x
By submitting, you're allowing YAFC Team to email you regarding available listings. You can unsubscribe anytime.

x

FEE SIMPLE PANERA BREAD & OUTBACK STEAKHOUSE GROUND LEASE, Strongsville, OH

FEE SIMPLE PANERA BREAD & OUTBACK STEAKHOUSE GROUND LEASE

Price $6,548,000
Cap Rate 5.00%
NOI $327,400
Lease Term Various
Lease Type Various
Rental Increases Various
Year Built 2020
Building Size 11,300 SF
Lot Size 3.7094 Acres (161,582 SF)
Status Available
Lead Broker Information Ryan Forsyth
Cushman & Wakefield
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Michael T. Yuras, CCIM
Cushman & Wakefield
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Vincent Aicale
Cushman & Wakefield
415.690.5522
vince.aicale@cushwake.com
CA RE License #0172869

Scott Crowle
Senior Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Investment Highlights

NEW TWO-TENANT RETAIL ASSET WITH GREAT REAL ESTATE FUNDAMENTALS
» 10% rental increases for both tenants every five years in initial term and option periods, providing a hedge against inflation
» Tenants are responsible for paying taxes, insurance, and all maintenance
» Multi-tenant retail asset allows for investment diversification of complimentary mix of “Amazon-proof” retailers
» Free-standing Panera Bread (with drive-thru) to largest franchisee (56 Unit Entity) and free-standing corporate Outback Steakhouse ground lease
» New 2020 construction built to each tenant’s latest prototype

EASILY ACCESSIBLE LOCATION IN GROWING AND AFFLUENT AREA
» Located on Royalton Road (41,680 AADT), a primary Strongsville retail corridor
» Central location in Royalton Collection (75,000 SF of new retail and 125,000 SF existing office)
» 138,216 residents within a five-mile radius
» $101,217 average household income within three miles of the property with a projected 12 percent increase in the next five years
» Convenient access to U.S. Highway 42, Interstate 71, Interstate 80, and State Route 82 (combined 165,168 AADT), increasing traffic to the site

LOCATED NEAR MULTIPLE TOURIST ATTRACTIONS, RETAILERS, AND COMMUNITY HUBS
» Royalton Collection features several national retailers such as HomeGoods, Red Wing Shoes, and Tropical Smoothie (Delivering March 2020)
» Across the street from SouthPark Mall (183 stores, 1.6 million SF of retail space)
» Neighbored by The Plaza at SouthPark and The Greens of Strongsville (combined 44 stores, 640,000 SF of retail space), increasing visibility to the site
» Gateway to Downtown Cleveland and Lake Erie ($15.1 billion annual Lake Erie tourism-related spending in Ohio)
» Surrounded by major national retailers such as Costco, Target, Chick-fil-A, Petco,Bed Bath & Beyond, Starbucks, and many more



Property Description

The property has an easily accessible location on Royalton Road, one of Strongsville’s main thoroughfares, which experiences a high traffic count of 41,680 vehicles per day. The site also resides in a growing and affluent area, with 138,216 residents living within a five-mile radius of the site. The average household income within three miles of the property is $101,217, with a projected 12 percent increase in the next five years. Visibility to the site is greatly increased by its proximity near several highly trafficked thoroughfares, including U.S. Highway 42, Interstate 71, Interstate 80, and State Route 82, with a combined 165,168 AADT.

The property is located in a dense and growing retail corridor. Traffic to the site is increased by its location in Royalton Collection, a brand new 75,000 SF office-retail development, which features a strong mix of well established local and national retailers, including HomeGoods, Red Wing Shoes, Tropical Smoothie, and more (currently under construction). Visibility is increased by the property’s convenient access to SouthPark Mall, The Greens of Strongsville, and The Plaza at SouthPark (combined 227 stores, 2.2 million SF of retail space). The site is surrounded by major national retailers such as Costco, Target, Chick-fil-A, Petco, Bed Bath & Beyond, Starbucks, and many more. The property is near several large Strongsville schools, including Strongsville High School, Strongsville Middle School, and Strongsville City Schools (combined 4,152 students). The location also serves as a gateway to Downtown Cleveland and Lake Erie ($15.1 billion annual Lake Erie tourism-related spending in Ohio), increasing visibility to the site.

Contact Us About This Property

JOIN OUR
EMAIL LIST
SUBSCRIBE
Receive Our Latest Single and Multi-Tenant Listings
close-link