Mentor, OH - La-Z-Boy

Description:

SRS National Net Lease Group, LP is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NNN leased, LA-Z-Boy investment property located in Mentor, Ohio. The tenant currently has 5+ years remaining with 4 (5-year) options to extend, demonstrating their commitment to the site. The lease features $1.00/SF rental increases at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is NNN with landlord responsibilities limited to exterior load bearing walls and foundation making it an ideal, low-management investment opportunity for a passive investor. La-Z-Boy Incorporated brings timeless and modern furniture to life through a retail network of over 370 La-Z-Boy stores, including 226 company-owned locations.

The subject property is located along Mentor Ave which averages 17,700 VPD. The site benefit from nearby direct on/off ramp access to Lakeland Freeway, a major freeway that averages 66,600 vehicles passing by daily. The asset is directly across the street from The Great Lakes Mall, a 1,250,000+ SF regional shopping center, that is anchored by Dick’s, Hobby Lobby, Dillard’s, Barnes & Noble, Olive Garden and more. Other nearby national/credit tenants include Aldi, Starbucks, Dunkin’, Taco Bell, Marshall’s, Michael’s, Burlington and many more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. The 5-mile trade area is supported by a population of over 105,000 and 60,000 employees, providing a direct consumer base from which to draw. Residents within a 3-mile radius boast an affluent average household income of $113,132.

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