Akron, OH - Gojo (Purrell) HQ

Description:

SRS National Net Lease Group, LP is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, zero cash flow, corporate guaranteed, GOJO Industries, Inc. Headquarters investment property located in Akron, OH. The subject property serves as the primary office headquarters complex and research and development facility for the sanitary-products manufacturer. GOJO completed renovations in early 2023 which substantially improved its space. This renovation project upgraded all GOJO occupied space and expanded its footprint within the property, taking over previously subleased space. The renovation project demonstrates the Company’s continued commitment to the site. The lease features 2% annual rental increases throughout the initial term and each of the 10 (5-year) option periods. The lease is corporate guaranteed by GOJO Industries Inc., most well-known for their wholly-owned brand Purell, and is CTL-financed by non-recourse debt, providing an investor with a minimal risk asset that provides extensive long term capital gains & tax deductions while providing short-term losses for other income producing assets. The tenant’s initial lease term is co-terminus with the existing debt.

The subject property is located at 1 GOJO Plaza, and has been the location of GOJO Industries Inc. corporate headquarters for more than 24 years. The subject property was previously part of BFGoodrich’s (now Michelin) 12-building, 24-acre office & industrial complex. The adjacent industrial property has since been redeveloped, named Canal Place, and now houses more than 100 businesses. The site benefits from immediate access to numerous major commuter thoroughfares, including Interstate 76 (120,600 VPD), and State Highway 8 (115,700 VPD), providing convenient commutes for employees throughout the Cleveland-Akron MSA. Further, the site is located within 1 mile of the University of Akron, a STEM-focused institution that focuses on industries such as polymers, advanced materials, and engineering, providing a strong local talent pool to draw from. Since the beginning of the pandemic, GOJO has seen tremendous growth in their hand sanitizer and other sanitization products and services. Due to increased demand brought on by Covid-19, GOJO Industries Inc. expanded their manufacturing and distribution capabilities spending more than $400 million in 2020 and 2021 to expand its manufacturing capacity, which has continued to maintain strong demand in the post-covid era.