6161 Columbia Crossing Dr
Columbia, MD 21045
JOANN Fabric and Craft Stores · Retail Property For Sale

Marcus & Millichap, on behalf of ownership, is pleased to exclusively offer the fee simple interest in the Jo-Ann Fabrics located in Columbia Crossing, Columbia, Maryland, a highly affluent, rapidly growing Baltimore and Washington, D.C. suburb. The tenant has operated here successfully for the past twenty years. Demonstrating its commitment to this location, Jo-Ann recently executed a 10-year lease extension with a 2.5 percent rental increase in five years and 7.5 percent rental increases in each of the remaining three; five-year options. Astute Investors will recognize that the tenant’s rental rate is at market, and economically favorable to the tenant. Jo-Ann Fabrics is also required to inject $450,000 to improve the interior and exterior of the property. Jo-Ann Stores, Inc. is an American specialty retailer of crafts and fabrics based in Hudson, Ohio. It operates the retail chains Jo-Ann Fabrics and Jo-Ann Etc. The company was founded in 1943 and has been in business for nearly 75 years. As of 2018, Jo-Ann Fabrics is the nation’s largest fabric and craft retailer with over 860 stores open across 49 states. More recently they have begun to operate an industry-leading e-commerce business as well. The lease is guaranteed by Fabri-Centers of America, Inc., which is the parent company of Jo-Ann Fabrics. The company was listed and traded on the American Stock Exchange but in December of 2010, Jo-Ann Stores, Inc. announced plans to sell out to private equity firm Leonard Green for $1.6 billion. Today the firm remains private but as of the third quarter of 2018, Standard & Poor’s has them rated “B/Stable” and Moody’s has them rated “Caa1 Stable”. As of 2017, Fabri-Centers of America, Inc., reported total revenue of $2.4 billion. REGIONAL RETAIL HUB The Property is located within Columbia Crossing, a 491,244 square-foot regional shopping center that serves as one of the primary shopping destinations in the area. There are multiple properties that make up the regional center, including Columbia Crossing, Columbia Crossing II and Columbia Crossing III and in total they comprise to over 650,000 square-feet. Jo-Ann Fabrics sits in Columbia Crossing, the front and most prominent part of the entire shopping center and directly off of Rouse Parkway, the major four-lane highway through Columbia. The Property benefits synergistically from its orientation to other typical power center INVESTMENT HIGHLIGHTS retailers including Nordstrom Rack, Target, Dick’s Sporting Goods, Home Sense, and TJMaxx among others, many which are owned by Kimco. Recently, a new BJ’s Brewhouse pad site was built just outside of Jo-Ann Fabrics parking field joining a fast-casual line-up of a tremendously busy Buffalo Wild Wings, Famous Dave’s Bar-B-Que and la Madeleine French Bakery & Café. Within the greater Columbia Crossing development you have numerous other food uses, destination retailer REI and multiple Banks including PNC, SECU Credit Union and BB&T. Columbia Crossing is uniquely positioned within the greater Columbia retail market. It benefits from a prominent location at the corner of Dobbin Road and Rouse Parkway, is also in close proximity to Interstate-95 and sees 104,722 vehicles per day. As mentioned above, the property is part of the three phase Columbia Crossing project. All of these three phases help to drive additional traffic to the site and make it one of the top shopping destinations within the Columbia submarket; retailers in these projects report exceptionally high sales generally speaking. Columbia is located in Howard County and almost halfway between Baltimore and Washington, D.C. Its proximity to both locations makes it a popular destination for Maryland residents. COLUMBIA: AFFLUENT, GROWING, INSTITUTIONAL DEMOGRAPHICS Columbia has consistently ranked in the top 10 of CNN Money’s Best Places to Live in the United States and most recently is was ranked 4th in top 10 safest cities in America, according to CBS. Throughout the past few years Columbia has been going through a renaissance as numerous developers continue to build out the ultimate community that original creator and developer James W. Rouse envisioned. The Howard Hughes Corp, which owns all the land in Downtown Columbia, has been focused on the rezoning of the planned community which has begun to transform the area into a walkable, mixed-use district. This plan included up to 5,500 new multifamily residential units, 1.2M SF of retail 4.3M of office, 640 hotel rooms and open public spaces. This master plan has already begun to be built out and it is drawing even more residents, companies and retailers into the region. The demographics are astounding with 87,952 people with $128,040 average household incomes within a 3-mile radius of this Jo-Ann Fabrics. Many retailers look to be in Columbia when entering the market because of the afore mentioned attributes.