La-Z-Boy

Highlights:

• Long-Term, Corporate Guaranteed Net Lease - La-Z-Boy, Inc. (NYSE: LZB), a nationally recognized and publicly traded retailer, has occupied the property since 2005 and recently executed a 6-year lease renewal through October 2031, demonstrating long-term commitment to the site
• Triple Net Lease Structure with Minimal Landlord Responsibilities - Tenant is responsible for taxes, insurance, CAM, roof, HVAC, parking lot, and maintenance, offering investors passive ownership with limited exposure
• Future Upside Through Multiple Renewal Options - Lease includes four (4) five-year renewal options with rental increases, extending potential tenancy through 2051 and offering long-term income growth
• Tenant Committed to Capital Investment - La-Z-Boy plans to remodel the store within the next year, upgrading to its latest prototype design which will enhance store performance and reinforce tenant commitment
• High-Visibility Retail Location on Major Commercial Corridor - Positioned along Mentor Avenue (US-20) with traffic counts exceeding 20,000 vehicles per day, directly across from Great Lakes Mall, the dominant regional retail destination
• Dense, Affluent Cleveland MSA Demographics - Over 105,000 people within a 5-mile radius with average household incomes exceeding $97,000, supporting strong retail sales and long-term viability
• Strong National Retail Credit - Founded in 1927, La-Z-Boy generates approximately $1.58 billion in annual revenue, operates more than 530 locations, and maintains a history of profitability and dividend payments
• Ideal 1031 Exchange Replacement Property - Single-tenant, triple net leased asset with passive income, strong corporate credit, and stable long-term cash flow, making it an attractive replacement option for investors seeking tax-deferred exchange eligibility and predictable returns

Description:

La-Z-Boy

Mentor is the largest city in Lake County, Ohio. The population was 47,450 at the 2020 census. It is part of the Cleveland metropolitan area. 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 and restaurants. Mentor Avenue (US 20) is the city's commercial corridor, which includes Great Lakes Mall, and additional shopping is found along most major roads. Manufacturing in the city includes medical products, polymers, plastics, electric boards, and other peripherals that generally serve the computer and automation industries. Convenient Food Mart and medical equipment company Steris are based in Mentor. CSX Transportation and Norfolk Southern railroads both pass through the city.

Cleveland is the county seat of Cuyahoga County. Located along the southern shore of Lake Erie, it is situated across the Canada–U.S. maritime border and approximately 60 miles west of the Ohio–Pennsylvania state border. Cleveland is the most populous city on Lake Erie and second-most populous city in Ohio with a population of 372,624 at the 2020 census, while the Cleveland metropolitan area with an estimated 2.17 million residents is the 34th-largest metropolitan area in the United States.

Cleveland is a port city, connected to the Atlantic Ocean via the St. Lawrence Seaway. Its economy relies on diverse sectors that include higher education, manufacturing, financial services, healthcare, and biomedicals. Designated as a global city by the Globalization and World Cities Research Network, Cleveland is home to several major cultural institutions, including the Cleveland Museum of Art, the Cleveland Museum of Natural History, the Cleveland Orchestra, the Cleveland Public Library, Playhouse Square, and the Rock and Roll Hall of Fame, as well as Case Western Reserve University. The city's major league professional sports teams include the Cleveland Browns, the Cleveland Cavaliers, and the Cleveland Guardians.

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