About This Property
For sale to qualified investors is the fee simple interest in the First Federal of Lakewood bank branch in Avon, Ohio. The branch has been located here since 2007 and recently exercised one of three remaining five-year options, giving them 7 years of guaranteed term remaining. The smaller second tenant in the building, Chagrin Valley Engineering, leases 1,106 SF out of the 4,178 SF building and also recently extended its lease (expires 12-31-2025). The First Federal of Lakewood lease is triple net including roof and structure and includes the entire building and grounds, and is corporately guaranteed. The most unique aspect of this investment is the bank’s obligation to pay annual CPI increases with NO CAPS. In the current and projected future inflationary environment, this will increase cash flow and overall return on an annual basis by a considerable amount. (From September 2020 to September 2021 the increase was 5.94%). The branch features a drive-thru corner location on Detroit Road, and is located in downtown Avon near the largest regional shopping district in Cleveland.