The Learning Experience

Strongsville | Ohio

Offering Summary

  • Status: active
  • Price: $5,874,126
  • Cap Rate: 7.15%
  • GLA: 10,000 SF
  • Net Operating Income: $420,000
  • Year(s) Built: 2024
  • Lot Size (Acres): 4.5484
  • Lease Type: Triple Net (NNN)
  • The Learning Experience New Construction 21-Year NNN Lease in Strongsville, OH (Cleveland MSA)
  • 2025-Built; Rent Commencement of March 31, 2025
  • 10% Rent Increases Every 5 Years of Initial Term & Options Add 237 bps to CAP Rate by End of Initial Term; 9.5% CAP in 2040
  • Tenant Pays TAX/INS, also Pays Fixed CAM of $67,500 ($6.75/SF) in Yr-1 with 5% Annual Increases
    • CAM Not Subject to Reconciliation; Likely a Profit Center to Further Increase NOI/CAP
  • Oversized 4.55 Acre Parcel | +/- 1.9 Acres of Undeveloped Land Included as Upside to Lease/Sell/Develop
  • 0.3-Mile South of Progress Business Park (1.9 Million SF of Industrial Leased to 99.5% Occupancy; Major Employment Hub)
  • Carries Typical TLE Limited Corporate Guaranty with $850K Limit Over First 5 Lease Years, Decreasing by 20% Per Year
  • Dense & Affluent Demographics: AHHI of $98-108K in 1/3/5-Mi Radii; 49,028/3-Mi & 134,900/5-Mi Population Counts
  • Within Immediate Proximity to Numerous Kid & Family-Centric Destinations, Providing Additional Synergy & Convenience for Busy Parents
    • Directly Adjacent to and Across from Shopping Centers with Goldfish Swim School, Tutu School, and The Little Gym, and Musicologie (Coming Soon)
    • 0.1-Mile North of Sts. Joseph & John Catholic Elementary School and 0.3-Mile North of Strongsville Middle School
    • 0.4-Mile North of Entrance Drive to City of Strongsville Community Amenities Including Rec Center & Indoor Pools, New Outdoor Playground Complex, Adventure Playground, Sports Fields, Public Library, Safety Town, and More
    • 1.3 Miles Northeast of Muraski Elementary School (Strongsville Public Schools)
  • Class “A” Quality Prototypical 10,000 SF Building on 4.5484-Acre Lot with 5,000 SF Outdoor Playground, and 41 Parking Spaces, and 180 Full-Time Enrollment Capacity
  • Neighbored by Route 82 Retail Corridor (Regional Draw and Major Employment Hub with 2.8 Million SF of Retail Leased to 99% Occupancy – Notables Anchors include Costco & Target); and Located on Pearl Road Commercial Corridor (Walmart, Home Depot, Lowe’s, MetroHealth Family Health Center, Aldi, and More)
  • Family-Oriented Community Catering to Young/New Families – 74% of Households in 5-Mi Radius are Owner Occupied (Non-Renters), Average Family Size of 2.3 and Affordable Median Home Value of $220K
  • TLE Has 600+ Locations Open and Under Development throughout 22+ States; In Business Since 2001 with Double-Digit Growth the Past 15 Years
  • TLE is Owned by Golden Gate Capital (Red Lobster (sold), Bob Evans, Mavis Discount Tire) – $15 Billion Private Equity Firm Widely Considered to be One of the Best in the Business with 300+ Successful Acquisitions
  • Strongsville = Cleveland’s Largest West-Side Suburb with a Population of 45,000; Easy Highway Access, Millions of SF of Retail & Industrial Properties Employing Thousands, and Excellent Schools & Community Amenities
  • Cleveland MSA – Home to a Population of Over 2 Million and Part of the Larger Cleveland-Akron-Canton CSA with a Population of 3.5 Million
EXCLUSIVELY LISTED BY:

Scott Wiles

Senior Managing Director