dan cooper dcooper@coopergrp · dublin, ohio, is a progressive, well-educated and innovative city...

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Dan Cooper [email protected] (888) 525-5695 x12 Bob Havasi [email protected] (888) 525-5695 x10 Cooper Commercial Investment Group 6120 Parkland Blvd., Suite 206 Cleveland, OH 44124 www.coopergrp.com

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Page 1: Dan Cooper dcooper@coopergrp · Dublin, Ohio, is a progressive, well-educated and innovative city surrounding the Scioto River ... Columbus is also home to Abercrombie & Fitch and

Dan Cooper [email protected] (888) 525-5695 x12

Bob Havasi [email protected] (888) 525-5695 x10

Cooper Commercial Investment Group 6120 Parkland Blvd., Suite 206 Cleveland, OH 44124 www.coopergrp.com

Page 2: Dan Cooper dcooper@coopergrp · Dublin, Ohio, is a progressive, well-educated and innovative city surrounding the Scioto River ... Columbus is also home to Abercrombie & Fitch and

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INVESTMENT SUMMARY

Investment Highlights ……………… 4

Investment Overview .……..………. 5

Location Overview …………………. 6

Offering Summary ………………..… 7

FINANCIAL ANALYSIS

Rent Roll ………..…………………… 9

Financial Analysis (Pro Forma) …… 10

PROPERTY ANALYSIS

Survey ……………………………….. 12

Aerial Maps …………...……….……. 13-15

Location Maps .…………………...… 16

Demographics .……………...……… 17

TENANT ANALYSIS

Tenant Profiles ……………………… 19-20

Disclosure & Confidentiality .......….. 21

Page 3: Dan Cooper dcooper@coopergrp · Dublin, Ohio, is a progressive, well-educated and innovative city surrounding the Scioto River ... Columbus is also home to Abercrombie & Fitch and

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Page 4: Dan Cooper dcooper@coopergrp · Dublin, Ohio, is a progressive, well-educated and innovative city surrounding the Scioto River ... Columbus is also home to Abercrombie & Fitch and

• Two-Tenant Absolute NNN Leased Investment with Early lease Extensions From Both Tenants

• Extremely Stable Tenancy (RiteRug is an Original Tenant to the Center) with Service-Oriented, Internet Resistant Companies

• Covelli Enterprises: Largest Panera Bread Franchisee and Ranked Top 100 Largest Corporations Headquartered in Ohio Based on Revenue with Over $1 Billion Annually and a Top 5 Restaurant Franchise System in the U.S.

• RiteRug: Ranked Top 5 Largest Flooring Retailers in the U.S. and #1 in Columbus - Impressive Track Record Since 1934 with Significant Upward Sales Trends ($243 Million in 2016 to $273 Million in 2017)

• Strong Demographics in One of Columbus’ Most Affluent and Heavily Populated Suburbs: Average Household Incomes $130k+ and 212k Residents Within 5-Miles

• State Capital and Located Only 9 Miles Northwest of The Ohio State University (66,000+ Students & 28,000 Faculty Providing a Very Stable Economic Base

4

INVESTMENT HIGHLIGHTS

RiteRug Center - Dublin, OH

• Excellent Curb Appeal with Highly Visible Monument Signage & Newer Roof (15-Yr. Transferable Warranty Expires 12/15/2030)

• Unbeatable Location: Immediately Off I-270 (141k VPD) and Positioned in an Extremely High Barrier to Entry Market on Sawmill Drive (67k VPD) - Heart of the Area’s Retail and Commercial Corridor

• Desirable Community with Top #2 Rated School Systems in the State of Ohio & 1-Mile to the New Bridge Park Neighborhood, an Upscale Mixed-Use Setting with Residential Homes, Retail, Services and Many Amenities

• Heavy Concentration of other National Retailers Within a 1-Mile Radius: Directly in Front of Dublin Village Center and Lowe’s and Directly Across Chipotle, Fresh Thyme, Whole Foods, Trader Joe’s, Old Navy, Nordstrom Rack, DSW, Ashley Furniture, Michael’s, Panera Bread, Hobby Lobby, Advance Auto Parts, Mattress Firm, Pier 1, Starbucks and Many More Complimentary Retailers

INVESTMENT HIGHLIGHTS

Rank Company City Revenue Industry

95 Carter Lumber Kent $1,019,500,000 Retail

96 Englefield Oil Co. Heath $1,010,000,000 Energy

97 DDR Corporation Beachwood $1,005,800,000 Real Estate/REIT

98 Creamer Metal London $1,000,000,000 Manufacturer

99 Covelli Enterprises Warren $1,000,000,000 Restaurant

100 Squire Patton Cleveland $983,000,000 Service/Legal

101 Babcock & Wilcox Barberton $975,500,000 Engineering

102 Shiloh Industries Valley City $972,100,000 Manufacturer

103 Standard Textile Cincinnati $954,500,000 Manufacturer

Page 5: Dan Cooper dcooper@coopergrp · Dublin, Ohio, is a progressive, well-educated and innovative city surrounding the Scioto River ... Columbus is also home to Abercrombie & Fitch and

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The Cooper Commercial Investment Group has been exclusively retained by ownership to sell the 100% fee simple interest in the two-tenant RiteRug Center located in the desirable and upscale community of Dublin/Columbus, Ohio. The property is being offered for $4,960,000, representing a 7.00% CAP Rate and is home to two extremely stable, long-term internet resistant tenants. Both are on Absolute NNN lease structures with recent early lease extensions accommodating RiteRug Flooring through 2027 and Covelli Enterprises through 2023. The RiteRug lease also includes a mid-term rental increase providing an investor with future income growth.

The center’s two well-known companies have a proven track record. Covelli Enterprises, the largest Panera Bread franchise group houses their central Ohio corporate headquarters at the location. The company is ranked a top 5 restaurant franchise in the U.S. with over 300 Panera Bread locations throughout 5 states and Canada. In 2017, the company reported over $1 billion in annual revenue. The outstanding tenant roster continues with RiteRug who has been in business since 1934, is the 5th largest flooring retailer in the U.S, the largest flooring retailer in Columbus and they are also an original tenant to the building (1989). The company reported major sales growth with an increase from $243 million in 2016 to $273 million in 2017.

The property has excellent frontage off Sawmill Road (67k VPD), prominent monument signage and also boasts a new roof in 2015, with a 15-year transferable warranty. The all brick, 18,100 S.F. building is positioned in an irreplaceable location directly off I-270 (141k VPD) in the heart of the retail corridor. The Dublin area is home to more than 3,000 businesses and known for its strict building requirements, making it a high barrier to entry community. The center is strategically positioned directly in front of Dublin Village Center, Lowe’s and the new Bridge Park neighborhood. The new upscale community offers residents a mixed-use setting with luxury townhomes/apartments, restaurants, retail, services and many other amenities. The property is also adjacent or just a stone’s throw away from a host of other complimentary retailers including: Party City, AMC Theatres, Honda of Dublin, Panera Bread, Big Lots, Chipotle, Fresh Thyme Farmer’s Market, Trader Joe’s, Old Navy, Five Below, Hobby Lobby, Mattress Firm, Petco, Starbucks, Whole Foods, Nordstrom Rack, DSW, Ashley Furniture, Michael’s and many more. The heavy concentration of other national retailers within a 1-mile radius makes the property one of the most desirable locations in-between the suburbs and the capital city of Columbus.

The featured asset is surrounded by an economically strong residential community with average household incomes of over $130,000 and a whopping population of close to 212,000 residents within 5-miles. The Dublin School district is one of Ohio's highest achieving districts, rated recently as high as #2 in the State of Ohio. Dublin is home to the headquarters of a number of major companies, including Cardinal Health, IGS Energy, Stanley Steemer, Wendy's, OCLC, Pacer Intl. and MindLeaders. Other organizations with significant operations include Ashland Inc., Nationwide Insurance and Dublin Methodist Hospital, part of the OhioHealth system. The property sits just north of The Ohio State University Airport and conveniently located with direct access to I-270 which encircles Columbus and connects with other area highways including I-71, I-70, I-670 and Route 315, the direct route to Downtown. Additionally, The Ohio State University (9 miles) boasting more than 66,000 students and 28,000 faculty/staff is only a short commute away along with the state capital’s government provides a robust, stable economic base for all of Columbus. Coupling all of the attributes, the offering provides an investor a rare opportunity in today’s market to purchase a superior location, stable tenancy and curb appeal, poised to be a quality investment for many years to come.

INVESTMENT OVERVIEW

Page 6: Dan Cooper dcooper@coopergrp · Dublin, Ohio, is a progressive, well-educated and innovative city surrounding the Scioto River ... Columbus is also home to Abercrombie & Fitch and

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Dublin, Ohio, is a progressive, well-educated and innovative city surrounding the Scioto River in the northwest area of metropolitan Columbus. The property is located less than one mile from I-270, the beltway loop freeway in the Columbus metropolitan area, commonly known locally as "The Outerbelt," or the "Jack Nicklaus Freeway." The western (and eastern) terminus of I-270 is at the junction with I-71, which starts in Cleveland, Ohio and runs south through the cities of Columbus, Cincinnati and ends in Louisville, Kentucky. I-270, along with I-670, provides access to John Glenn Columbus International Airport, located 19 miles from the property and a direct route to The Ohio State University, 9 miles away.

Dublin has long been recognized as a premier community, not only locally, but also internationally. In fact the city is home to the new Bridge Park neighborhood, which boasts luxury townhomes/apartments with an abundance of amenities, including retail, restaurants, services, parks and more. Dublin is home to more than 3,000 businesses and home to Ohio’s largest corporation, Cardinal Health, 21 on the Fortune 500 list. Dublin is also the headquarters of the Wendy’s Company, Ashland Inc. and OCLC. Dublin’s diverse and sound economic base provides the foundation for the present and future stability of the City. The city’s continued economic vitality is the result of quality development, strategic planning and aggressive efforts to attract and retain high-quality commercial development. Dublin also is known as a leader in municipal innovations, including tax increment financing, Dublink Broadband and green initiatives. Dublin’s healthy resources are necessary to keep pace with the city’s growth and the high quality of life enjoyed by Dublin’s corporate and residential citizens. The City annually hosts Jack Nicklaus’ PGA Tour Memorial Tournament at Muirfield Village Golf Club and one of the nation’s largest Irish cultural events – the Dublin Irish Festival.

Dublin is home to three high schools and they are consistently ranked among the top high schools in the country and a school system recently ranked #2 in the state. With 25 institutes of higher learning in Central Ohio, including Ohio University at Dublin, Columbus State’s Dublin Regional Learning Center and The Ohio State University in nearby Columbus, the region offers a pipeline to 115,000 college students and 20,000 annual graduates.

Many residents in the area work in Downtown Columbus or one of its immediate suburbs (New Albany, Powell, Upper Arlington, Westerville, and Marysville). The Columbus area is said to be one of the best places to live in the U.S., according to CNN/Money Magazine. Since receiving that distinction, the accolades have continued to pile up. To the northwest of Dublin, Marysville is home to the headquarters for Scotts Miracle-Gro Company, the largest producer in the world of horticulture products. Scotts Miracle Gro has their R&D operations located on the 800-acre corporate campus, which employs more than 1,000 people. Marysville is also the location of major Honda operations, which employs more than 4,200 people at its 3.6 million square foot plant. The Columbus employment landscape shows that with the State of Ohio, The Ohio State University, and the United States Government accounting for an estimated 55,000 to 60,000 employees, combined with Columbus City Schools, the City of Columbus, and Franklin County, the estimated number swells to about 80,000 employees. The city has a diverse economy and is home to the Battelle Memorial Institute, the world's largest private research and development foundation; Chemical Abstracts Service, the world's largest clearinghouse of chemical information; and NetJets, the world's largest fractional ownership jet aircraft fleet. The city has the headquarters of five corporations in the U.S. Fortune 500: Nationwide Mutual Insurance Company, American Electric Power, Big Lots and Cardinal Health. The fast-food corporation of White Castle is also based in the Columbus, Ohio metropolitan area. Columbus is also home to Abercrombie & Fitch and Bob Evans. Additionally, the Columbus area offers a wide range of financial institutions that supply employment to Central Ohio. JPMorgan Chase is the area's largest financial employer, with Huntington Bank having a headquarters and with significant presence by banks such as KeyBank, Fifth Third, National City Corp. (PNC), Park National Corporation, and Commerce National Bank. In addition to Nationwide, other insurance-based companies in Central Ohio include Motorists Insurance, Grange Insurance, Safe Auto Insurance, and State Auto Insurance.

LOCATION OVERVIEW

Top Dublin Employers # of Employees

Nationwide 5,873

Cardinal Health 3,194

Medco Health Solutions 2,032

Dublin City School District 1,793

OhioHealth 925

Fiserv 884

Ashland 750

CareWorks 750

Online Computer Library Center 730

NCO 605

Nexeo Solutions 550

Smiths Medical 525

Centurylink 500

Pacer International 450

Page 7: Dan Cooper dcooper@coopergrp · Dublin, Ohio, is a progressive, well-educated and innovative city surrounding the Scioto River ... Columbus is also home to Abercrombie & Fitch and

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Price:

Down Payment:

Gross Leasable Area:

Price/SF:

NOI:

CAP Rate:

Year Renovated/Built:

Lot Size:

Parking:

Exterior:

Drive-In Doors:

Roof:

Roof Repairs & Maintenance:

HVAC:

Parking Lot Repair & Maintenance:

Common Area Maintenance:

Real Estate Taxes:

Insurance:

Structure:

$4,960,000

$1,240,000

18,100 S.F.

$274.03

$347,250

7.00%

2002/1989

Approx. 2.074 Acres

Approx. 109 Spaces

Brick/Metal

1

2015 - Transferrable Warranty

Tenants Reimburse Landlord

Tenant Responsibility

Tenants Reimburse Landlord

Tenants Reimburse Landlord

Tenants Reimburse Landlord

Tenants Reimburse Landlord

Tenants Reimburse Landlord

SUMMARY

Loan Amount:

Loan Type:

Interest Rate:

Amortization:

Term:

Loan-to-Value (LTV):

$3,720,000

New Loan

4.90%

25 Years

5 Years

75.00%

Rental Income:

Tenant Reimbursements:*

Potential Gross Income:

Economic Vacancy:

Effective Gross Income:

Expenses:

NOI:

Annual Debt Service:

Structural Reserve ($0.10/S.F.):

Cash Flow After Reserves:

Cash-on-Cash Return:

$347,250

$94,515

$441,765

($0)

$441,765

$94,515

$347,250

$258,367

$1,810

$87,073

7.02%

Operating Data

Anticipated New Financing

*Tenants currently reimburse $3,278/Annual for the amortized cost of the roof replacement (2015), which is not reflected in the Pro Forma. Covelli is amortized over 20 years and RiteRug over 12 years. They will continue payments to ownership through 2027 and 2035 respectively.

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Page 9: Dan Cooper dcooper@coopergrp · Dublin, Ohio, is a progressive, well-educated and innovative city surrounding the Scioto River ... Columbus is also home to Abercrombie & Fitch and

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% of Tenant Lease Lease Rent/ Annual Lease Rental Option

Tenant GLA Total Since Start Expiration S.F. Rent Type Bumps Rate/S.F.

12,000 66.30% 1989 1/1/2018 12/31/2027 $17.50 $210,000 Absolute

NNN 1/1/2019 - $17.50/S.F. 1/1/2023 - $19.00/S.F.

(1) 5-Yr. $22.50/S.F.

6,100 33.70% 2013 11/1/12018 10/31/2023 $22.50 $137,250 Absolute

NNN None N/A

Total Building 18,100 100.00% $19.19 $347,250

Vacancy - 0.00% $ - $ -

* Pro Forma is based on Calendar Year 2019 (January 1, 2019 through December 31, 2019). Rental rates are reflective of the same.

Page 10: Dan Cooper dcooper@coopergrp · Dublin, Ohio, is a progressive, well-educated and innovative city surrounding the Scioto River ... Columbus is also home to Abercrombie & Fitch and

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Pro Forma 2019

2016 (1) 2017 2019 $/SF

INCOME:

Potential Rental Income

Rental Income (2) $ 323,250 $ 323,250 $ 347,250 $ 19.19

Tenant Reimbursements

CAM (3) 94,819 97,723 18,550 1.02

Real Estate Taxes - - 63,348 3.50

Insurance - - 2,200 0.12

Management Fee - - 10,418 0.58

Gross Potential Rental Income $ 418,069 $ 420,973 $ 441,765 $ 24.41

Vacancy (Actual) 0.00% $ - $ -

Effective Gross Income $ 418,069 $ 420,973 $ 441,765 $ 24.41

OPERATING EXPENSES:

Management Fee 3.00% $ 9,600 $ 9,600 $ 10,418 $ 0.58

Real Estate Taxes 66,110 66,167 63,348 3.50

Parking Lot R&M 1,250 470 1,000 0.06

Insurance 2,059 2,227 2,200 0.12

Maintenance Personnel (4) - 1,860 2,000 0.11

Landscaping (5) 6,187 2,847 5,000 0.28

Snow Removal 1,709 3,819 4,500 0.25

Utilities

Gas 1,249 1,199 1,200 0.07

Water/Sewer 2,419 2,512 2,500 0.14

Trash Removal (6) - 2,100 2,100 0.12

Site Electrical/Lighting Repairs & Maintenance - 219 250 0.01

Total Expenses $ 90,583 $ 93,020 $ 94,515 $ 5.22

Net Operating Income $ 327,486 $ 327,953 $ 347,250 $ 19.19

Loan Analysis

Cash Flow Available Before Debt Service $ 347,250 $ 19.19

Capitalization Rate 7.00% 7.00%

Valuation $ 4,960,000 $ 274.03

Loan to Value 75.00% 75.00%

Loan Amount $ 3,720,000 $ 205.52

Rate 4.90% 4.90%

Term 5 5

Amortization 25 25

Annual Debt Service $ 258,367 14.27

Debt Service Coverage Ratio 1.34 1.34

(1) 2016: Irrigation expense of $1,288 has been removed as not re-occurring.

(2) Tenants currently reimburse $3,278/Annual for the amortized cost of the roof replacement (2015), which is not reflected in the Pro Forma. Covelli is amortized over 20 years and RiteRug over 12 years. They will continue payments to ownership through 2027 and 2035 respectively.

(3) Historical CAM income includes all Absolute NNN reimbursements. We have separated for Pro Forma purposes.

(4) Ownership did not charge the tenants for the Maintenance Personnel in 2016. The expense is recoverable and has been charged since.

(5) 2016: Landscaping includes some additional charges creating an increase over the base landscape contract.

(6) The trash/lot sweeping contract just started last year. Ownership previously did not provide.

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Page 13: Dan Cooper dcooper@coopergrp · Dublin, Ohio, is a progressive, well-educated and innovative city surrounding the Scioto River ... Columbus is also home to Abercrombie & Fitch and

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Page 16: Dan Cooper dcooper@coopergrp · Dublin, Ohio, is a progressive, well-educated and innovative city surrounding the Scioto River ... Columbus is also home to Abercrombie & Fitch and

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Page 17: Dan Cooper dcooper@coopergrp · Dublin, Ohio, is a progressive, well-educated and innovative city surrounding the Scioto River ... Columbus is also home to Abercrombie & Fitch and

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6685 Sawmill Rd 1 mi radius 3 mi radius 5 mi radius 10 mi radius

Dublin, OH 43017

POPULATION

2018 Estimated Population 10,969 88,072 211,739 720,584

2023 Projected Population 11,564 92,753 223,577 760,548

2010 Census Population 9,469 81,722 192,217 643,326

2000 Census Population 8,514 77,720 171,340 571,328

Projected Annual Growth 2018 to 2023 1.1% 1.1% 1.1% 1.1%

Historical Annual Growth 2000 to 2018 1.6% 0.7% 1.3% 1.5%

2018 Median Age 32.3 35.9 37.4 34.7

HOUSEHOLDS

2018 Estimated Households 5,061 36,041 87,188 292,120

2023 Projected Households 5,301 37,883 91,726 307,842

2010 Census Households 4,418 33,682 79,833 263,336

2000 Census Households 3,928 31,784 70,404 237,060

Projected Annual Growth 2018 to 2023 1.0% 1.0% 1.0% 1.1%

Historical Annual Growth 2000 to 2018 1.6% 0.7% 1.3% 1.3%

RACE AND

ETHNICITY

2018 Estimated White 72.4% 78.2% 79.1% 72.4%

2018 Estimated Black or African American 5.7% 4.1% 4.8% 14.4%

2018 Estimated Asian or Pacific Islander 15.5% 12.8% 12.1% 8.2%

2018 Estimated American Indian or Native Alaskan 0.2% 0.1% 0.1% 0.2%

2018 Estimated Other Races 6.2% 4.8% 3.9% 4.8%

INCOME

2018 Estimated Average Household Income $81,320 $118,396 $130,629 $99,180

2018 Estimated Median Household Income $64,374 $92,486 $99,552 $79,506

2018 Estimated Per Capita Income $37,519 $48,469 $53,833 $40,320

EDUCATION

(AGE 25+)

2018 Estimated Elementary (Grade Level 0 to 8) 2.5% 1.5% 1.1% 2.0%

2018 Estimated Some High School (Grade Level 9 to 11) 3.6% 2.5% 1.9% 3.9%

2018 Estimated High School Graduate 16.3% 14.3% 12.8% 18.4%

2018 Estimated Some College 18.7% 16.2% 15.3% 17.2%

2018 Estimated Associates Degree Only 6.4% 6.4% 6.1% 6.7%

2018 Estimated Bachelors Degree Only 34.4% 36.3% 37.5% 32.1%

2018 Estimated Graduate Degree 18.0% 22.9% 25.3% 19.6%

BUSINESS

2018 Estimated Total Businesses 973 4,178 11,018 32,973

2018 Estimated Total Employees 15,201 61,112 131,436 531,292

2018 Estimated Employee Population per Business 15.6 14.6 11.9 16.1

2018 Estimated Residential Population per Business 11.3 21.1 19.2 21.9

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Page 19: Dan Cooper dcooper@coopergrp · Dublin, Ohio, is a progressive, well-educated and innovative city surrounding the Scioto River ... Columbus is also home to Abercrombie & Fitch and

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www.covelli.com

Source: www.covelli.com

Current:

Monthly

$11,437.50

PSF

$22.50

Common Area Maintenance:

Insurance:

Real Estate Taxes:

Roof & Structure:

Capital Expenses:

Admin. Fee

Mgmt. Fee:

Pro Rata Share

Pro Rata Share

Pro Rata Share

Pro Rata Share

Pro Rata Share

15% on CAM & INS.

Pro Rata Share

Annual

$137,250.00

Covelli Enterprises is a Panera Bread, O’Charley’s and Dairy Queen

franchisee. The company is a top 5 restaurant franchise in the United

States and operates 314 total locations with plans to continue their

growth and success. Originally a McDonalds franchisee, in 1997, the

company sold their interest in McDonald’s and began franchising

Panera Bread restaurants. Since that time, the company has become

the largest franchisee of Panera Breads with over 300 locations in

five states and Canada. The company is also ranked in the Top 100

Largest Corporations Headquartered in Ohio Based on Revenue with

Over $1 Billion in 2017.

Tenant Base Rent Schedule

Headquarter:

# of Covelli Offices:

# of Covelli Franchised Stores:

Corporate:

GLA:

Tenant Since:

Current Term Start:

Lease Expiration:

Rental Bump(s):

Options:

Other Termination Clause:

Warren, OH

5

314+

Covelli Enterprises, Inc.

6,100

2013

11/01/2018

10/31/2023

None

None

None

Tenant Lease Abstract

Tenant Recapture

Page 20: Dan Cooper dcooper@coopergrp · Dublin, Ohio, is a progressive, well-educated and innovative city surrounding the Scioto River ... Columbus is also home to Abercrombie & Fitch and

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www.riterug.com

Source: www.riterug.com

Current:*

Bump 2019:

Bump 2023:

Option 1:

Monthly

$17,500.00

$17,500.00

$19,000.00

$22,500.00

PSF

$17.50

$17.50

$19.00

$22.50

Common Area Maintenance:

Insurance:

Real Estate Taxes:

Roof & Structure:

Capital Expenses:

Admin. Fee

Mgmt. Fee:

Pro Rata Share

Pro Rata Share

Pro Rata Share

Pro Rata Share

Pro Rata Share

None

Pro Rata Share

Tenant Recapture

Annual

$210,000.00

$210,000.00

$228,000.00

$270,000.00

* Current rental rate reflected is based on Pro Forma calendar year 2019: January 1, 2019 through December 31, 2019.

RiteRug offer floors with quality, value and selection. Since 1934, the company has featured the latest colors, styles and floor types. RiteRug understands that it is an important investment in the look, feel and comfort for each customer’s home or business, which is why they provide both lasting beauty and years of satisfaction. The store boasts the best in customer service and satisfaction from the expert

and professional sales, service, cleaning and installation teams.

RiteRug is the largest seller of floor coverings in the Columbus area and the company employs more than 700 employees and had a revenue of $273 million in 2017. RiteRug currently operates 32 stores in 11 states, 12 of which are in Central Ohio. According to Floor Covering Weekly, the retailer is ranked the 5th Largest in the U.S.

(2017).

Tenant Base Rent Schedule

Headquarter:

# of Locations:

Corporate:

GLA:

Tenant Since:

Current Term Start:

Lease Expiration:

Rental Bump(s):

Options:

Other Termination Clause:

Whitehall, OH

32 in 11 States

Rite Rug Company

12,000

1989

01/01/2018

12/31/2027

Yes

(1) 5-Yr.

None

Tenant Lease Abstract

Page 21: Dan Cooper dcooper@coopergrp · Dublin, Ohio, is a progressive, well-educated and innovative city surrounding the Scioto River ... Columbus is also home to Abercrombie & Fitch and

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DISCLOSURE, CONFIDENTIALITY & DISCLAIMER

CONFIDENTIALITY AGREEMENT DISCLOSURE & DISCLAIMER The information within this Offering Memorandum will set forth an understanding regarding the relationship between the Recipient of this package (the “Recipient”) and The Cooper Group and the confidentiality of the investment information to be supplied to you and your organization for use in considering, evaluating and/or purchasing this property (the “Property”). The recipient acknowledges that all financial, contractual, marketing, and informational materials including but not limited to lease information, occupancy information, financial information, projections, data information and any other similar information provided by The Cooper Group which relates to the Property (collectively, the Confidential Information), whether said information was transmitted orally, in print, in writing or by electronic media is confidential in nature and is not to be copied or disseminated to any party without the prior consent of The Cooper Group. The Recipient acknowledges and agrees that the Confidential Information is of such a confidential nature that severe monetary damage could result from dissemination of that information to unauthorized individuals. The Recipient shall limit access to the Confidential Information to those individuals in the Recipient’s organization with a “need to know” and shall take all precautions reasonably necessary to protect the confidentiality of the Confidential Information. The Recipient acknowledges and agrees that the Confidential Information and any copies thereof are the property of The Cooper Group and that all such information will be returned to The Cooper Group upon written request. Any offers or inquiries from Recipient in connection with this investment proposal shall be forwarded, confidentiality, to The Cooper Group. Other than The Cooper Group, recipient agrees that neither Recipient nor The Cooper Group shall be obligated to pay any procuring broker fees in connection with this investment unless a separate written Brokerage Agreement is entered into and written acknowledgement of any procuring Brokerage Agreement is received from all parties to the investment transaction. Procuring brokers must provide written introductions of potential investors and receive written acknowledgment from The Cooper Group for representation to be recognized. This is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property.

The Memorandum contains selected information pertaining to the property and does not purport to be a representation of the state of affairs of the Property or the owner of the Property, to be all-inclusive or to contain all or part of the information which perspective Recipients may require to evaluate the purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of the owner or The Cooper Group. All references disclosed herein related to acreage, square footages and/or other measurements may be approximations and the best information available. The summaries of information included herein do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Photos herein are the Property and respective owners and use of these images without the express written consent of the owner is prohibited. The owner and the Cooper Group expressly reserve the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or terminate discussions with any entity and any time with or without notice which may arise as a result of review of this Memorandum. Neither the owner or the Cooper Group, nor any of their respective directors, officers, affiliates or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or its contents; and you are to rely solely on your investigators and inspections of the property in evaluating a possible purchase of the Property. The information contained in this document has been obtained from sources to be reliable. While the Cooper Group does not doubt its accuracy, the Cooper Group has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm the accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the Property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors.

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Cooper Commercial Investment Group 6120 Parkland Blvd., Suite 206 Cleveland, OH 44124 www.coopergrp.com

Dan Cooper [email protected] (888) 525-5695 x12

Bob Havasi [email protected] (888) 525-5695 x10