Retail    

Big Lots

 Tiffin, OH

Asking Price

$2,133,000

Cap Rate

9.00%

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Expenses

Passive NN

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Year Built | Reno

1972 | 1999

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LTR

9.7 Years

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Avg HHI

$74,004

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Square Feet

48,000 SF

For more details on this exclusive listing

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INVESTMENT HIGHLIGHTS

  • Early 10-Year Lease Extension
    In December 2021, Tenant elected to extend the Lease by an additional 10 years, exhibiting strong commitment to location on top of a long-term 19-year operating history.  The Property is offered with 9.7 years of remaining lease term. 
  • Corporate Guaranty by Publicly Traded Equity
    Big Lots, Inc. is a national retail chain with over 1,425 locations in 47 states.  As of 1/2023, Big Lots reported a 12-month revenue of $5.47 billion and net loss of $211 million. Big Lots is publicly traded under the ticker symbol NYSE: “BIG.”
  • Passive Net Lease
    Tenant is responsible for all common area maintenance and shall reimburse 100% of insurance and taxes. Landlord obligations are limited to repair and replacement of roof and structure.
  • Below Market Rent
    Tenant is currently paying a rental rate of $4.00/SF – well below both the national average for Big Lots and the prevailing market rate in Tiffin. This ensures a healthy rent coverage and incentivizes continued tenant retention. Below market rent allows investors to acquire the asset at a lower cost basis, protecting against replacement risk at expiration and lending long-term upside value. 
  • Oversized Parcel
    The Property comprises a 48,000 square foot building on a total of 8.05 acres, a floor-area ratio of 13.7%. The offering provides an excess of unimproved land which can be utilized for outparcel development or building expansion.  

Exclusively Listed By

Brett Butler

Senior Vice President
  brett@northmarq.com      949.662.1277

David Wirgler

Vice President
  dwirgler@northmarq.com   

Chris Whelan

Associate
  cwhelan@northmarq.com   

Jack Morrell

Associate
  jmorrell@northmarq.com   

Lauren Helgeson

Investment Sales Analyst
  lhelgeson@northmarq.com   

In Association With
Jeff McKinney
OH Lic. #BRK.2016002560

Northmarq

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Newport Beach, CA 92660


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