This property is Off-Market

4834 Richmond Road
Warrensville Heights, OH 44128 ·

19,850 SF · Office For Sale

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Citizens Bank Office Building

Price N/A Cap Rate 8.75%
Building Size 19,850 SF Building Class A
Property Type Office Tenancy Multiple
Property Sub-type
Office Building
More...
  • Institutional/ Governmental
  • Office-Business Park
  • Street Retail
Lot Size 1.34 AC
Property Use Type Net Lease Investment with 10+ years left on lease
Listing ID: 17313515 Date Created: 08/31/2011 Last Updated: 03/24/2014

Description

The subject investment is a 100% occupied 19,850 square foot Class A Office Building. Citizens Bank (NASDAQ: CRBC) occupies 69.22% of the total GLA with a 10-year lease that commenced on 11/1/2008 and expires on 10/31/2018. Citizens Bank occupies 10,120 square feet of office space in addition to 3,620 square feet for a retail bank branch and drive-thru. Citizens Bank has a 9.73% rent increase in November, 2014.

Citizens Bank is a diversified financial services company serving communities in Michigan, Ohio, Wisconsin and Indiana with 220 offices and 249 ATMs. Citizens is the largest bank holding company headquartered in Michigan with roots dating back to 1871 and is the 55th largest bank holding company headquartered in the United States.

The subject property is located just 1-mile from the 630 Acre Chagrin Highlands Corporate Community. Located within Chagrin Highlands is the brand new $300M University Hospitals Ahuja Medical Center. In addition, Eaton Corporation, a Fortune 500 Company has started construction on a brand new $170M World Headquarters. The 580,000 square foot facility will be home to approximately 1,000 employees.

Chagrin Highlands also boats numerous hotels and retailers including a Hampton Inn, Cleveland Marriott East, Extended Stay, Bahama Breeze, Chipotle, Abuelo' s Mexican Restaurant, Red Robin, Bed Bath & Beyond, Olive Garden, DSW, Office Max, Panera Bread, and Value City Furniture to name a few. Chagrin Highlands is located directly on the heavily traveled I-271 corridor in the east suburbs of Cleveland, Ohio. Over 150,000 vehicles travel on this exchange every day.

Highlights

  • Citizens Bank occupies 69.22% of the total GLA; 10,120 SF of Office Space and 3,620 SF Bank Branch
  • 100% Occupied / 2008 Construction / Citizens Bank has 9.73% rent increase in 2014
  • 1-Mile from New $300M University Hospitals Ahuja Medical Center and Brand New $170M Eaton Corporation World Headquarters
  • Adjacent to New 40,000 Sq. Ft. South University College (500+ Students - Currently Under Construction)
  • Easy Access to Interstate 271 (150,000 daily traffic count) and Interstate 480
  • Home to Over 15,000 Residents and Other Various Businesses

Research

4834 Richmond Road, Warrensville Heights, OH 44128 (Cuyahoga County)

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