Asking Price
Area Size
NOI Net Operating Income
Cap Rate

Documents

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Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Key facts

Year Built 1986
Building Area Net
Occupancy 100.0 %

Property description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer for sale the fee-simple interest in a multi-tenant retail strip center in Elyria, Ohio (the “Property” or “Asset”). The Asset consists of 8,240 SF is 100% occupied by Chipotle, Verizon, Vanity Nails, and a Huntington Bank ATM (the “Tenants”). The Tenants have shown long-term commitment to the site, with Verizon operating in this location since 2001 and Chipotle since 2008. All four tenants have executed their initial lease extension option, respectively. The site is in a highly trafficked retail corridor that sits in-between two major interstates (Ohio Turnpike and I-90), driving over 70K vehicles to the area daily. The Midway Mall center across the street is being redeveloped into a healthcare and light industrial park (Cleveland Clinic 50K SF office pre-leased, 900K SF total), spurring job growth and traffic to the area. This Asset presents investors the opportunity to capture a value-add yield profile via investment-grade tenancy, which is very uncommon occurrence in the net lease marketplace.


Bill Poffenberger - License #: OH - 352247

Investment highlights

BEST-IN-CLASS TENANCY

  • Nearly 85% of the NOI from the site comes from Chipotle, Verizon, and Huntington Bank, which are large national retailers with corporate guaranties.
  • Verizon has operated in this location since 2001 and Chipotle since 2008. All four tenants have executed a lease extension option.

STRATEGIC REAL ESTATE POSITIONING

  • The Property sits in a heavily trafficked retail corridor with nearly three million square feet of retail inventory within a one-mile radius.
  • The site sits between two major interstates, the Ohio Turnpike and I-90, driving over 70,000 vehicles past the Property daily.
  • The Midway Mall has been rezoned to be developed into a 900,000 SF health wellness and industrial innovation park, with 50,000 SF pre-leased to the Cleveland Clinic medical center.

ATTRACTIVE YIELD PROFILE

  • This value-add retail opportunity provides investors a high-yielding and defensive investment strategy in a rising interest rate and inflationary environment. 
Last Updated Date: 26 Apr 2022

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Last Updated Date: 26 Apr 2022

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The value of trust beneficiary rights fluctuates due to fluctuations in the price of real estate, and there is a risk of falling beyond the investment principal. Real estate prices are fluctuated by changes in the population of the area in which they are located and the number of newly supplied properties, fluctuations in interest rates and exchange rates, changes of tax system, loss/damage due to natural disasters such as earthquakes, deterioration over time, and the discovery of hidden defects such as soil pollution.

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