J. Rayl Transport Headquarters

Akron | Ohio

J. Rayl Transport Headquarters

1016 Triplett Blvd, Akron, OH 44306

Offering Summary

  • Status: accepted offer
  • Price: $6,000,000
  • Cap Rate: 7.50%
  • GLA: 29,800 SF
  • Net Operating Income: $450,000
  • Price/SF: $11.51 (Lot Size)
  • Lot Size (Acres): 11.97
  • Lease Type: Absolute NNN
  • J. Rayl Transport 20-Year Absolute NNN Headquarters Facility Sale-Leaseback in Akron, Ohio
  • 17-Year Operating History at Site – Truck Terminal as Well as the Corporate Headquarters Facility for J. Rayl Since 2008
  • Tenant Invested Over $3 Million into Complete Gut Renovation of Approx. 20,000 SF RBA of HQ Office Buildings in 2020/2021
    • All Major Infrastructure & CapEx Items Replaced Including New Roof, Windows, HVAC, Parking Lot, Plumbing, Electrical, and Other Building Mechanical Systems
  • Over 70 Office Employees Work On-Site Daily as the Main Operational HQ for all of J. Rayl’s Terminals Located Outside of Ohio; Over 200 Truck Drivers Report to the Facility as Well
  • HQ Facility along with Satellite Facility in nearby Richfield, OH House Apprenticeship Program which has Trained Over 300 Employee-Drivers and 50 Owner-Operators Since Established in 2021; Approx. One-Third of Current Driver-Employees Have Been Hired thru the Apprenticeship Program
  • J. Rayl was Established Locally in Akron in 1987 and has Continuously Maintained Headquarters Operations in Akron Since; Largest Truckload Carrier in NE Ohio
    • Transportation & Logistics Company with 350 Employees, 350 Trucks, 1,600 Trailers, and 4 Operational Terminals
  • Offering Includes 12 Acres Across 4 Parcels with Three Buildings Totaling 29,800 SF RBA
    • Building 1 – 5,670 SF Heated & Cooled 1-Story Office Building Housing Accounting, IT & Driver Lounge; Has Full Basement
    • Building 2 – 13,980 SF 1-Story Industrial Space Retrofit to Office Housing Executive Offices, Operations, Safety, HR & Brokerage Employees, Conference & Driver Training Rooms; Attached to Building 1/Office
    • Building 3 – 10,150 SF Heated Mechanic Shop with Drive-in Doors & Several Drive-Thru Bays
  • Site has Capacity for Storage Over 200 Trailers and Over 100 Tractors; On-Site Diesel Fueling Station
  • 10% Rent Increases Every 5 Years Provides NOI Growth Over Term & Inflation Hedge
  • Absolute NNN Lease Structure – Zero Landlord Responsibilities
  • Corporate Guaranty Backed by Company with 38-Year Operating History, Substantial Assets, and Sizeable Annual Revenue
  • Long 20-Year Initial Lease Term & Six, Five-Year Options Thereafter with Continued Rent Increases
  • Strong IOS Investment Opportunity – Long Lease Term, Abs NNN, Dense Infill Location with Highway Proximity, Headquarters Facility, Corporate Guaranty, Strong Local Workforce, Substantial Site Improvements
  • Strategic Location within Immediate Proximity to J. Rayl’s Top 30+ Year Customers; Majority of Customers are Large, Public Companies
  • 1.3 Miles from I-277 / Route 224 Exit Ramps at Kelly Ave and 0.7-Mile from I-77 Exit Ramps at E Wilbeth Rd
  • Within a 5-Minute Drive from Three Major Interstates – I-77, I-76, and I-277
  • Akron is the “Rubber Capital of the World” – Well Established Global Research & Manufacturing Leader in Polymers & Advanced Materials
  • Akron MSA – Home to a Population of 700,000; Part of the Larger Cleveland-Akron-Canton CSA with a Population of Over 3.7 Million
EXCLUSIVELY LISTED BY:

Craig Fuller

Senior Managing Director