Cap Rate: 5.25%
Net Operating Income: $115,500
Lot Size: 1.64 AC
Year Built: 2016
The Kase Group is pleased to exclusively offer for sale a single tenant BJ’s Restaurant & Brewhouse ground lease located in Mentor, Ohio (Cleveland MSA). Subject property is an outparcel to the Great Lakes Mall, a one million square foot shopping center, anchored by Macy’s, JCPenney’, Dillard’s and Dicks Sporting Goods. The ground lease has 16 years remaining on the base term which expires February 28, 2036 and features 10% rental escalations every 5 years throughout the base term and option periods. Subject property is situated on 1.64 acres and is strategically located at a signalized intersection along Mentor Avenue, the primary thoroughfare.
In Cooperation with Local Broker Joe Belinske of Reichle | Klein Group.
Mentor is a city in Lake County, Ohio with a population of more than 47,250 people. The city was first settled in 1797. In 1876, James A. Garfield purchased a home in Mentor, from which he conducted the first successful front porch campaign for the presidency. That house is now maintained as the James A. Garfield National Historic Site. The city is home to Headlands Beach State Park, the longest public swimming beach in Ohio.
The city is a major center of retail stores, ranking sixth-largest in Ohio, and restaurants, ranking seventh-largest in the state. U.S. Route 20 (Mentor Avenue) is the major retail center, which includes the Great Lakes Mall, with additional shopping and strip malls found along most major roads. Convenient Food Mart is based in Mentor. Major products include medical related, polymers, plastics, electric boards and other peripherals that generally serve the computer and automation industries. Two major railroads pass through the city, CSX Transportation and Norfolk Southern. CNNMoney.com has ranked Mentor as one of the Top 100 Best Places to Live in America.
Mentor is named after the Greek figure Mentor, in keeping with the Connecticut Western Reserve settlers’ tradition, as well as that of most other Americans at the time, of celebrating aspects of Greek classicism (nearby Solon, Macedonia, Euclid, and Akron also were named using that principle).