Single Tenant Property For Sale

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NNN single tenant net leased for sale

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Single Tenant Property For Sale

  1. 1. NET LEASED INVESTMENT OFFERING Essilor International (EURONEXT: EI.PA) 3710 Belmont Avenue Youngstown, Ohio 44505 www.bouldergroup.com
  2. 2. TABLE OF CONTENTS NET LEASED INVESTMENT OFFERING TABLE OF CONTENTS 1) Confidentiality & Disclaimer 2) Executive Summary 3) Property Overview 4) Aerial 5) Site Plan 6) Maps 7) Tenant Profile 8) Demographic Comparison Report 9) Location Overview 10) Contact Information www.bouldergroup.com
  3. 3. CONFIDENTITALITY & DISCLAIMER NET LEASED INVESTMENT OFFERING CONFIDENTIALITY & DISCLAIMER The information contained in the following Offering Memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from The Boulder Group and should not be made available to any other person or entity without the written consent of The Boulder Group. This Offering Memorandum has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. The Boulder Group has not made any investigation, and makes no warranty or representation. The information contained in this Offering Memorandum has been obtained from sources we believe to be reliable; however, The Boulder Group has not verified, and will not verify, any of the information contained herein, nor has The Boulder Group conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. www.bouldergroup.com
  4. 4. EXECUTIVE SUMMARY NET LEASED INVESTMENT OFFERING EXECUTIVE SUMMARY The Boulder Group is pleased to exclusively market for sale a single tenant Essilor International property located in Youngstown, Ohio along Interstate 80. The 29,710 square foot flex building is used by Classic Optical Laboratories, a wholly owned subsidiary of Essilor International, to manufacture over 2,000 eye glasses per day. Essilor International is the leading manufacturer and wholesale distributor of optical lenses in the United States and is a publicly traded company on the Euronext Paris Stock Exchange (EI.PA) as one of the forty largest companies in France. The front of the building is a recently renovated office to support the subsidiary’s eyeglass manufacturing business, which has been around for over 45 years. Classic Optical Laboratories has operated at this located since 1982. There are over four years remaining on this net lease that features four 3-year renewal options with 3% rental escalations in each. The subject property is located on Belmont Avenue (Ohio State Route 193), the primary north-south thoroughfare in the trade area. The property benefits from its close proximity to the Interstate 80 and Highway 11/711 interchange with easy access to Interstate 80. There is a Walmart Supercenter anchored shopping center located across the street which creates strong traffic flow in the immediate area. It is located within a dense retail corridor with many national retailers in the immediate vicinity including Chase Bank, McDonald’s, O’Reilly Auto Parts, Aldi, Big Lots, Dollar General, Citi Trends, and many others. Classic Optical Laboratories has been successfully operating for 45 years as an industry leader supplying the optical industry with top-quality, low-cost eyewear. The entire business is consolidated to this location. For these reasons, Essilor International acquired Classic Optical Laboratories in July 2013. Essilor International is the world leader for corrective lenses with operations in 54 countries. Despite the ascension of contact and Lasik surgery, the eye glass business continues to expand. The facilities operation can be seen in this video: Link A new 5 year lease was signed when Essilor International purchased Classic Optical Laboratories in July 2013. There are four 3-year renewal options with 3% rental escalations in each. Essilor International is a publicly traded company on the Euronext Paris Stock Exchange (EI.PA) with a market capitalization in excess of €17 billion INVESTMENT HIGHLIGHTS • Tenant is a successful wholly-owned subsidiary of Essilor International and the tenant has been successfully operating for 45 years as an industry leader • Essilor International is a publicly traded company on the Euronext Paris Stock Exchange (EI.PA) with a market capitalization in excess of €17 billion • Classic Optical Laboratories has operated at this location since 1982 • 2,000 eyeglasses per day are produced at the site with the capacity to expand to 10,000 per day • Located across the street from a Walmart Supercenter anchored shopping center • Close proximity to the Interstate 80 & Highway 11/711 interchange • Located in the immediate vicinity to access to Interstate 80 • Four 3-year renewal option periods with rental escalations in each • Essilor International is the world leader for corrective lenses with operations in 54 countries www.bouldergroup.com
  5. 5. PROPERTY OVERVIEW NET LEASED INVESTMENT OFFERING PROPERTY OVERVIEW Price: $2,595,000 Cap Rate: 9.25% Rent Schedule: NOI $240,000 $247,200 $254,616 $262,254 Escalation Date 8/1/2018 (Option 1) 8/1/2021 (Option 2) 8/1/2024 (Option 3) Renewal Options: Four 3-Year with Rental Escalations Lease Commencement Date: July 3, 2013 Lease Expiration Date: July 31, 2018 Tenant: Classic Optical Laboratories, Inc. Parent Company: Essilor International (€17 Billion Market Capitalization) Year Built: 1980 Year Renovated: 2012 Lease Type: NN (Roof, Structure & Parking) Building Size: 30,000 SF Land Size: 1.77 acres www.bouldergroup.com
  6. 6. AERIAL NET LEASED INVESTMENT OFFERING AERIAL N OHIO UTE E RO STAT 11 80 BELMONT PARK CEMETARY www.bouldergroup.com
  7. 7. SITE PLAN NET LEASED INVESTMENT OFFERING SITE PLAN N BELMONT AVENUE www.bouldergroup.com
  8. 8. MAPS NET LEASED INVESTMENT OFFERING MAPS www.bouldergroup.com
  9. 9. TENANT PROFILE NET LEASED INVESTMENT OFFERING TENANT PROFILE Essilor International is a French company that produces ophthalmic lenses along with ophthalmic optical equipment. Headquartered in Paris, France, Essilor International is publicly traded on the Euronext Paris Stock Exchange (EI.PA) with a market capitalization in excess of €17 billion. The company formed from the merger of ophthalmic firms Essel and Silor in 1972. They now operate in 54 countries and 5 continents. They are the world’s largest manufacturer of ophthalmic lenses. Essilor USA is the leading manufacturer and wholesale distributor of optical lenses in the United States. In 1996, with the establishment of Essilor Laboratories of America, Inc., Essilor became the first fully integrated optical company in the United States, specializing in ophthalmic lens production, manufacturing, and distribution. Throughout America, Essilor has more than 8,500 employees located throughout 128 prescription laboratories, four manufacturing facilities, two distribution centers and one research and development center. Classic Optical Laboratories, Inc. has successfully supplied the optical industry with top-quality, low-cost eyewear for 45 years. Through their centralized, world-class lab located in Youngstown, Ohio, they produce thousands of custom eyeglasses every day and deliver them to Eyecare Providers (ECPs) across the country. In addition to their manufacturing business, they manage high-volume contracts for insurance organizations, Managed Care Organizations (MCOs), union organizations and trust funds, educational institutions, correctional facilities, manufacturing plants, and numerous federal and state government programs. In July 2013, they were purchased by Essilor International and now continue to operate in the same capacity as wholly owned subsidiary of the publicly traded French company. www.classicoptical.com/video.asp Website: Employees: Number of Countries: Stock Symbol: Market Capitalization: www.essilor.com 50,000+ 100 Euronext Paris Stock Exchange: EI.PA €17 Billion www.bouldergroup.com
  10. 10. DEMOGRAPHIC COMPARISON REPORT NET LEASED INVESTMENT OFFERING DEMOGRAPHIC COMPARISON REPORT Population Total Population Total Households 3-mi 5-mi 7-mi 35,873 14,257 90,689 37,374 180,689 76,025 $44,721 $42,744 $44,305 Income Average Household Income www.bouldergroup.com
  11. 11. LOCATION OVERVIEW NET LEASED INVESTMENT OFFERING LOCATION OVERVIEW Youngstown is a city in northeast Ohio and is the county seat of Mahoning County. Youngstown is located approximately 65 miles southeast of Cleveland and 61 miles northwest of Pittsburgh. Youngstown has its own metropolitan area, but is often included in commercial and cultural depictions of the Pittsburgh Tri-State area and Greater Cleveland. Youngstown lies ten miles west of the Pennsylvania state line, midway between New York City and Chicago along Interstate 80. Youngstown is the ninth largest city in Ohio with a 2010 census population of 66,982 people. Additionally, there are over 565,000 people living within the Youngstown MSA. It is home to Youngstown State University, an urban public campus that serves approximately 15,000 students and is located just north of downtown. www.cityofyoungstownoh.com www.bouldergroup.com
  12. 12. CONTACT INFORMATION NET LEASED INVESTMENT OFFERING CONTACT INFORMATION 666 Dundee Road, Suite 1801 Northbrook, IL 60062 Randy Blankstein President 847.562.0003 rblank@bouldergroup.com Jimmy Goodman Partner 847.562.8500 jimmy@bouldergroup.com www.bouldergroup.com

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