703 S Cleveland Massillon Rd - Office FOR SALE


Fairlawn, OH 44333
$19,900,000 USD
614-360-9032
703 S Cleveland Massillon Rd, Fairlawn, OH for Sale
$19,900,000 USD
Office - FOR SALE
1/5
null | 8.85% Cap Rate

703 S Cleveland Massillon Rd
Fairlawn, OH 44333


HIGHLIGHTS

  • The subject property is strategically located at the hard corner directly off Route-77 and is exposed to over 93,412 vehicles per day.
  • The Fairlawn region as a whole has become a hotbed for affluent demographics seeking a quite suburban landscape but with easy access to numerous major
  • Office vacancy in the region sites around 5.7%, which is significantly lower than the national average of 13.9%. I
  • Fairlawn is Part of Cleveland-Akron CSA with Population Count Over 3.6m, and only 25-Min From Downtown Cleveland + 20-Min From Downtown Akron.

OVERVIEW

- 100% Occupied 97,845 Square Foot Class-A Office HQ Building in Fairlawn, OH (Cleveland CSA – Over 3.6m People) - Global Headquarters For ContiTech | Occupies 83,416 SF | 85.25% of the GLA | Recently Expanded Into Additional Space and Made Major Upgrades/Renovations to Space - Wholly Owned by Continental AG | Ticker Symbol: CON | Annual Revenue In Excess of $44B | Over 230,000 Employees | Ranked #512 Largest Company in the World by Forbes | BBB Investment Grade Credit Rating - Assumable Non-Recourse Financing Available | Below Market Interest Rate of 4.95% | Just Shy of 4-Years Until Maturity | 30-Year AM | Reasonable 68.69% LTV | Loan Type: CMBS - Continental is Structured into Six Divisions: Chassis and Safety, Powertrain, Interior, Tires, ContiTech, and Advanced Driver Assistance Systems - ContiTech has Been at Site For Over 15-Years | Currently Paying $18/SF NNN | Two 5-Year Options Remaining | 10% Bump in First Option - Mission Critical Location for ContiTech/ Continental AG | Includes Lab Space and Show Rooms | C-Suite Offices | Designated Space for All Business Operations - Remaining Space is Occupied by Lyondellbasell | Lyondellbassell Acquired A. Schulman in 2018 | Prior to Acquisition this was A. Schulman HQ | 14,429 SF and 14.75% of GLA - Lyondellbasell | Ticker Symbol: LYB | Annual Revenue in Excess of $46.1B | Over 19,1000 Employees | Ranked #297 Largest Company in the World by Forbes | BBB Investment Grade Credit Rating - Anticipated Returns | 11.89% Cash-on-Cash in Year 1 | 16% Total Return in Year 1 with Principal Paydown - Favorable NNN Lease Structures | Full Recapture of Tax, CAM, Insurance Expenses | 3rd Party Management Fees Reimbursed by Tenants | Virtually No Landlord Responsibilities - One of the Only Class-A Office Buildings in Entire MSA | On Par with Average Rents Despite Being Best-In-Cass | Ranked One of Highest Quality Office Properties in MSA - Surrounding Office Market has Over 27.4m SF of Office Space with Low Vacancy Rate of 5.7% Per CoStar | Virtually No New Office Developments Nearby - Hard Corner Location Directly Off State Route 77 | Sees Over 93,400 Vehicles Per Day | Immediate Access to Major Throughways & On Route to Major Neighboring Cities | Near Major Retail Corridor Providing Abundance of Food, Shopping, and Other Uses - Dense & Affluent Demographics | Population Counts of 31,700 within 2-Mile, 76,328 within 5-Miles | Average Household Income In Excess of $130,883 - Fairlawn is Part of Cleveland-Akron CSA with Population Count Over 3.6m | Only 25-Min From Downtown Cleveland | Only 20-Min From Downtown Akron

FOR SALE DETAILS

PRICE

$19,900,000 USD

PRICE/SF

$203 USD /SF

CAP RATE

8.85%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

ContiTech Headquarters | Continental AG

PROPERTY TYPE

Office

TOTAL BUILDING SIZE

-

STORIES

4

BUILDING CLASS

A

YEAR BUILT

2007

SPRINKLERS

-

PARKING SPACES

234

LAND DETAILS

LAND ACRES

4.35 AC

LAND SF

189,486 SF

ZONING

B-4A-Ltd Office Park

APN/PARCEL ID

09-03895

ASK ABOUT THIS PROPERTY

Zachary TurnerMarcus & MillichapMore Info
614-360-9032

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Zachary TurnerMarcus & MillichapMore Info
614-360-9032

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.