This property is Off-Market

24700 Highpoint Road
Beachwood, OH 44122 ·

20,892 SF · Office For Sale

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IonBond

Price N/A Occupancy 100%
Building Size 20,892 SF No. Stories 1
Property Type Office Tenancy Single
Property Sub-type Office Building Year Built 1974
Property Use Type Net Lease Investment with 10+ years left on lease Lot Size 1.99 AC
Cap Rate 8%
Listing ID: 15797652 Date Created: 07/11/2008 Last Updated: 09/15/2009

Description

Offering for sale an approximate 20,892 square foot office building leased to IonBond, Inc. The property is located in the Cleveland metropolitan area and has approximately 11 years remaining on the triple-net lease. The property offers an investor annually increasing cash flow with no Landlord responsibilities. Optional non-recourse, assumable financing is in place.

The subject property contains an approximate 20,892 square foot industrial building on approximately 1.99 acres of land. The building contains approximately 2,700 square feet of office space, with the balance of the building being light industrial. The property is used by IonBond as a coating center, where the company applies ionic coatings to pre-manufactured tools. The building has been operated in a similar capacity since its construction in the early 1970s. The surrounding buildings were developed in the 1970s through 1990s and primarily house office and light industrial uses. The property is located in a large commerce park with nearby access to Interstate 271 and Interstate 480. Downtown Cleveland is easily accessed by heading westbound on Chagrin Boulevard, and the Hopkins International Airport is a short 30-minute drive on I-480 west.

Highlights

  • Strong NOI Growth. Annual rent increases the lesser of 2% or CPI offer strong NOI growth throughout remaining lease term and any executed extensions.
  • Low Maintenance Ownership. Lease is triple net with no landlord responsibilities.
  • Tenant is responsible for all repair and maintenance in addition to payment of taxes and insurance.
  • Secure Cash Flow. Lease guaranteed by IonBond AG Olten, Parent Company of IonBond, Inc.
  • Based in Switzerland, Ionbond AG Olten has 50 coating centers around the world, with systems in use in over 30 countries.
  • Long-Term Lease. 11 years remaining on original lease term and two 5-year extension options.

Research

24700 Highpoint Road, Beachwood, OH 44122 (Cuyahoga County)

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