North Olmsted, OH - Guitar Center

Description:

SRS Real Estate Partners in collaboration with Hoty Enterprises, Inc. is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NN leased, freestanding, corporate signed, Guitar Center investment property located in North Olmsted, OH (Cleveland MSA). The tenant, Guitar Center Stores, Inc., recently extended their lease an additional 10-years through February 2033 and has 2 additional 5-year option periods to extend, demonstrating their long-term commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and options, growing NOI and hedging against inflation. The lease is signed by Guitar Center Stores, Inc., a subsidiary of Guitar Center, Inc., and is NN with limited landlord responsibilities, making this an ideal, low-management investment opportunity for a passive investor. Founded in 1959, Guitar Center is among the largest musical instrument retailers in the United States with over 290 locations.

Guitar Center is strategically along Brookpark Road Extension with direct access to Lorain Road (30,000 VPD) and Brookpark Road (17,500 VPD). The asset also benefits from the nearby Interstate 480 (107,200 VPD), making this an ideal and centralized location with easy commutes for both employees and customers. The site is ideally situated within a dense retail corridor and is directly beside Water Tower Square (182K+ SF), North Olmsted Towne Center (292K+ SF), Great Northern Plazas (678K+ SF), Great Northern Mall (2.6M+ SF), and other major shopping centers. The surrounding national/credit tenants consist of Giant Eagle, Publix, The Home Depot, Target, Best Buy, Walmart Supercenter, and T.J. Maxx, among many others. The strong tenant synergy significantly increases the consumer draw to the immediate trade area and promotes crossover store exposure for the site. Furthermore, the property is within proximity to numerous single-family communities and multi-family complexes including Great Northern Village (116 units), Westbury Apartments (285 units), Victoria Plaza (292 units), and more, providing a direct residential consumer base for the site. The 5-mile trade area is supported by over 170,100 residents and 94,500 daytime employees, with an affluent average household income of $109,147.