NNN La-Z-Boy - Corporate Guaranty
For sale to qualified investors is the fee-simple interest in a freestanding and highway-prominent La-Z-Boy retail store located on Howe Avenue in Cuyahoga Falls, Ohio. Because of the superior position of the real estate and regionality of the market, La-Z-Boy Incorporated acquired this location from the franchisee in 2015 and proceeded to execute a 10 year lease. The lease is corporately guaranteed by La-Z-Boy (NYSE: LZB) and has over 5 years of base term remaining. La-Z-Boy performs all daily property maintenance and repairs as well as reimbursement of property taxes and insurance. Additionally, the tenant also performs semi-annual roof maintenance and repairs, effectively making this a corporate hands-off investment for the owner. The property is prominently positioned at the exit of State Route 8 (divided highway) and Howe Road, and is one of the first properties seen upon entering this retail market. There are over 130,000 vehicles per day surrounding this site. Surrounding the property are Target, Home Depot, Best Buy, Giant Eagle, Dick’s Sporting Goods, TJ Maxx, Regal Cinemas, Burlington Coat Factory, Sam’s Club, and many others. Not only is this a major trade area serving all northern Akron suburbs and southeast Cleveland suburbs, but the property is located on the most desirable one-block stretch of this thriving market. The overall occupancy rate of the three major shopping centers surrounding the property is approximately 97% and represents roughly 877,040 square feet of nationally-tenanted retail space.