Property Picture

Price: $1,116,000
Property Type: Retail
Status: Available
Address: 21913 Aurora Road
                  Bedford Heights, OH  44146
CAP Rate: 7.36%
Square Feet: 0
Tenancy Type: National
Lease Type: Absolute NNN

Short Description:
The Cooper Commercial Investment Group has been exclusively retained by ownership to sell the 100% fee simple interest in the Absolute Triple Net, single-tenant Herc’s Rental (NYSE: HRI/S&P “B+”/Moody’s “B1”) location in Bedford Heights, Ohio, a suburb approximately 15 miles outside of Downtown Cleveland. The property is and being offered for $1,116,000, representing a 7.36% CAP Rate, providing an investor with the opportunity acquire an exceptionally stable tenant in an economically strong, high-barrier to entry market.

Herc Rentals has been at this location since 1996 and has consistently exercised options to extend due to their success at the location and in the market. Herc’s, when ranked by revenue, is the world’s third largest equipment-rental firm, according to Rental Equipment Register. Herc’s reports having generated revenue of $1.7 billion and net income of $111 million in 2015. With more than 50 years of equipment rental expertise, approximately 4,600 employees and approximately 280 company owned branches around the world, including 270 in the United States and Canada, Herc Rentals serves a broad range of customer end user markets, including construction, industrial, government, infrastructure, remediation, emergency response, entertainment and events, facilities and maintenance. The company is now developing a large retail customer initiative for home owners and other individual needs. This location of the highly successful company has approximately 6 years of term remaining with annual increases on their Absolute Triple Net Lease. The tenant handles all expenses directly and is responsible for all items related to the facility. The property was developed with prominent signage along Aurora Road as well as high visibility from both I-271 (127k+ VPD) and I-480 (117k+VPD). The property receives tremendous advertisement with its visibility from both of these major highways. The facility’s location serves to be one of its greatest assets being positioned in a developed suburb but with direct access to a large population base of over 192,800 within a 5-mile radius and being positioned in the Cleveland MSA. Within the immediate vicinity of the property, the area presents many commercial businesses, along with the Jack Thistledown Racino, a thoroughbred race track and casino (1-mile), which draws many people to the area. Additionally, Herc’s is positioned next to Fish Furniture Outlet, the world headquarters for FEMC, a food equipment manufacturer, Tavens Packaging, and OCP Contractors. The commercial corridor also has many amenities for the commercial properties with additional support from retail and restaurants in close proximity to the property. With the offering’s long history of continuous success, along with its location between main highways in a commercial corridor, this property is positioned to be a quality asset for many years to come.

    Full Offering Memorandum