Address: 1001 Cherry Valley Road, Newark, Ohio, United States 43055
Cap Rate: 6.75%
Lease Type: Triple-Net (NNN)
Annual Rent: $150,450
Net Operating Income: $150,450
Lease Term Remaining: 20 Years
Rental Increases: Two Percent Annually
Options: Six, Five Year Option Periods
Rentable Sq/Ft: 6,185 SF
Rent Sq/Ft: $24.32
Price Sq/Ft: $360
Lot Size: 1.57 Acres
Marcus & Millichap is pleased to present the exclusive listing for a Bob Evans Property. The property consists of approximately 6,185 square feet of building space and is situated on approximately 1.57 acres of land.
The property is subject to a 20-year triple net (NNN) lease with approximately 19 years remaining. The lease commenced on April 28, 2017. The current rent is $150,450 and there are two percent annual rental increases. The increases will continue through the six, five-year tenant renewal options. The tenant is a newly formed entity consisting of all Bob Evans Restaurants. Tenant has the right to terminate this lease at the five year anniversary of the effective date with 180 days notice to Landlord of exercise of termination.
Bob Evans Restaurants was started more than 60 years ago with a single restaurant in Rio Grande, Ohio. The concept has since grown to roughly 500 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 1001 Cherry Valley Road Southeast in Newark, Ohio. Newark is a city in and the county seat of Licking County, which is 33 miles east of Columbus, at the junction of the forks of the Licking River. It is the 20th largest city in Ohio
The subject property is well-positioned to benefit from its proximity to major national and local tenants. Nearby tenants include: Wendy’s, Arby’s, Speedway, Real Deals Home Décor, and The Equipment Guys among various others. CoCo Key Water Resort, a 50,000-square-foot aquatic family playground is located less than half a mile down the road from the subject property. The adjacent hotel, Cherry Valley Lodge, boats 200 spacious guestrooms and can accommodate up to 500 guests for meetings and events. Located four miles from the subject property is Denison University, a private, coeducational, and strictly residential four-year liberal arts college. The campus sits on approximately 1,100 acres, has 18 academic buildings, and over 2,200 students currently enrolled. The New York Times has ranked Denison University at No. 11 in the list of the nation’s top colleges and universities.
There are approximately 31,322 people within a three-mile radius of this property and more than 65,812 within a five-mile radius. The property is situated on Cherry Valley Road Southeast, which has average daily traffic counts of 13,633 vehicles. The Bob Evans is also located nearby US Route 16. US Route 16 experiences average daily traffic counts of more than 80,454 vehicles.
Roughly 33 miles from Columbus is Newark, Ohio. Newark is the site of several major manufacturers. The corporate headquarters of basket-maker Longaberger had their new building designed as a gigantic “medium market basket,” their most popular model. Holophane, founded in 1898, is one of the world’s oldest manufacturers of lighting-related products. The main factory of Owens Corning Fiberglass and State Farm Insurance’s Regional Headquarters is also located in Newark. Several industrial parks house such major companies as Kaiser Aluminum, Dow Chemical Company, General Electric, Covestro, Boeing, THK, Harry & David, Communicolor, Diebold, Boeing, Anomatic, International Paper and Tamarack Farms Dairy. The Park National Bank Corporation is headquartered in downtown Newark.
Broker of Record: Michael Glass – License # BRK.2007005898