Absolute NNN Ground Lease
The subject absolute NNN ground lease has no Landlord responsibility, ideal for passive ownership.
Substantially Under Market Rents
The tenant’s rent is approximately 50% below market and provides for excellent upside potential and long term flexibility.
20% Rental Increases
Bob Evans has recently exercised their first five year renewal option, demonstrating their commitment to the site. Their next five year renewal option results in a large 20% increase in rent. The resulting rent will remain well below market, making the likelihood of it being exercised extremely high.
Newly Acquired Adrian Mall
The Adrian Mall has recently been purchased with investment strategy to reposition through an aggressively leasing campaign and extensive capital improvements. New ownership has received tremendous interest from retailers looking to add a presence in the mall that serves customers in a large 20 mile trade area.
Dominant Retail Corridor
The intersection of South Main Street and U.S. 223 is the primary retail area in Lenawee County, serving the residential population within an approximately 20 mile radius. The corridor is home to a number of major big box retailers including Walmart Supercenter, Meijer, Lowe’s, Kohl’s, Kmart, and Jo-Ann Fabric, plus JCPenney, Elder-Beerman, and Hobby Lobby, located in the Adrian Mall.
Access and Visibility
Located on an outlot to Adrian Mall, Bob Evans is extremely accessible off South Main Street (19,700 VPD) at one of the primary entrances to the mall. The subject property features an attractive monument sign on Main Street, increasing visibility further along this main retail corridor.
Large Publicly Traded Company
The tenant, Bob Evans, is a publicly traded company on the NYSE (Ticker: BOBE), with impressive revenues in excess of $1.3B.
Tenant Funded Renovation
Bob Evans recently funded a renovation which included a brand new roof and the resealing and restriping of the parking lot. This further demonstrates the tenant’s desire to remain at the subject site long-term.
Long Term History At Site
Bob Evans has resided at this location for 20 years and has established a strong customer base with its ideal location at the entrance to the Adrian Mall.
Recently Exercised Renewal
The tenant has recently exercised their first five year renewal option. This confirms Bob Evan’s commitment to the market and this location.