Property Picture

Price: $1,295,000
Property Type: Retail
Status: Sold
Address: 2700 Woodville Road
                  Northwood, OH  43619
CAP Rate: 4%
Square Feet: 5,590
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 McDonald’s Ground Lease location in Northwood, Ohio, a suburb approximately 5.5 miles south of Toledo. The property recently extended the ground lease for 20 years through 2035 picking up all four option periods from the original term (18 years of lease term remaining) with multiple rental increases throughout the term and adding four additional option periods. The McDonald’s also has plans for a future remodel along with adding a second drive-thru lane. Being on a Ground Lease, the new owner will have no management responsibilities as the tenant is responsible for all expenses directly. The property is being offered for $1,295,000, representing a 4.00% CAP Rate, providing an investor with the opportunity to acquire an exceptionally stable tenant in an economically strong market.

The 5,590 S.F. building accommodates McDonald’s (NYSE: MCD/S&P “BBB+”/Moody’s “B2”) who has been in this location since it was built (27 years) and hand-picked this site for their desire to be located directly in front of Great Eastern Shopping Center, a 336,112 square foot property that is home to several high-profile, national retailers, including: Super Dollar Tree, Dollar General, Sally Beauty Supply, Curves and H & R Block. Meijer, Applebee’s, Menard’s, Advance Auto Parts, Arby’s and Taco Bell are all also located in the direct vicinity. The popular tenants provide a steady flow of activity at the area. The property is also surrounded by a heavy population and employment density. ProMedica Bay Park Hospital is located 0.5 miles from the property and is a 72 private bed hospital with a professional office building with doctor’s offices and outpatient rehabilitation. Additionally, the Toledo Refining Company/PBF Energy and the Sunoco Pipeline are located 1.4 miles from the property and offer 600+ employees between both plants that work hand-in-hand on a 282-acre site to the area creating a constant flow of activity at the center. Furthermore, the area attracts suburban residents, along with students that attend the adjacent Owens Community College (8,500 students) and the University of Toledo (23,085 students). The population within 5-miles is over 108,500 people. The property was developed with high visibility and prominent signage along Woodville Road, one of the most heavily traveled roadways in Northwood with direct access to I-280 and Route 2. The property sits just west of I-280, which is a 12.41-mile-long highway that connects I-75 in northeast Toledo with I-80/I-90 southeast of the city in northeastern Wood County. Several rail lines intersect in Northwood, providing easy access to local, state, national and international markets. The City of Northwood is only minutes away from an international seaport, an inland port, an air cargo hub and international airport.