Tesla Showroom and Service Center - Lyndhurst, OH

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)

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.