Firestone

Firestone

4300 Leavitt Rd.
Lorain (Cleveland MSA), OH

Price: $3,219,000
Cap: 5.15%
NOI: $165,766
Building Size: 5,798 SF
Lot Size: 1.31 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 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 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.

BRAND NEW BUILD-TO-SUIT
• Brand new 5,798 SF build-to-suit Firestone Complete Auto Care with 8 service bays.
• This store is currently under construction and scheduled for delivery in October 2019.

WALMART & HOME DEPOT OUTPARCEL
• Subject property sits as an outparcel to a 450,000 SF shopping center anchored by Home Depot, Walmart and Kohl's. Additional tenants include Starbucks, AT&T, Applebee's and more.
• The outparcel faces Leavitt Rd. (Route 58), which is a busy retail thoroughfare seeing 23,709 VPD connecting Lorain to Lake Erie and Interstate 90.
• There is 2.4M SF of national retail located within a 2-mile radius of subject property.

CLEVELAND MSA
• Lorain is an attractive Cleveland suburb located 30 miles west of the city and is part of the Cleveland MSA.
• Cleveland has a population of 396,698, making it the 2nd largest city in Ohio and the 51st largest city in the U.S.
• Cleveland is also the county seat of Cuyahoga County.

LAKE ERIE
• This Firestone is located 2 miles from the shores of Lake Erie, which is the 4th largest lake of the five Great Lakes and 11th largest globally.
• Lake Erie attracts over 11 million tourists annually and is surrounded by affluent neighborhoods, as well as a large number of local and national retail.

Don McMinn
OFFERING MEMORANDUM

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