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.