GetGo Gas Station Ground Lease

North Ridgeville, Ohio

Offering Summary

  • Status: accepted offer
  • Price: $1,170,000
  • CAP Rate: 6.83%
  • Term: 2.7 Years
  • Net Operating Income: $79,876
  • Price/SF: $1,059.78
  • Year(s) Built: 2005
  • Lot Size (Acres): 0.90
  • Lease Type: Absolute NNN Ground Lease
  • GetGo Gas Station Ground Lease with 2.7 Years Remaining in the Cleveland MSA
  • Located in North Ridgeville (2nd Fastest Growing City in Cleveland MSA), 1.5 Miles from Avon (Fastest Growing City in Cleveland MSA, Ranked #1 Cleveland Suburb in 2016)
  • Corporate Operator – Giant Eagle is Dominant Grocer in NE Ohio and One of the Largest Privately Held Companies in the U.S. – 220 Supermarkets & 263 Gas Stations Throughout 6 States
  • Absolute NNN Lease Structure – No Landlord Responsibilities
  • Adjacent to Separately-Owned Giant Eagle Grocery Store Providing Steady Stream of Customers Who Participate in Giant Eagle’s “Fuelperks+” Loyalty Program
  • Tenant Since 2005 – Executed Approx. 7-Year Early Extension in 2007 Taking Current Lease Term Thru December 2022
  • Five Options Remaining with Rent Increases
  • Tenant Fully Indemnifies Landlord for Any and All Environmental & Hazardous Materials Issues – Tenant’s Covenants Survive the Expiration of the Lease
  • Convenience Store with 12-Pump Canopied Gas Station and 4 Points of Ingress/Egress Providing Excellent Accessibility
  • Infill, Affluent Population Base – 10,034 Residents within 1-Mi; $96K AHHI within 3-Mi
  • Located on Center Ridge Road (17,316 Cars/Day) – Road Widening Project to Accommodate Increasing Traffic is Near Completion
  • Located within the Primary Retail Corridor for the Immediate Trade Area with Nearby Retailers Including Giant Eagle, Aldi, Marc’s, Walgreens, CVS, Goodwill, Dollar Tree, Pet Valu, Advance Auto, O’Reilly, and Several Fast Food Restaurants
  • Cleveland-Elyria MSA Population of Over 2 Million; Part of the Larger Cleveland-Akron-Canton CSA with a Population of 3.6 Million

Scott Wiles

Senior Managing Director