Historical Retail Sale Listing - Abuelo's Mexican Food Embassy

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Abuelo's Mexican Food Embassy

26100 Harvard Road, Warrensville Heights, OH 44112

N/A

8,200 SF | Retail

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Retail Property - Off Market

Price:
N/A
Building Size:
8,200 SF
Property Type:
Retail
Property Sub-type:
Restaurant
Property Use Type:
Investment
Cap Rate:
7.50%
Year Built:
2006
Lot Size:
75,794 SF
Listing ID
14733723
Last Updated
over 1 year ago

Highlights

  • Initial cap rate of 7.50%
  • Located in the Cleveland Metropolitan Area directly off of Interstate 271
  • New 15 year NNN lease at close of escrow
  • Interstate 271 generates traffic counts of 59,300 cars per day
  • 10% rent increases every 5 years
  • Other tenants in the area include Cleveland Marriot, Hampton Inn, Extended Stay America, Red Robin, Marshalls, Holiday Inn, Chipotle, KFC and Bed Bath

Description

The subject property is located on 26100 Harvard Road in Warrensville Heights, Ohio just minutes from downtown Cleveland, Ohio. This Abuelo s Mexican Food Embassy is approximately 8,200 square feet and sits on approximately 75,794 square feet of land. The building was built in 2006 .

The investment is an absolute NNN deal and will have a new 15 year lease signed at the close of escrow The property has an initial cap rate of 7.50% and zero landlord responsibilities. The new lease includes 10% rent escalations every five years with five 5-year options.

The property has a guarantee from Food Concepts International, LP. They operate 29 restaurants in 13 states under the Abuelo's Mexican Food Embassy while posting very strong financials.

The subject property is located directly off Interstate 271 in Warrensville Heights, Ohio. The property is located near the intersection of Interstate Highways 271 and 175, also known as Harvard Road. The location is directly next to Chipotle, Marriot, and a Bed Bath and Beyond that is currently under construction. As a result of its prime location, the traffic count in the immediate surrounding area is over 59,000 cars per day.

Other tenants in the area include Hampton Inn, Extended Stay America, Red Robin, Holiday Inn, Red Lobster and KFC. The subject property is also located directly across from the Cuyahoga Community College.

Map of 26100 Harvard Road, Warrensville Heights, OH 44112 (Cuyahoga County)

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Created 8/3/2006