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Views: 31 DOM: 66 Updated: 05.07.24 Posted: 03.11.24 Status: Active

Summary

Price $2,437,000
Built/Renov 2023
Tenant LensCrafters
Cap Rate 6.05%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 4,096
Lease Start 03-01-2023
#Units 933
Price/SF $594.97
Expiration 02-28-2033
Tenant Type General Retail
NOI $147,456
R. Term 8.9
Ownership Fee Simple
Rent/SF $36.00
Increases 10.0%/4/yrs
Pop 5Mi 224,631
Lot/AC 0.92
Options 4/5yrs/10%
AHHI 5Mi $128,741

Lease Highlights

  • Brand-new 2023 construction
  • LensCrafters has 8+ years remaining on the current lease term with 4 (5-year) options to extend
  • The lease features 10% rental escalations throughout the initial term and option periods
  • Absolute NNN | Zero landlord responsibilities
  • Corporate guarantee | Investment grade tenant

Location Description

LensCrafters is strategically located on Frantz Road, with access to 15,274 vehicles passing by daily. Situated just 1 mile from The Mall at Tuttle Crossing, the property boasts proximity to prominent national retailers such as JCPenney, Walmart Supercenter, Best Buy, World Market, Macy’s, and more. Additionally, it enjoys convenient access, being just 3 miles away from The Ohio State...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: LensCrafters
  • Guarantor:Corp T and Rated
  • Company:EssilorLuxottica Group
  • # Units:933
  • Tenant S&P: A
  • Moody’s: A2
  • Stock: EPA: EL

About Tenant

LensCrafters is an international retailer of prescription eyewear and sunglasses, and one of North America's largest optical retail brands. LensCrafters portfolio includes globally recognized...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 11,387 91,653 230,417
2023 Total Population : 11,243 89,551 228,577
2023 Employed Civilian Pop : 7,079 52,673 131,573
2023 Total Businesses : 549 4,402 8,299
2023 Average Household Income : $ 113,336 $ 118,223 $ 132,693
2023 Total Consumer Spending : $ 551 M $ 4082 M $ 10814 M
2023 Median Age : 37 37 38
2023 Total Households : 5,677 40,235 95,321
2023 Pop Age 25+: Bachelor's Degree : 3,540 24,824 61,051
2023 Average Home Value : $ 378,072 $ 362,817 $ 364,789
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Elmbridge Ln Frantz Rd 2010 3,289 0.02 mi
Shannon Heights Blvd Karric Square Dr 2010 3,975 0.03 mi
Frantz Road Keating Dr 2021 12,692 0.05 mi
Frantz Rd Elmbridge Ln 2010 17,021 0.05 mi
Frantz Rd McGrath Dr 2014 19,081 0.17 mi
KILBANNON WAY Ulster Dr 2020 1,158 0.19 mi
Shannon Heights Blvd Killary Dr 2016 1,656 0.20 mi
Camden Pl Dr Herald Square Pl 2016 8,014 0.34 mi
Camden Pl Dr Herald Square Pl 2016 3,893 0.35 mi
Hayden Run Rd Saddlebrook Dr 2015 14,721 0.36 mi

Listing Broker

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