NNN Visionworks & Tom + Chee

1840 Hilliard Rome Rd Hilliard, OH 43026

1840 Hilliard Rome Rd, Hilliard, OH, 43026
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1840 Hilliard Rome Rd, Hilliard, OH, 43026 1840 Hilliard Rome Rd, Hilliard, OH, 43026 1840 Hilliard Rome Rd, Hilliard, OH, 43026 1840 Hilliard Rome Rd, Hilliard, OH, 43026 1840 Hilliard Rome Rd, Hilliard, OH, 43026
FOR SALE NNN Property
Property Type:
Strip Center
Amount:
$2,000,000 to $3,000,000
Cap Rate:
7.00%
Last Verified:
Dec 23, 2015

$2,212,990 Marcus & Millichap is pleased to exclusively offer for sale George's Corner IV, a new two-tenant retail center on 1840 Hilliard Rome Road in Hilliard, Ohio a western suburb of Columbus. Hilliard Rome is the main retail artery on Columbus' west side. This densely populated retail corridor is home to Meijer. Kohl's, Giant Eagle, Sam's Club, and a myriad of other medium box and smaller tenants. Both Visionworks and Tom & Chee are encumbered by 10 year net-leases that have both tenants paying market rent, CAM, tax, insurance, and an administrative fee. This center is a re-tenanting of a former Ruby Tuesday's restaurant located on an outparcel to a Target anchored power center that also houses Bed, Bath & Beyond, Old Navy, Office Max, Bath & Body Works, and others. Visionworks' lease commences June 1, 2014 and Tom & Chee commences August 1, 2014. Both have 10 year base terms with rent increases in year six. Visionworks has three, five-year options and Tom & Chee has two, five-year options. Visionworks is guaranteed by their corporate entity, which has over 620 locations; Tom & Chee is guaranteed by a very experienced franchisee who has seen tremendous results at his Tom & Chee location on the east side of Columbus. George's Corner IV offers a savvy investor an extremely stable asset with two strong long-term tenants in an enviable location fronting Target on one of the busiest retail corridors in the Columbus MSA. The strength of the location and the rental increases in the base term and options also allow for a viable exit strategy in the future.

Map of 1840 Hilliard Rome Rd, Hilliard, OH, 43026

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What are Real Estate Incentives?

Real Estate incentives range widely and have been overlooked by the Commercial Multiple Listing Services (MLS) for decades. Real estate incentives is a generic term used to group any number of programs, such as tax incentives, that are designated by an agency for a geographic area."

Why are Real Estate Incentives Important and to Whom?

"Incentives" are vital today and in the future because:

  • U.S. Public: Many incentives focus on job creation and Affordable Housing
  • Investors and Commercial Developers use incentives to reduce financial risk, obtain gap financing, etc. Investors and developers look for property listings with incentives available.
  • Commercial Real Estate Brokers, in mass, unfortunately do not know about incentives tied to their listings
  • Entire Supply Chain of Real Estate Development such as small and large companies who will provide goods and services to new and revitalized properties.