36200 Detroit Rd
Avon, OH 44011
Brand New 20 Yr Chase Bank: S&P A+,Forbes #18 · Retail Property For Sale

The Cooper Commercial Investment Group has been exclusively retained by ownership to sell the 100% fee simple interest in the brand-new, Absolute NNN, single-tenant ground lease to Chase Bank (NYSE: JPM) location in the desirable and upscale community of Avon, a west side suburb of Cleveland (13 miles), Ohio. The property is being offered for $1,890,000, representing a 4.50% CAP Rate, and is in the final phases of construction by Chase Bank, who hand-picked this particular location for its robust expansion in Northeast Ohio. With more than $2 trillion in total assets under management, JPMorgan Chase remains the largest bank in the U.S. The New York City company most recently reported a record $111.5 billion in annual revenue and an impressive $32.5 billion in annual profit. Chase’s ground lease is expected to commence 11/1/2019 with a 20-year term and multiple rental increases throughout the term. The lease also offers 10% rental increases in each option period with Chase handling all on-site maintenance and operating expenses directly, leaving ownership with NO management responsibilities. Chase Bank built the building from the ground up, so they are responsible for every expense incurred and designed the property to ideally match their specific needs. The asset is positioned near one of the busiest intersections in Avon at the intersection of Detroit Road and Center Road (Route 83) with traffic counts at the intersection of over 72,800 VPD from all directions. The property also sits just 0.25 mile from I-90 with traffic counts of 73,000 VPD along the highway. Detroit Road’s constant flurry of traffic is a result of Avon Commons Shopping Center, which is anchored by Costco, Target (with an expanded grocery section), Kohl’s, The Home Depot, and Heinen’s Supermarket, along with many other national retailers, such as Old Navy, Marshalls, HomeGoods, Michael’s, Panera Bread, Pier 1, Red Robbin, World Market and many, many more. The regional power center boasts a 95% occupancy rate and is a destination point to the west side of Cleveland, and also to all of Lorain County, to the west of the property. Chase Bank is a neighbor to the development and is also surrounded by additional complimentary high-traffic generators, including: Bob Evans, Burger King, Fifth Third Bank, USPS, Taco Bell, Five Guys and GameStop to name just a few. Avon’s growth is astonishing in both the residential and commercial sectors, but just a few minutes from the featured property, the retail sector continues with a Walmart Supercenter, Best Buy, Lowes, Cabela’s, Duluth and the recent construction of first area stores in Greater Cleveland for both, Meijer’s and Menard’s. The center is surrounded by an economically strong residential community with average household incomes of over $118,000 within a 3-mile radius and a whopping population of over 110,000 residents within 5 miles. The overall market has consistently been very stable within an occupancy rate of 96%+. The community offers a wide range of employment between the retail sector and the Avon’s other major employers, along with being a short distance from Cleveland for commuters. Cleveland’s largest employer and Avon’s largest employer is the world-renowned Cleveland Clinic. The hospital system built an estimated $161 million, 212,000-square-foot five-story hospital that sits adjacent to Avon’s Cleveland Clinic Richard E. Jacobs Health Center. Between the two, the Cleveland Clinic has approximately 1,000 physicians, nurses and support staff in Avon alone. Additionally, University Hospital’s Avon Health Center also finds its home in the city and offers a broad range of healthcare services and is a top employer to the city. Another major employer in Avon is the world headquarters for Duck Tape (Shurtech Brands) with 445 employees stationed in the city. Bundling all of the attributes, this Chase Bank location will provide an investor the opportunity in today’s market to purchase a superior location with rental increases throughout their 20-year term, quality brand-new construction with excellent visibility and curb appeal and poised to be a solid investment well into the future.