Bob’s Discount Furniture - LoopNet€¦ · Bob’s Discount Furniture is an American furniture store headquartered in Manchester, Connecticut. Bob’s Discount Furniture was founded

Bob’s Discount Furniture9959 Colerain AvenueCincinnati, Ohio

Net Lease Investment Offering

www.bouldergroup.com | Confidential Offering Memorandum| 2 |

Bob’s Discount Furniture | Cincinnati, OH

Offering SummaryExecutive Summary ................................................................... 1

Investment Highlights ............................................................. 2

Property Overview ...................................................................... 3

Location OverviewAerials ..................................................................................................4

Site Plan .............................................................................................6

Map ....................................................................................................... 7

Market OverviewMarket Overview ..........................................................................8

Demographics ..............................................................................9

Tenant SummaryTenant Profile .................................................................................11

Table of Contents

TABLE OF CONTENTS


Bob’s Discount Furniture | Cincinnati, OHExecutive Summary

EXECUTIVE SUMMARY

The Boulder Group is pleased to exclusively market for sale a single tenant Bob’s Discount Furniture property located within the Cincinnati MSA. The property was recently renovated for Bob’s Discount Furniture where the landlord contributed over $2mm. The new ten year lease features rental escalations in year 6 and in each of the four 5-year renewal options and the lease is corporately guaranteed. Additionally, the lease allows the future landlord the potential ability to add value via leasing the out parcel space on the property.

The 38,782 square foot building is located immediately off Interstate 275 (68,395 VPD) and Highway 27 (40,791 VPD) in the primary retail corridor of the trade area. The property is located adjacent to Meijer and near retailers including Walmart Supercenter, Lowe’s, Target, Home Depot, Dick’s Sporting Goods, Walgreens, ALDI and The Northgate Mall (Macy’s, Burlington, Ashley Furniture, Xscape Theatres). There are approximately 150,000 people living within five miles of the property. Cincinnati is the economic and cultural hub of the Cincinnati metropolitan area, the fastest growing economic power in the Midwestern United States based on increase of economic output.

Bob’s Discount Furniture is an American furniture store headquartered in Manchester, Connecticut. Bob’s Discount Furniture was founded in 1991 with its first store in Newington, Connecticut and is ranked 12th in sales among United States furniture stores according to Furniture Today’s list of Top 100 Furniture Stores. As of July 2019, the company has 121 stores in 18 states, primarily in the Northeast, Mid-Atlantic, Midwest, and West Coast.



INVESTMENT HIGHLIGHTS

■ Located within the Cincinnati MSA

■ Cincinnati is the fastest growing economic power in the Midwestern United States based on increase of economic output

■ 2019 renovation where the landlord contributed over $2mm

■ New ten year lease

■ Corporate guarantee

■ Rental escalations in year 6 and in each of the four 5-year renewal options

■ Located immediately off Interstate 275 (68,395 VPD) and Highway 27 (40,791 VPD) in a primary retail corridor

■ Adjacent to Meijer and near retailers including Walmart Supercenter, Lowe’s, Target, Home Depot, Dick’s Sporting Goods, Walgreens, ALDI and Northgate Mall (Macy’s, Burlington, Ashley Furniture, Xscape Theatres)

■ Approximately 150,000 people living within five miles of the property

■ Bob’s Discount Furniture is ranked 12th in sales among United States furniture stores according to Furniture Today’s list of Top 100 Furniture Stores and has 121 across 18 states

Investment Highlights



PROPERTY OVERVIEW

Price: $5,966,461

Cap Rate: 7.15%

Net Operating Income: $426,602

Lease Expiration Date: February 28, 2030

Renewal Options: Four 5-Year

Rental Escalations: $0.50 PSF every five years

Tenant: Bob’s Discount Furniture, LLC

Guaranty: BDF Acquisition Corp

Year Built/Renovated: 1984/2019

Lease Type: NN

Building Size: 38,782 SF

Land Size: 4.28 Acres

Property Overview


Bob’s Discount Furniture | Cincinnati, OHPhotographs


Bob’s Discount Furniture | Cincinnati, OHAerial


Bob’s Discount Furniture | Cincinnati, OHAerial

Interstate 275

Interstate 275

(68,395) VPD(68,395) VPD

Highway 27 (40,791 VPD)

Highway 27 (40,791 VPD)


Bob’s Discount Furniture | Cincinnati, OHSite Plan


Bob’s Discount Furniture | Cincinnati, OHLocation Map

Lake Michigan



1-Mile 3-Mile 5-Mile

Total Population: 8,429 51,781 149,053

Total Households: 3,451 20,037 59,601

1-Mile 3-Mile 5-Mile

Average Household Income: $76,463 $75,076 $76,704

Median Household Income: $57,085 $57,669 $58,637

Population Income

DEMOGRAPHICS

Demographics



City ofCincinnati, Ohio

Cincinnati is a major city in the U.S. state of Ohio, and is the government seat of Hamilton County. Settled in 1788, the city is located at the northern side of the confluence of the Licking and Ohio rivers, the latter of which marks the state line with Kentucky. The city is the economic and cultural hub of the Cincinnati metropolitan area, the fastest growing economic power in the Midwestern United States based on increase of economic output, which had a population of 2,190,209 as of the 2018 census estimates. This makes it Ohio’s largest metropolitan area and the nation’s 28th-largest. With a city population estimated at 302,605, Cincinnati is the third-largest city in Ohio and 65th in the United States. Cincinnati is also within a day’s drive of 49.70% of the United States populace, the most of any city in the United States.

Several Fortune 500 companies are headquartered in Cincinnati, such as Procter & Gamble, The Kroger Company, and Macy’s, Inc., among others. General Electric has headquartered both their GE Aviation business and their Global Operations center in Cincinnati. The Kroger Company employs more than 21,650 people locally, making it the largest employer in the city, and the University of Cincinnati is the second largest at over 16,000 people.

Cincinnati has the fastest growing economy in the Midwestern United States. The Gross Metro Product is $120 Billion, and median household income is over $56,500. The median home price is $152,500, and the cost of living in Cincinnati is 8.2% below national average. The unemployment rate is also below the national average at 4.3%.

Cincinnati is served by Amtrak’s Cardinal, an intercity passenger train that makes three weekly trips in each direction between Chicago and New York City through Cincinnati Union Terminal. The city is served by Cincinnati/Northern Kentucky International Airport, which is actually located in Hebron, Kentucky. The airport is a hub for major passenger airline Delta Air Lines, as well as a focus city for low cost carriers Allegiant Air and Frontier Airlines. In addition, the airport is the largest global hub for both Amazon Prime Air and DHL Aviation.

Cincinnati is home to two major sports teams, the Cincinnati Reds, the oldest franchise in Major League Baseball, and the Cincinnati Bengals of the National Football League. The University of Cincinnati, founded in 1819, is one of the 50 largest in the United States.

Cincinnati is known for its historic architecture. In the late 1800s, Cincinnati was commonly referred to as “Paris of America”, due mainly to such ambitious architectural projects as the Music Hall, Cincinnatian Hotel, and Shillito Department Store. Because it is the first major American city founded after the American Revolution as well as the first major inland city in the country, Cincinnati is sometimes thought of as the first purely “American” city.

www.cincinnati-oh.gov

Market Overview



Bob’s Discount Furniture

Bob’s Discount Furniture is an American furniture store headquartered in Manchester, Connecticut. Bob’s Discount Furniture was founded in 1991 with its first store in Newington, Connecticut and is ranked 12th in sales among United States furniture stores according to Furniture Today’s list of Top 100 Furniture Stores. As of July 2019, the company has 121 stores in 18 states, primarily in the Northeast, Mid-Atlantic, Midwest, and West Coast.

Website: www.mybobs.com

Locations: 121

Year Founded: 1991

Headquarters: Manchester, Connecticut

Tenant Overview

Jimmy [email protected]

EXLUSIVELY LISTED BY:

Randy [email protected]

The Boulder Group3520 Lake Avenue, Suite 203Wilmette, Illinois 60091

www.bouldergroup.com

CONFIDENTIALITY & DISCLAIMERThe information contained in the following Offering Memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from The Boulder Group and should not be made available to any other person or entity without the written consent of The Boulder Group.

This Offering Memorandum has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. The Boulder Group has not made any investigation, and makes no warranty or representation.

The information contained in this Offering Memorandum has been obtained from sources we believe to be reliable; however, The Boulder Group has not verified, and will not verify, any of the information contained herein, nor has The Boulder Group conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.

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Bob’s Discount Furniture - LoopNet€¦ · Bob’s Discount Furniture is an American furniture store headquartered in Manchester, Connecticut. Bob’s Discount Furniture was founded