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Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer for sale the fee-simple interest in a brand-new construction two-tenant retail strip center (the “Property” or “Asset”) located at 2277-2279 Michigan Street in Sidney, Ohio. The Asset is approximately 7,000 square feet and is 100% occupied by WellNow Urgent Care & Aspen Dental. Both tenants boast 10-year leases with three, 5-year extension options. The leases boast attractive rent increases in the contractual term and each subsequent renewal option. The Property is ideally situated along Michigan Street, a highly trafficked retail corridor with over 22,000 vehicles per day. The Asset is located across the street from a Walmart Supercenter (1.8M visitors in the last 12-months, source: Placer.ai) and a Kroger (1.3M visitors in the last 12 months, source: Placer.ai). The retail trade area is home to high quality national tenants such as Menards, Lowe’s, Ollie’s Bargain Outlet, Tractor Supply, CVS and Walgreens.
BEST-IN-CLASS RETAIL TENANCY
- WellNow Urgent Care has 85+ locations today and opened more than 50 locations across New York and Illinois in 2020. Top 10 urgent care providers in the United States.
- Aspen Dental has over 900 branded practices and services nearly 5 million patient appointments to date. Over 75 Aspen Dental branded practices are expected to open every year.
OPTIMAL LONG-TERM NET LEASE STRUCTURE
- Both tenants are operating on brand-new 10-year leases with double-net structures, featuring minimal landlord responsibility and significant contractual rent increases.
STRATEGIC REAL ESTATE POSITIONING
- The Asset is located along Michigan Street that sees 22,000 vehicles per day.
- Strategically positioned within the main retail corridor benefitting from established consumer traffic patterns from Walmart Supercenter, Kroger, Lowe’s and Menards.