Retail

Tesla Showroom and Service Center - Lyndhurst, OH

5180 Mayfield Rd Lyndhurst, Ohio United States 44124
Asking Price
Area Size
NOI Net Operating Income
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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 1962
Building Area Net
Occupancy 100.0 %

Property description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to exclusively offer for sale the fee simple interest in a Tesla showroom and service center at 5180 Mayfield Road, Lyndhurst, Ohio 44124 (the “Property”) – an affluent suburb less than 10 miles east of downtown Cleveland. This 27,820 square foot site on 2.0 acres is the largest of just three Tesla showrooms in the state, the only Tesla location in Cleveland, and the only Tesla in Ohio that is a dual service center – offering both car sales as well as mission-critical repair services.


The subject Property is 100% net-leased to Tesla, Inc. (NASDAQ: TSLA; Market Cap: ±$900 billion) with more than 7.5 years of primary term remaining and three (3) 5-year renewal options, providing investors with a passive, long-term, growing income stream from the rapidly growing, electric vehicle market-leader.


BROKER OF RECORD: BILL POFFENBERGER (LIC #: OH - 352247)

Investment highlights

CORPORATE GUARANTY FROM MARKET-LEADING TENANCY

  • Tesla continues to experience strong growth as its production has ramped up and the global population shifts to electric vehicles. Currently, Tesla’s market capitalization of approximately $900 billion makes it by far the most valuable automaker in the world and the credit rating agencies are bullish: over the last two years, Tesla’s corporate credit rating has been upgraded by five notches, currently a favorable BB+ (S&P) and Ba1 (Moody’s) rating with a positive outlook as of January 2022.


STRATEGIC LOCATION WITH STRONG DEMOGRAPHICS IN THE CLEVELAND MSA

  • The Property is strategically located off major corridors within one of Cleveland MSA’s densest submarkets, with a population more than 210,000 in a 5-mile radius and average household income over $90,000. This is Tesla’s only store and service center in Northeast Ohio, and one of three total showrooms in the state.


LONG-TERM, OPTIMAL NET LEASE STRUCTURE

  • The Property is subject to an ideal double net lease with limited landlord responsibility. The lease features 7.5 years of remaining primary term coupled with 3 x 5-year renewal options. In January 2020, the primary lease term was extended by five years to January 2030 – representative of Tesla’s long-term commitment to the site as its Cleveland footprint.
Last Updated Date: 10 May 2022

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Jones Lang LaSalle (JLL), together with its subsidiaries and affiliates, is a leading global provider of real estate and investment management services. We take our responsibility to protect the personal information provided to us seriously.

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Last Updated Date: 10 May 2022

Do you have any questions?  Visit our FAQ page

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.

Please go to the below link for our commitment to compliance (Japanese only).

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