Documents
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Attributes
| Year Built | 2007 |
| Building Area Net |
|
| Occupancy | 100.0 % |
Asset Description
Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire 9227 Centre Pointe Drive (the “Property”), a 135,936 square foot Class A office building located in Westchester, OH. The Property is 100% leased to AK Steel on a triple-net basis with 7.3 years remaining in the current term, has immediate access to I-75, and sits just 20 miles north of Cincinnati’s CBD. Cleveland Cliffs (NYSE: CLF) acquired AK Steel Corporation (the “Tenant”) in March 2020 to vertically integrate its iron ore business with quality focused steel production, and as a result became the largest flat-rolled steel producer in North America.
Investment Highlights
- Industry leading tenancy from Cleveland Cliffs (largest supplier of automotive steel in US)
- Class A office building in Cincinnati MSA
- Located in affluent Cincinnati suburb ($154,654 Avg. HH income) just 22 minutes from the CBD
- 15-year operating history from the tenant who renewed lease early in 2018
- Over 7 years of lease term remaining with two, 5-year extension options
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