Tenancy Type: National
Lease Type: Absolute NNN
Address: 26001 Chagrin Blvd.
The Cooper Commercial Investment Group is pleased to announce the sale of single-tenant, P.F. Chang’s Ground Lease location in the desirable and affluent community of Beachwood, Ohio, a suburb of Cleveland. P.F. Chang’s executed the Ground Lease in 2000 and has continuously exercised renewals with its current term expiring in 2025, leaving 3.5 years of term remaining and two more five-year options to renew, both with 10% rental increases. The tenant handles all building maintenance, giving an owner a hands-off absolute NNN lease structure.
Dan Cooper, President and Broker of the Cooper Commercial Investment Group in Cleveland, Ohio, had the privilege to represent the seller, a private investment group. The all-cash buyer was directly sourced by Dan Cooper and purchased the property for $3,800,000, representing a 4.62% CAP Rate, $543/SF and approximately 98% of the list price. Through marketing efforts, the Cooper Group generated multiple competitive offers on the property.