By submitting the form, you agree to the terms and conditions of our Confidential Disclaimer.
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.
