Property Picture

Price: $3,910,000
Property Type: Retail
Status: Sold
Address: Northern Ohio
                  Northern, OH  
CAP Rate: 6%
Square Feet: 5,500
Tenancy Type: National
Lease Type: NNN

Short Description:
The Cooper Commercial Investment Group has been exclusively retained by ownership to sell the 100% fee simple interest in the a Starbucks (NASDAQ: SBUX / S&P “A-”) anchored center, who now has close to 24,000 locations. The brand-new 5,500 S.F. center is located in Ohio and the high-quality, trophy asset is being offered for a reduced price of $3,910,000, representing a 6.00% CAP Rate. The 100% occupied property has completed construction and tenants are now open for business. All tenants have new 10-year+ NNN leases, mid-term rental increases and NO early termination rights.

The center is located in a strong residential community with continual growth and average household incomes over $112,000 within a 1-mile radius. The surrounding communities contain dense, infill demographics with an upper-middle income population base. The asset was built with high-quality brick construction and is positioned to be one of the best locations on the booming corridor. The center’s pleasing and modern curb appeal with multiple points of ingress and egress on a signalized corner will attract customers as well as the convenience of the Starbuck’s drive-thru. The property also has excellent visibility due to its prominent monument signage and access to major roadways. With the strategic placement, solid construction, dominant quality tenants and proximity to employees, and residents; the asset is positioned as a high-quality investment for years to come.