Bob Evans - Streetsboro, OH_Property for Sale
Bob Evans - Streetsboro, OH_Property for Sale
9361 State Route 14, Streetsboro, OH, 44241, US

Bob Evans - Streetsboro, OH

Asset Description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer the opportunity to acquire the fee-simple interest in a 6,633 square foot freestanding, single-tenant Bob Evans Restaurant located at 9361 State Route 14 in Streetsboro, Ohio (“Property” or “Asset”).


The Asset is 100% leased to Bob Evans Restaurants, LLC, a family style restaurant chain with national brand name recognition and nearly 500 locations across 18 states. Bob Evans is currently operating on a 20.0-year absolute NNN lease, with ±19.0 years remaining, 2.0% annual rent escalations beginning May 1st, 2027, and throughout the four, five-year renewal options.


The Property is strategically positioned in Streetsboro’s main retail corridor along State Route 14, with direct visibility to more than 34,000 vehicles per day, just west of State Route 43 (20,000 VPD) and less than one mile south of the Ohio Turnpike (41,000 VPD). The area features national tenancy such as Walmart, Home Depot, Planet Fitness, ALDI and Raising Canes, among others.


Notably, the Property sits adjacent to Streetsboro Crossing, a well-trafficked neighborhood center that generates more than 2.6 million visits annually. Streetsboro Crossing ranks in the Top 11% of most visited Neighborhood Centers in Ohio and the Top 10% in the nation (Placer.ai). The center is anchored by Target, Lowe’s and Giant Eagle Supermarket.

...

Attributes

Asking price
₹265,008,000
Cap rate
7%
NOI
₹18,554,000
WAULT
19 years
Building area net
616 m²
Occupancy
100%

Media

Investment Highlights

  • Absolute NNN lease with zero landlord responsibilities and ±19.0 years of lease term remaining
  • #4 most visited Bob Evans location in a 15-mile radius (Placer.ai)
  • 2.0% annual rent escalations beginning May 1st, 2027 and throughout the four, five-year renewal options
  • Corporate lease with Bob Evans Restaurants, LLC, a renowned restaurant brand with national recognition
  • Strategically positioned in downtown Streetsboro's primary retail corridor along State Route 14 with direct visibility to more than 54,000 VPD.
  • Adjacent to educational institutions with more than 2,200+ students


Bob Evans - Streetsboro, OH 4_Property for Sale
Bob Evans - Streetsboro, OH 4_Property for Sale

Contact brokers

Bob Evans - Streetsboro, OH (0 Properties)

Similar properties

View moreChevron Right
Do you have any questions? visit our FAQ page
View FAQ PageArrow Right
JLL can help you finance and manage your portfolio. Email us today to see how we can help achieve your ambitions.
Last updated
2 Jul 2024