For Sale - Free Standing Staples Single Tenant NN Investment , Akron, OH, 44312
For Sale - Free Standing Staples Single Tenant NN Investment , 2981 South Arlington Road
Akron, OH, 44312
Retail Unit for Sale - Available Immediately
For Sale - Free Standing Staples Single Tenant NN Investment
Lease Term: Original lease term was 15 years initially expiring on 11/30/2013 (at rental rate of $12.75 PSF), Staples, Inc. executed their second 5 year lease renewal extension commencing on 12/1/2018. The lease renewal increased the base rent from $13.25 PSF to a market rental rate of $13.75 PSF. There are two (2) additional five (5) year options remaining with $.50 PSF increases in the base rental rate.
Major Capital Improvements: In conjunction with Landlord responsibility in the Lease, Landlord underwent the following capital improvements 1.) $60,000 on replacement of HVAC system in 2014, 2.) $50,000 parking lot overlay June 2019.
The lease is guaranteed by USR Parent, Inc, Staples parent company is privately held and has over 1,220 locations in the U.S. and 40 warehouses/ fulfillment centers.
Strong Store: Although Tenant is not obligated to report sales under the lease, long term lease renewal is a testament to the store’s success and long term viability at market option rents without rent reductions.
Lease Structure: the lease structure is a double net (NN) lease with minimal landlord responsibility.
Tenant Responsibilities: - Real Estate Taxes - HVAC maintenance repair and replacement - Maintenance to exterior of Premises and keep loading docks in good working order.
Landlord Responsibilities: - Repair and replacement of parking lot - Reimbursement for unamortized cost of HVAC repairs and replacements during the final 5 years of Term (as extended) - Maintain exterior and structural portions of the building, including repair and replacement of foundations, floors (excluding floor coverings), structural supports, roof and roof structures, exterior portions of walls, canopies, and storefronts (other than plate glass vestibules and exterior doors serving the building) and excluding the loading docks.
CBRE presents the opportunity to acquire a free-standing 24,049
square foot building situated on a 1.31 acre parcel of land, 100%
leased to USR Parent, Inc (Staples) through November 2023. This offering provides an investor with the ability to acquire the fee simple interest (building and land) to a long term NN lease backed by USR Parent, Inc.
property is located in the heart of the Arlington Road retail corridor
on the outparcel to Kohls. The regional anchors include Walmart,
Home Depot, Target & more.