Firestone

Firestone

TBD Memorial Drive
Lancaster , OH

Price: $3,626,000
Cap: 5.00%
NOI: $181,300
Building Size: 6,116
Lot Size: 1.11 Acres

Investment Highlights

NEW 15-YEAR CORPORATE NNN LEASE WITH INCREASES
• The subject property has a new 15-year lease guaranteed by Bridgestone Retail Operations, LLC (Corporate).
• The lease is absolute NNN and the tenant is responsible for all taxes, insurance, CAM, roof and structure.
• There are attractive 5% rental increases every 5 years during the initial lease and each of the five, 5-year option periods.

“A” RATED INVESTMENT GRADE TENANT
• The lease is guaranteed by Bridgestone, parent company of Firestone, which is the world’s largest manufacturer of tire and rubber products.
• Bridgestone/Firestone has an investment grade credit rating of “A” by S&P, giving it the highestcredit rating in the auto-service sector.
• Founded in 1900, Firestone is a wholly-owned subsidiary of the Bridgestone Retail Operations, LLC, which has four retail brands and over 2,200 locations nationwide.
• In 2019, Bridgestone (NYSE: BRDCY) had revenue in excess of $32 billion.

BRAND NEW BUILD TO SUIT
• Brand new Build to Suit Firestone located in Lancaster, OH.
• This store is 6,116 SF, with 8 service bays, currently under construction and scheduled for delivery July 2020.

COLUMBUS MSA
• The subject property is located Lancaster (Fairfield County) approximately 28 miles Southeast of Columbus and is part of the Columbus, OH MSA.
• Columbus is the state capital and largest city in Ohio and has a population of 892,533.
• Home to The Ohio State University with enrollment of over 68,000 students.
• Columbus is home to 5 Fortune 500 companies (American Electric Power, Cardinal Health, L Brands, Nationwide, and Big Lots).

PRIMARY RETAIL CORRIDOR LOCATION
• The subject property is well-located on N Memorial Drive (27,414 VPD) and is the primary retail artery in Lancaster.
• Surrounding national retailers include: Walmart, Target, Kroger, Lowe’s, Menards, Hobby Lobby, Giant, and adjacent to the River Valley Mall.
• Additional nearby traffic generators include the Fairfield Medical Center and the Fairfield County Airport.

Don McMinn
OFFERING MEMORANDUM

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