751 Richmond Rd, Richmond Heights, OH 44143

For sale to qualified investors is the fee simple interest in a recently-extended corporate lease with Walgreen Co. in Richmond Heights, Ohio, an eastern suburb of Cleveland. On the heels of the announcement of the Belle Oaks mixed use development directly behind the property, Walgreens agreed to extend their lease to September 30, 2033, thereby providing 10 full years of guaranteed base term, and showing their commitment to the future in this location. The lease is triple net and features a firm, corporately-guaranteed lease, with 9+ years of base term remaining plus options. Formerly an enclosed mall, Belle Oaks is a 60+ acre mixed use redevelopment that is set to feature Meijer Grocery Store in 2025, plus additional phases of retail, multi-family, office and medical. Walgreens is situated at the signalized primary corner directly in front of the new development, where the store has already operated for 20 years. From a long-term investment perspective this asset “checks all of the boxes” with a recently extended corporate lease, modern drive-thru format, hands-off investment, high traffic and visibility location, and finally the backup of one of the largest new mixed use development in Northeast Ohio.