Address: 29750 Detroit Road, Westlake, Ohio, United States 44145
Cap Rate: 5.75%
Lease Type: Triple-Net (NNN)
Annual Rent: $152,500
Net Operating Income: $152,500
Lease Term Remaining: 20 Years
Rental Increases: 2 Percent Annually
Options: Six, Five-Year Options
Rentable Sq/Ft: 5,904 SF
Rent Sq/Ft: $25.83
Price Sq/Ft: $449
Lot Size: 1.95 Acres
Marcus & Millichap is pleased to present the exclusive listing for a Bob Evans Property. The property consists of approximately 5,904 square feet of building space and is situated on approximately 1.95 acres of land.
The property will be subject to a 20-year triple net (NNN) lease. The lease will commence on April 28, 2017. The base rent is $152,500 with two percent annual rental increases. The increases will continue through the six, five-year tenant renewal options. The tenant will be a newly formed entity consisting of all Bob Evans Restaurants.
Bob Evans Restaurants was started more than 60 years ago with a single restaurant in Rio Grande, Ohio. The concept has since grown to 524 family restaurants in approximately 18 different states. Their wide variety of menu options appeals to a wide demographic, whether its breakfast, lunch, or dinner Bob Evans has something for everyone. Bob Evans Restaurants generated over $900 million in sales during fiscal year 2016.
This Bob Evans property is located at 29750 Detroit Road in Westlake, Ohio. Westlake is close to the Cedar Point Amusement Park, Kalahari Resorts, Lake Erie, Downtown Cleveland, and ski resorts that attract visitors year-round. Westlake’s vibrant businesses, scenic parks and recreation areas, and highly rated school system make it a great environment for economic development. The Economic Development Department is responsible for managing various business incentive programs and coordinating business retention. Cuyahoga County and the State of Ohio also offer various benefits to further incentivize businesses to grow and develop in Westlake.
The subject property is well-positioned in a dense retail corridor, benefitting from its proximity to major national and local tenants. Nearby national tenants include: Bed Bath & Beyond, Nordstrom Rack, Barnes & Noble, Trader Joe’s, Dick’s Sporting Goods, OfficeMax, Giant Eagle, DSW, CVS, Speedway, Dockers, T-Mobile, UPS, Aldi, 7-Eleven, Starbucks, Five Guys, McDonald’s, Jimmy John’s, Wendy’s, Bonefish Grill, as well as many others. Hospitality accommodations in the area include Hampton Inn & Suites, Red Roof Inn, DoubleTree by Hilton, and other local establishments. Westlake High School is less than two miles from this Bob Evans property. The school boasts an annual enrollment of over 587 students. Additionally, UH St. John Medical Center, a 221 bed community hospital, is roughly two miles from this subject property.
There are approximately 53,866 people within a three-mile radius of this property and more than 138,939 within a five-mile radius. The property is located on Detroit Road, which has average daily traffic counts of 78,402. Also near this Bob Evans location is Interstate-90, which experiences average daily traffic counts of 17,540 vehicles. The average household income within a three mile radius of this Bob Evans location is $109,151.
Westlake is a city in Cuyahoga County, Ohio, United States. Westlake is home to the Lakewood Country Club – the only Northern Ohio Club to host televised PGA tour events. Major employers in the area include American Greetings, Energizer, as well as Equity Trust. Westlake is also roughly twelve miles North of Cleveland Hopkins International Airport and twelve miles West of Cleveland, Ohio. Many grants and incentive programs further Westlake’s economic development efforts, motivating business owners to grow and expand their enterprise. Around 1,385 building permits were issued to establish residential and commercial properties in 2016. Crocker Park, a lifestyle center and mixed-use development less than a mile from this Bob Evans location, has also undergone significant upgrades and renovations to expand its capacity and profitability. The center features restaurants, retailers, residential units, office space, and entertainment.
Broker of Record: Michael Glass – License # BRK.2007005898