Firestone
8,340 SF | Retail Building | Mansfield, OH 44906 | $984,828 ($118/SF) | 7.25% Cap Rate
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $984,828
- Property Type
-
Retail
- Square Feet
- 8,340 SF
- Price / Square Foot
- $118
Listing Contacts
Jimmy Goodman
Verified Profile
Randy Blankstein
Verified Profile
- Property Info
Property Overview
The Boulder Group is pleased to exclusively market for sale a single tenant net leased Firestone property located Mansfield, Ohio. Firestone has been operating at this location since the 1970s and has executed multiple lease extensions which demonstrates their commitment to the location. The current lease runs through January 2030 and has three 5-year renewal options. There are 10% scheduled rental escalations at the start of each option. Firestone is currently paying a low rent of $8.60 PSF. Additionally, Firestone’s parent company, Bridgestone, is investment grade rated (S&P: A).
The 8,304 square foot building is located along Park Avenue West which experiences over 18,500 vehicles per day. The subject property is located on an outparcel to Kroger and U-Haul. U-Haul recently redeveloped the space next to Kroger into a multi-million-dollar, climate controlled, self-storage facility that has drawn additional traffic to the shopping center. Neighboring tenants in the area include Walgreens, Chase Bank, Arby’s, Family Dollar, Taco Bell, Burger King, Long John Silvers, Little Caesar’s, AutoZone, O’Reilly Auto Parts, Buick, GMC, Nissan, and Honda. There are 68,372 people living within five miles of the property who earn an average annual household income of $65,473. Lastly, Firestone is one mile west of Mansfield Senior High School and less than two miles south of US Route 30 (32,650 VPD).
Firestone Tire is an American tire company founded by Harvey Firestone in 1900. Bridgestone was founded in 1931 in Japan and became Japan’s largest tire manufacturer. In 1988 Bridgestone acquired Firestone to transform into the world’s largest tire and rubber company with 2,200 locations, 143,600 employees and $28.7 Billion in Revenue. The operations in the Americas were renamed Bridgestone/Firestone, Inc and Bridgestone Retail Operations, LLC, comprises the entire U.S. retail division of Bridgestone/Firestone. Bridgestone is the ultimate parent company of the tenant. Bridgestone (NYSE: BRDCY) is ranked #365 on the Fortune 500 list and has an A credit rating with S&P and A2 with Moody’s.
The 8,304 square foot building is located along Park Avenue West which experiences over 18,500 vehicles per day. The subject property is located on an outparcel to Kroger and U-Haul. U-Haul recently redeveloped the space next to Kroger into a multi-million-dollar, climate controlled, self-storage facility that has drawn additional traffic to the shopping center. Neighboring tenants in the area include Walgreens, Chase Bank, Arby’s, Family Dollar, Taco Bell, Burger King, Long John Silvers, Little Caesar’s, AutoZone, O’Reilly Auto Parts, Buick, GMC, Nissan, and Honda. There are 68,372 people living within five miles of the property who earn an average annual household income of $65,473. Lastly, Firestone is one mile west of Mansfield Senior High School and less than two miles south of US Route 30 (32,650 VPD).
Firestone Tire is an American tire company founded by Harvey Firestone in 1900. Bridgestone was founded in 1931 in Japan and became Japan’s largest tire manufacturer. In 1988 Bridgestone acquired Firestone to transform into the world’s largest tire and rubber company with 2,200 locations, 143,600 employees and $28.7 Billion in Revenue. The operations in the Americas were renamed Bridgestone/Firestone, Inc and Bridgestone Retail Operations, LLC, comprises the entire U.S. retail division of Bridgestone/Firestone. Bridgestone is the ultimate parent company of the tenant. Bridgestone (NYSE: BRDCY) is ranked #365 on the Fortune 500 list and has an A credit rating with S&P and A2 with Moody’s.
Property Details
- Class
- B
- Year Built/Renovated
- 1964/1998
- Stories
- 1
- Property Subtype
- Vehicle Related
- Lot Size (sq. ft)
- 43,560 SF
Highlights
- Located midway between Columbus and Cleveland via Interstate 71
- Low rent per foot ($8.60/SF)
- Occupied by Firestone since the 1970’s
- Multiple lease extensions executed which demonstrates commitment
- Kroger outparcel
- U-Haul recently redeveloped the space next to Kroger into a multi-million-dollar, climate controlled, self-storage facility
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