Property History
CBRE is pleased to present qualified investors the opportunity to acquire a free-standing 9,108 square foot building situated on a 2.28 acre parcel of land, 100% leased to Wasabi Steak & Sushi with a 15 year Sale Leaseback. Wasabi Steak & Sushi (Japanese Steakhouse) is the dominant Japanese Steakhouse chain in the Cleveland market, with 4 existing locations in NE Ohio, all owned individually but operated by the same ownership group. Additionally, the ownership group owns and operates a location in Staten Island, New York.
The Beachwood market is the most desirable and affluent trade area in the greater Cleveland area (NE Ohio), with a high barrier to entry and limited inventory of available opportunities. The property is located between the heart of the Chagrin Boulevard and Harvard Road retail corridor adjacent to Interstate 271. The regional includes lifestyle centers; Pinecrest, Eton Collection, Beachwood Mall and Legacy Village. Major retailers in the area include; Whole Foods, REI, Pottery Barn, Williams Sonoma, Vineyard Vines, Tiffany & Co., Restoration Hardware, Nordstroms, Saks Fifth Avenue, North Face, Apple and many more. Additionally, the property is in close proximity to several Class A office buildings, the Beachwood office market includes 3.5 million square feet.
The area demographics are unmatched, with the highest concentration of wealth in NE Ohio, the average household income within 1 mile is $164,254 and $140,987 within 3 miles. The daytime population is 12,694 within 1 mile and 78,857 within 3 miles.
The offering provides an investor with the ability to acquire the fee simple interest (building and land) to a long term NNN lease, without any Landlord obligations under the lease, with a new 15 Year Lease term commencing upon Closing of escrow.
STRONG OPERATOR & TENANT
Wasabi Japanese Steak & Sushi is NE Ohio’s dominant Japanese Steakhouse
(Hibachi and Sushi) with 4 locations (Akron, Canton, Beachwood and
Independence). This location opened in 2015, an established location with
strong sales. The tenant has paid the current base rent and NNN charges
for years under their current lease demonstrating their ability to perform
with this existing rent/sales ratio, and is interested in extending the lease
with a new 15 year term.
LOCATION, LOCATION, LOCATION
Wasabi is located within 1/4 mile of the following 4 new developments:
- Porsche of Beachwood: Wasabi sits directly across from a former hotel site that has been acquired
by Penske for a new Porsche dealership location.
- RH (Restoration Hardware) store coming soon! ($20 M investment) The first to the market.
- TARGET coming soon! at Village Square
$125 M mixed-use project at former DoubleTree Hotel site
LONG TERM LEASE WITH RENT INCREASES
New 15 Year Lease Term - Sale Leaseback NNN Investment
INCOMPARABLE DEMOGRAPHICS, AREA CO-TENANTS & BUSINESSES
A robust destination featuring high-quality retail, restaurants, well
established businesses, entertainment, hospitality and medical/health
venues. Wasabi located directly off I-271 and near I-480 and U.S. 422,
offering great brand visibility and broad regional accessibility.
The area demographics are unmatched, with the highest concentration of
wealth in NE Ohio, the average household income within 1 mile is $164,254
and $140,987 within 3 miles. The daytime population is 12,694 within 1 mile
and 78,857 within 3 miles.
Wasabi sits a few hundred feet away from Pinecrest, a new $240 M, 58 acre
mixed use development featuring 400K SF of retail, 162K SF of office, 87
luxury apartments, and a 145 room AC Hotel by Marriott.
SECURE & DIVERSE IN-PLACE INCOME
Strong Store: The long term lease renewal is a testament to the store’s
success and long term viability at market option rents without rent
reductions.
FREE & CLEAR
The property is offered free and clear of existing debt. This enables investors
to structure their capital requirements according to their needs and if
desired, leverage the acquisition with debt that is currently available at
attractive interest rates and terms.
Ideal 1031 Investment with Hands-off Triple-Net Lease.
LOCATION: 3725 Orange Place, Beachwood, OH 44122
OFFERING PRICE: $4,350,000
NET INCOME NOI: $312,000
CAP RATE: 7.17%
SALE/ LEASEBACK TERM: 15 Year Lease Term
PRICE PSF: $477.60
BUILDING SIZE: 9,108 SF
SITE SIZE: 2.28 Acres
Loan History
Financial History
Tax History
Contact Information
Ownership Information
Zoning
Property Details
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