Firestone

Firestone

5735 Darrow Road
Hudson (Akron MSA), OH

Price: $2,765,000
Cap: 5.15%
NOI: $142,396
Building Size: 10,020 SF
Lot Size: 1.36 AC

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 four, 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 highest credit 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 2018, Bridgestone (NYSE: BRDCY) had revenue in excess of $33.1 billion and ranked #365 on the Fortune 500 list.

NEWLY REMODELED BUILDING
• This Firestone will occupy a newly remodeled 10,020 square foot auto care building with 8 service bays.
• Work is expected to be complete by December 2019 and will include updated façade, painted exterior, new roof, new HVAC, landscaping, new signage, interior remodel, new fixtures and more.

PRIMARY RETAIL CORRIDOR
• The subject property is well-located on Darrow Road (State Rt. 91), which has 15,267 VPD and is the primary retail artery in Hudson.
• Surrounding national retailers include: CVS, NTB, Sherwin Williams, McDonald’s, Regal Cinema, Anytime Fitness, and more.
• Immediately South of the site are the headquarters of JoAnn Fabrics and Little Tikes and an office campus occupied by Akron Children’s Hospital.
• The 5-mile population is 73,446 and the average household income is $111,543.

AKRON MSA
• Hudson is an affluent suburb in the Akron MSA and the larger Cleveland – Akron - Canton Combined Statistical Area (15th Largest in U.S.).
• Akron is the fifth-largest city in the state of Ohio and is the county seat of Summit County.
• Fifty percent of America’s population lives within a 500-mile radius of Akron, and within a 150-mile radius there are approximately 10 million people.
• Akron has easy access to a network of superhighways and is a major trucking hub.
• Home to the University of Akron | 25,170+ Students Enrolled Each Year.

Don McMinn
OFFERING MEMORANDUM

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