus locations in Central Ohio (Headquartered 130 miles NE near Cleveland). Arhaus also exceeded the sales threshold in their lease for their sales kickout thus removing it and now securing their term through at least 3/2030. With only two tenants, both on NNN leases with no near-term lease rollover, the property provides an investor with great ease of management. FREE & CLEAR - The Property is being offered “free and clear” of any existing debt, providing a buyer with a fantastic opportunity to obtain historically attractive financing.