GetGo & Cafe + Market Ground Lease

Mentor, OH

GetGo & Cafe + Market Ground Lease

6800 Center St Mentor, OH 44060

Offering Summary

  • Status: closed
  • Price: $3,440,000
  • CAP Rate: 4.80%
  • GLA: ± 2,490 SF
  • Net Operating Income: $165,000
  • Year(s) Built: 2021
  • Lot Size (Acres): ± 1.59 Acres
  • Lease Type: Absolute NNN Ground Lease
  • 19 Years Left on New Construction GetGo Café & Market 20-Year Ground-Lease
  • Absolute NNN Lease – Zero Landlord Responsibilities
  • High-Image Modern Architecture; 8/2021 Construction Commencement, Q1 2022 Scheduled Completion
  • Highway Exit Location – Directly Adjacent to OH-2 Exit Ramps, OH-2 Sees 52,000 VPD
  • 5% Rent Increase in Years 11 and 16 of the Initial Lease Term; 10% Bump in First Option
  • Guaranty from “GIANT EAGLE, INC.”; Giant Eagle is One of the Largest Private Companies in the U.S. (Est. $9.2B in Annual Revenue – 218 Supermarkets and 485 Total Stores Including GetGo Locations)
  • Located on Center Street/Route 615 with 25,000 VPD; Just off Intersection of Route 615 & Tyler Blvd (35,000 VPD)
  • Excellent Accessibility – Direct “Right-In” Curb Cut from Center Street; Shares Signalized Entrance and Multiple Points of Ingress/Egress with Giant Eagle Allowing Easy Access from Any Direction
  • Unobstructed Visibility – Approx. 350 Feet of Frontage on Center Street to 25,000 Passing Vehicles Daily; Visible from Highway with Oversized 1.6-Acre Parcel
  • Outparcel to Newly Built Freestanding Giant Eagle Supermarket on 20-Year Lease Acting as a Long-Term Traffic Driving Shadow Anchor
  • Synergistic Operation – Giant Eagle Strongly Prefers to Have GetGo Stores Adjacent to their Supermarkets as their “Perks” Rewards Program Creates a Cross-Selling Opportunity
  • Prominent Convenience and Grocery Chain with Top Market Share in Northeast Ohio – 50+ GetGo’s in NE Ohio out of 267 Total GetGo’s in OH, PA, IN, WV & MD
  • Part of the Larger Newly Developed City Market Shopping Center with Giant Eagle, Wendy’s, Taco Bell, and More Retailers to Come
  • Dense Middle-Income Demographics: 53,640 Residents in Three Miles and 103,184 Residents within Five Miles, AHHI of $87-88K within 1-, 3- & 5-Mi Radii; Daytime Employment of 37,000 within 3-Mi
  • Cleveland MSA is Home to a Population of Over 2 Million; Part of the Larger Cleveland-Akron-Canton MSA with a Population of 3.5 Million
EXCLUSIVELY LISTED BY:

Scott Wiles

Senior Managing Director