2129 S Main St, Bellefontaine, OH 43311


Dominant Grocery Anchor

  • High Point Village is anchored by Kroger, the dominant grocer in the Columbus MSA capturing 37.5% of the market with over 60 supermarket locations in the area. Cincinnati-based Kroger is the largest supermarket chain by revenue in the U.S., and ranks as the 2nd largest retailer and 20th largest company in the United States. Kroger operates nearly 2,800 grocery stores (4,000+ total retail stores) throughout the U.S., with annual revenues of $121.2 billion (2018). Kroger has been operating at High Point Village since 1988 – this is the only Kroger-anchored shopping center in a 15-mile radius.

Strong Anchor Sales Volume

  • Kroger’s sales are exceptionally strong at this location.  In 2018, their sales were $29.14 million or $556 PSF, resulting in a low rent-to-sales ratio of 1.19%.  Kroger recently extended their lease through January 2025, demonstrating the tenant’s strength and commitment to the Property. Kroger also had previously added a Kroger Fuel Station to the site at their cost, further demonstrating their commitment not only to this location, but the Bellefontaine market in general. This store also includes a Pharmacy, Liquor Store, and reserved parking for curbside pick-up of online orders. These recent additions are all evidenced by the 19% increase in sales the store has seen since 2014.

Immediate Value-Add Opportunity

  • At 90% leased with 4 vacant inline shop units totaling 14,600 SF (10% of Total GLA), High Point Village provides an investor with a unique and immediate value-add opportunity to add approximately $210,000 in gross income through lease-up of the vacant space. One of the vacant units (2,400 SF) is ideally positioned directly next to Kroger, with the other three (4,850 SF; 1,750 SF; 5,600 SF) being contiguous 2nd generation space just down from Kroger, providing an investor with great optionality on future leasing opportunities and units that are in very leasable condition.

Recent Leasing Momentum

  • In addition to the Kroger extension, High Point Village has experienced strong recent leasing velocity executing on extensions with Gordman’s, Dollar General, and China Grill Buffet, as well as the addition of Boost Mobile and MS Companies, since the beginning of 2018 – totaling 35,200 SF.

Prominent Location With Exceptional Visibility and Accessibility

  • High Point Village benefits from convenient ingress/egress with one signalized entrance off of S Main St (U.S. State Route 68) and two other access points. S Main St is one of the primary north-south thoroughfares serving Bellefontaine and the surrounding submarkets, with strong traffic counts of over 16,000 vehicles per day highlighting the main and main location the center sits at in the market, along with the benefit of being in close proximity to the Walmart Supercenter neighboring the site directly to the south.

Healthy Tenant Sales Performance

  • In addition to Kroger’s exceptionally strong sales volume and very low rent-to-sales ratio of 1.19%, the remaining tenants also have strong rent-to-sales ratios with every tenant that reports sales displaying a rent-to-sales ratio that is sub-10%. Rent-to-sales ratios are as followed for the respective tenants: Sally Beauty (4.5%), GNC (5.0%), Dunham’s (6.3%), Boost Mobile (8.3%), Maurices (8.4%), and Gordman’s (9.3%) – this reflects Gordman’s sales while they were still operating as a Goody’s location in 2018, as well as annualized sales for Boost Mobile who took occupancy 4/2018. This not only highlights the strong tenant performance across the board at High Point Village, but also the significant positive impact felt from having a dominant grocery anchor in Kroger doing robust sales volume.

Solid Demographic Profile

  • The Property draws its consumer base from the solid demographics of the Bellefontaine submarket, which features a relatively dense residential population of over 33,144 within a 10-mile radius with average household incomes of $66,200, providing a stable customer base for years to come.

Unencumbered Asset

  • Offered free and clear of any existing financing, a new investor can take advantage of historically low interest rates and ample availability in the capital markets to significantly enhance returns through aggressive capitalization structures.