offering memorandum tiffin mall

TIFFIN MALLoffering memorandum

870 W Market St | Tiffin, Ohio

Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that helps clients accelerate their success.

MIKE HOWARDAssociate+1 419 290 [email protected]

COLLIERS INTERNATIONAL200 Public Square, Suite 1200

Cleveland, Ohio 44114www.colliers.com/cleveland

TABLE OF CONTENTS

offering memorandum

executive summary.......................................................................................................................XX

location overview...........................................................................................................................XX

rent roll...........................................................................................................................................XX

operating analysis..........................................................................................................................XX

additional photos...........................................................................................................................XX

site plan..........................................................................................................................................XX

proposed redevelopment site plan................................................................................................XX

retailer map....................................................................................................................................XX

location maps (full page)...............................................................................................................XX

regional map (full page)................................................................................................................XX

demographics map........................................................................................................................XX

EXECUTIVE SUMMARY

TIFFIN MALL870 w market st | tiffin, oh

List Price: $3,700,000

Land Acreage: 29.0 Acres

Year Built: 1980

Building Size: 195,868

Price/SF: $18.89

Renovated: 2004

offering summary

property highlights• The Property is anchored by Cinemark, who has occupied the space since 2009• Seller recently signed a 10-year lease with Planet Fitness and is developing outlots attractcing lease

activity• Redevelopment: In addition to this project, seller built a brand new Jimmy Johns & AT&T outlot, Panda

Express broke ground on a standalone in 2018• Below market rents and low price per square foot• 116,967 SF vacant space provides redevelopment oppotunities for investors• Surrounded by national retail tenants including Walmart, Lowe’s, Kroger, McDonalds, Taco Bell and more• Average household income is more than $54,645 within a 5-mile radius• 5-mile radius population exceeds 25,130• West Market Street exceeds 20,000 vehicles per day• Tiffin is the county seat of Seneca County and home to Heidelberg University and Tiffin University• Mercy Hospital was build and opened in July 2008 featuring state of the art equipment & facilities. The

hospital employs more than 400 people and keeps 177 physicians on staff



LOCATION OVERVIEW


Tiffin Ohio - The City of Tiffin, Ohio, is proud of its heritage and what makes Tiffin one of the best communities in which to live, work, play, and stay. Tiffin is a city in and the county seat of Seneca County, Ohio, United States. The population was 18,000 at the 2010 census. The National Arbor DayFoundation has designated Tiffin as a Tree City USA. It is the Home of Heidelberg University and Tiffin University. At one time it was noted as a glass and porcelain-manufacturing center.

The history of Tiffin dates back to 1812. The familiar bronze statue of “The Indian Maiden” on FrostParkway, near Miami Street, marks the site of Fort Ball, which was a military depot of the war of 1812. Fighting an engagement of that war, Eratus Bowe first sighted the location upon which Tiffin now stands. In 1817, he returned to the site and built his Pan Yan Tavern, which later became a stagecoach stop, on the north Sandusky River.

Tiffin was incorporated by an act of the Ohio Legislature on March 7, 1835. These two communities, splitby the Sandusky River, were rivals; however, in 1850, seeing that later their interests lay together, the villages merged to form Tiffin, with Fort Ball becoming a part of Tiffin in March of that year. Tiffin has been the home of Ballreich’s Bros., a potato chip company, since 1920. While the company’s retail market is Northern Ohio, its products have acquired a reputation that extends far beyond its local retail market and are available for shipping anywhere via the company’s website.

Tiffin St. Paul’s United Methodist Church was the first church in the world to be lit by Edison’s light bulb, and the first public building in the United States to be wired for electricity. Tiffin is home to a large population of German-Americans and a smaller but significant population of Italian-Americans. In 1970 Tiffin’s highest population was 21,896. Tiffin is the home of the historic Ritz Theatre, built in 1928 as a vaudeville house with an Italian Renaissance design. The Ritz Theatre underwent extensive renovation and restoration in 1998. A new Mercy Hospital of Tiffin was built and opened in July 2008.




RENT ROLL




1 cinemar2 William Garrett Cinemark, Inc 35,500 18,958.33 18,958.33 0 09/01/16

105 danceu Cynthia Dance Unltd, LLC 5,135 500.00 500.00 0 09/01/16

120 newchina Zhaofu Zhu New China-Kiku 0 2.200.00 2.000.00 2,500 11/01/17

135 asianfri Tyler Asian Grill Buffet 5,900 5,322.25 5,322.25 0 09/01/16

15-27 familych Phillip Moerdyk Family of Faith 9,288 1,350.00 1,500.00 0 09/01/16

69 luckys Joseph Jaffee Luckys Tiffin, LLC 0 0.00 0.00 2,000 08/19/19

75 seneca Dale Depew Seneca Cleaners 0 0.00 850.00 800 08/01/08

93 xcaret Liset Torres Scaret 2 Inc 5,569 5,761.20 5,761.20 0 09/01/16

BINS wholeom Ronnie Katz OM Wholesale 0 300.00 300.00 0 09/01/16

SHEDS sheds Coppus Company, LLC Amish 0 0.00 0.00 0 08/01/18

Total occupied SF: 58,392

Unit Tenant Code Tenant Name Unit SFMarket Rent

AccurateRent Deposit Move In


OPERATING ANALYSIS





ADDITIONAL PHOTOS





SITE PLAN





AVAILABLE

AnchorC L E V E L A N D

PROPOSED SITETHE NEW TIFFIN MALL | 870 West Market Street | TIFFIN, OH 44883

EXISTING SITE PLAN

N

The information submitted herein is not guaranteed. Although obtained from reliable resources, it is subject to errors, omissions, prior sale and withdrawal from the market without notice. Broker has made no investigation and makes no representation of the property.24500 CHAGRIN BLVD, SUITE 100, BEACHWOOD, OH 44122 | 216-342-2523 | WWW.ANCHORCLEVELAND.COM

AVAILABLE



EXISTING SITE PLAN

N


AVAILABLE



EXISTING SITE PLAN

N


proposed redevelopment

SITE PLAN





870 West Market Street | Tiffin, OH 44883

PROPOSED REDEVELOPMENT S I TE PLAN

TIFFIN MALL RETAIL PROPERTY FOR SALE

10

30500 NORTHWESTERN HIGHWAY SUITE 400 | FARMINGTON HILLS, MI 48334 | ENCOREINVESTMENTREALESTATE.COM

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SITE AERIAL





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MARKET AERIAL





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MERCY TIFFIN

HOSPITAL

TIFFIN UNIVERSITYNATURE PRESERVE

TIFFINHIGH

SCHOOL

SENECACOUNTYAIRPORT

DEMOGRAPHICS

TIFFIN MALL870 w market st | tiffin, ohSUMMARY PROFILE2000-2010 Census, 2019 Estimates with 2024 ProjectionsCalculated using Weighted Block Centroid from Block Groups

Lat/Lon: 41.1116/-83.2061

780 W Market St1 mi radius 3 mi radius 5 mi radius 10 min

drivetimeTiffin, OH 44883

POPU

LATI

ON

2019 Estimated Population 3,585 20,927 24,708 22,137

2024 Projected Population 3,503 20,628 24,361 21,823

2010 Census Population 3,686 21,550 25,430 22,780

2000 Census Population 3,895 21,797 25,653 23,057

Projected Annual Growth 2019 to 2024 -0.5% -0.3% -0.3% -0.3%

Historical Annual Growth 2000 to 2019 -0.4% -0.2% -0.2% -0.2%

2019 Median Age 42.4 38.6 39.4 39.0

HO

USE

HO

LDS

2019 Estimated Households 1,647 8,806 10,314 9,319

2024 Projected Households 1,626 8,770 10,275 9,281

2010 Census Households 1,581 8,484 9,932 8,971

2000 Census Households 1,686 8,752 10,148 9,218

Projected Annual Growth 2019 to 2024 -0.3% - - -

Historical Annual Growth 2000 to 2019 -0.1% - - -

RA

CE

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2019 Estimated White 92.5% 93.1% 93.3% 93.3%

2019 Estimated Black or African American 2.9% 2.6% 2.5% 2.5%

2019 Estimated Asian or Pacific Islander 2.0% 1.6% 1.5% 1.6%

2019 Estimated American Indian or Native Alaskan 0.2% 0.2% 0.2% 0.2%

2019 Estimated Other Races 2.5% 2.5% 2.5% 2.5%

2019 Estimated Hispanic 3.0% 3.2% 3.2% 3.2%

INC

OM

E 2019 Estimated Average Household Income $49,571 $61,222 $65,579 $62,348

2019 Estimated Median Household Income $47,580 $50,222 $52,504 $50,968

2019 Estimated Per Capita Income $22,995 $26,227 $27,938 $26,713

EDU

CA

TIO

N(A

GE

25+)

2019 Estimated Elementary (Grade Level 0 to 8) 2.1% 2.5% 2.6% 2.5%

2019 Estimated Some High School (Grade Level 9 to 11) 6.7% 5.8% 5.7% 5.8%

2019 Estimated High School Graduate 43.3% 41.6% 41.7% 41.5%

2019 Estimated Some College 21.6% 20.7% 20.6% 20.6%

2019 Estimated Associates Degree Only 8.3% 10.0% 10.2% 10.2%

2019 Estimated Bachelors Degree Only 11.5% 11.4% 11.5% 11.5%

2019 Estimated Graduate Degree 6.5% 8.1% 7.8% 8.0%

BU

SIN

ESS 2019 Estimated Total Businesses 387 1,037 1,159 1,092

2019 Estimated Total Employees 4,611 12,466 14,383 13,404

2019 Estimated Employee Population per Business 11.9 12.0 12.4 12.3

2019 Estimated Residential Population per Business 9.3 20.2 21.3 20.3

©2019, Sites USA, Chandler, Arizona, 480-491-1112 page 1 of 1 Demographic Source: Applied Geographic Solutions 4/2019, TIGER Geography

TIFFIN MALLoffering memorandum

870 W Market St | Tiffin, Ohio




This Offering Memorandum contains select information pertaining to the business and affairs of the Harford County Properties located at 201 Gateway Drive, Bel Air, Maryland 21014; 2111 Emmorton Park Road, Edge-wood, Maryland 21040; 2113 Columbia Park Drive, Edgewood, Maryland 21040; and 1362 Brass Mill Road, Belcamp, Maryland 21017. It has been prepared by Colliers International in Baltimore. This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Properties. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Colliers International. The material is based in part upon information supplied by the Seller and in part upon financial information obtained by Colliers International from sources it deems reliable. Owner, nor their officers, employees, or agents makes any representation or war-ranty, express or implied, as to the accuracy or completeness or this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence.By acknowledging your receipt of this Offering Memorandum from Colliers International, you agree:1) The Offering Memorandum and its contents are confidential;2) You will hold it and treat it in the strictest of confidence; and3) You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Seller.Owner and Colliers International expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Properties and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Properties unless and until a written agreement for the purchase and sale of the Properties has been fully executed and delivered.If you wish not to pursue negotiations leading to the acquisition of the Harford County Properties or in the future you discontinue such negotiations, then you agree to purge all materials relating to the Properties including this Offering Memorandum. A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Properties, or information provided herein or in connection with the sale of the Properties shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Colliers Inter-national or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Properties. This Offering Memorandum shall not be deemed to represent the state of affairs of the Properties or constitute an indication that there has been no change in the state of affairs of the Properties since the date this Offering Memorandum.

CONFIDENTIALITY & DISCLAIMER STATEMENT

offering memorandum tiffin mall

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