Elyria, OH Portfolio For Sale

Chris Bosworth

PRO

GA GA 248342

Brian Pfohl

PRO

GA 349355

Thomas Carr

PRO

GA 374849

Chris Prosser, CCIM

PRO

OH SAL.0000443707, KY Sales 207413

Katie Goldberg

Listed by CBRE - Atlanta, CBRE Atlanta, CBRE - Cincinnati

$3,888,300

3 days on market

Updated 3 days ago

Mattress Firm & Panera: Elyria, OH

Details

Property Type

Retail

Sub Type

Restaurant, Storefront

Square Footage

8,800

Net Rentable (SqFt)

8,800

Units

Cap Rate

7.5%

NOI

$291,621

Occupancy

100%

Tenancy

Multi

Brand/Tenant

Panera Bread, Mattress Firm

Lease Type

Remaining Term

4.3

Rent Bumps

Yes

Year Built

2016

Buildings

Acreage

1.920

Investment Type

Net Lease

Ground Lease

Retail | 7.50% CAP | 8,800 SqFt

Marketing description

CBRE is pleased to exclusively offer for sale the 8,800-square-foot, two-tenant retail building that is 100% leased to Mattress Firm and Panera Bread in Elyria, OH—a vital western anchor of the Cleveland MSA (Population: 2.18M). Built in 2016, the building is situated on 1.92 acres on a hard corner at the signalized intersection of US-20/Highway 57 (26,429 VPD) and Chestnut Ridge Road (7,513 VPD).

Investment highlights

Mattress Firm: As a dominant player in the specialty retail sector, Mattress Firm operates the largest bed-in-a-box and traditional mattress retail footprint in the United States, headquartered in Houston, Texas. The company utilizes highly optimized, smaller-footprint showroom layouts designed to maximize geographic reach and sales-per-square-foot efficiency. Their flexible real estate strategy focuses heavily on high-visibility suburban strip centers, dominant retail corridors, and prominent end-cap placements that capture strong vehicle traffic and everyday consumer visibility.
Panera: Tenant under the lease, Missouri-based Dalcan Corporation, is a long-standing Panera Bread franchisee, operating approximately 30 bakery-café locations primarily throughout the Midwest, benefiting from Panera's strong brand recognition, digital ordering platform, and established operating model.
Mattress Firm: Originally set to expire in 2026, Mattress Firm's net lease was most recently extended for an additional 5 years through 2032. Currently, the lease features a corporate guaranty from Mattress Holding Corp., ±5.6 years of term remaining, and 10% rent increases in the two, 5-year renewal options.
Panera: Originally set to expire in 2026, Panera's net lease was extended in 2021 for an additional 3 years through 2029. The lease currently has ±2.8 years of term remaining with 5% rent increases in the three original 5-year renewal options.
The subject property is a multi-tenant retail building situated on a hard corner at the signalized intersection of US-20/Highway 57 (26,429 VPD) and Chestnut Ridge Road (7,513 VPD), where it is less than a mile north of SR-10 (31,598 VPD).
The building is directly in front of a Sheetz gas station (built in 2023) and ALDI (built in 2023) and adjacent to KFC and A-Affordable Self Storage. Across from Chestnut Ridge Road, the opposite side of the intersection is home to Chestnut Commons, which is shadow-anchored by Walmart Supercenter and features Petco, Discount Drug Mart, Northwest Bank, Dollar Tree, Anytime Fitness, Verizon, Kay Jewelers, AT&T, Burger King, Taco Bell, Jersey Mike's Subs, Charleys Cheesesteaks, Wingstop, Papa Johns, , Rent-A-Center, Great Clips, and more. Additionally, the 40,000 SF Cleveland Clinic - Elyria Family Health and Surgery Center is less than 1,000 feet north of the site.
Mattress Firm and Panera directly benefit from the continuous consumer cross-traffic generated by the nearby Walmart Supercenter, which ranks among the top 83% of Walmart stores within a 15-mile radius, top 5% throughout Ohio, and top 15% nationwide by visits (Placer.ai).
In total, there are 5.7 MSF of retail, 1.5 MSF of office, 11.1 MSF of industrial, and over 8,200 multifamily units within a 5-mile radius.
Other major retailers proximate to the site include McDonald's, Jimmy John's, Pizza Hut, Marco's Pizza, Dunkin', Advance Auto Parts, Speedway, O'Reilly Auto Parts, and several car dealerships including Ford, GMC, Buick and Chevrolet.
Hunters Crossing Apartments (232 units) is less than 800 feet northwest of the property.
Mattress Firm and Panera benefit from dynamic demographics, with a population of 41,791 and an average household income of $86,557 within a 3-mile radius. Additionally, there are over 2,600 households within one mile, placing a significant customer base within walking-distance.
The Cleveland-Elyria Metropolitan Statistical Area (MSA Population: 2.18M) is a premier manufacturing, healthcare, and cultural powerhouse in the Great Lakes region.
The area leverages assets like the Port of Cleveland and extensive rail infrastructure to drive global advancements in biomedical engineering, specialized steel, and automotive manufacturing, anchored by leaders like the Cleveland Clinic, Progressive, and Sherwin-Williams.
Blending a robust economy with an exceptional lakeside quality of life, the region offers world-class cultural and recreational icons—including the Cleveland Orchestra, Playhouse Square, and Cuyahoga Valley National Park—alongside a highly skilled workforce and an affordable cost of living.