Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer for sale the fee-simple interest in a multi-tenant retail strip center in Elyria, Ohio (the “Property” or “Asset”). The Asset consists of 8,240 SF is 100% occupied by Chipotle, Verizon, Vanity Nails, and a Huntington Bank ATM (the “Tenants”). The Tenants have shown long-term commitment to the site, with Verizon operating in this location since 2001 and Chipotle since 2008. All four tenants have executed their initial lease extension option, respectively. The site is in a highly trafficked retail corridor that sits in-between two major interstates (Ohio Turnpike and I-90), driving over 70K vehicles to the area daily. The Midway Mall center across the street is being redeveloped into a healthcare and light industrial park (Cleveland Clinic 50K SF office pre-leased, 900K SF total), spurring job growth and traffic to the area. This Asset presents investors the opportunity to capture a value-add yield profile via investment-grade tenancy, which is very uncommon occurrence in the net lease marketplace.
Bill Poffenberger - License #: OH - 352247
- Nearly 85% of the NOI from the site comes from Chipotle, Verizon, and Huntington Bank, which are large national retailers with corporate guaranties.
- Verizon has operated in this location since 2001 and Chipotle since 2008. All four tenants have executed a lease extension option.
STRATEGIC REAL ESTATE POSITIONING
- The Property sits in a heavily trafficked retail corridor with nearly three million square feet of retail inventory within a one-mile radius.
- The site sits between two major interstates, the Ohio Turnpike and I-90, driving over 70,000 vehicles past the Property daily.
- The Midway Mall has been rezoned to be developed into a 900,000 SF health wellness and industrial innovation park, with 50,000 SF pre-leased to the Cleveland Clinic medical center.
ATTRACTIVE YIELD PROFILE
- This value-add retail opportunity provides investors a high-yielding and defensive investment strategy in a rising interest rate and inflationary environment.