Duluth Trading Co

North Canton | Ohio

Offering Summary

  • Status: active
  • Price: $3,821,000
  • Cap Rate: 8.00%
  • GLA: 14,557 SF
  • Net Operating Income: $305,697
  • Price/SF: $262
  • Year(s) Built: 2018
  • Lot Size (Acres): (Pending Lot Split)
  • Lease Type: Double Net
  • Major Tenants: Duluth Holdings, Inc., a Wisconsin corporation
  • Freestanding Duluth Trading Company Double-Net Lease with 9 Years Remaining in Belden Village – Canton, OH’s #1 Retail Trade Area
  • Available Individually or as a Portfolio with Adjacent STNL Freddy’s Steakburgers and Caribou Coffee + Farmers National Bank 2-Tenant Property – Contact Agent for Details
  • Located in the Heart of the Belden Village Trade Area with 7.2 Million SF of Retail Leased to 98% Occupancy
  • Upcoming 10% Rent Increase (+$30,570 Annually) in November 2028 Adds 83 bps to Cap Rate
  • 2018 Build-to-Suit; Tenant Made Substantial Investment in Constructing Own 14,557 SF Class “A” Building (with $1.8M TIA from Developer) Demonstrating Substantial Commitment to Site
  • Original 15-Year Lease with Three, 5-Year Options Remaining with 10% Rent Increases in Each
  • Corporate Lease with Publicly-Traded Duluth Holdings, Inc. Lessee Entity (Nasdaq: DLTH) with $126 Million Market Cap and $647M in FY2023 Revenue; In Business Since 1989
  • Duluth Operates 65 Brick & Mortar Stores (Incl. 3 Outlets) in Select Markets throughout the U.S. with FY2023 AUV of Approx. $3.4M
  • Duluth Stores Provide Company with Critical Brand-Awareness – 69% of Duluth Sales (In-Store & Online) are Derived from the Markets Where Duluth has Brick & Mortar Presence
  • One of Only Four Duluth Stores in Ohio – Hand- Selected Site with Strategic Highway Visibility, Regional Accessibility, Commercial Density & Demographic Profile Suiting Tenant’s Needs
  • Minimal Landlord Responsibilities: Roof/Structure/HVAC Replacement Costs Only, Tenant Fully Reimburses Landlord for Tax, Insurance, and CAM
  • Ideal Highway-Adjacent, Highly-Visible Store & Massive Pylon Sign Visible to 85,500 VPD on I-77; Draws Regional Traffic from the Canton & Akron MSAs
  • 25,000 VPD on Whipple Avenue NW; Just 0.2-Mile to I-77 Exit Ramps (I-77 Sees with 85,500 VPD)
  • Directly Adjacent to 2 Drive-Thru QSR Restaurants (Freddy’s Steakburgers & Caribou Coffee) Driving Cross-Traffic to Site
  • Strong Intrinsic Value in the Highway-Adjacent Dirt & Improvements
  • 0.4-Mile from Pacific Retail-owned Belden Village Mall with 5.4M Visits Annually and Amongst a Who’s Who of Major Big-Box & Junior Box
    Retailers
  • Dense Middle-Income Demographics: 52,285/3-Mi & 151,189/5-Mi Population Counts Residents in 5-Mi; AHHI of $70-79K in 1/3/5-Mi Radius Rings
  • Part of the Canton-Massillon MSA with a Population of 400,000; Part of the Larger Cleveland-Akron-Canton CSA which is Home to a Population of Over 3.5 Million
EXCLUSIVELY LISTED BY:

Erin Patton

Senior Managing Director