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Rare Offering | 2 Bldg All NNN | Huge Upside! 6130 Kruse Dr

26,000 SF 85% Leased 4-Star Retail Building Solon, OH 44139 £5,644,621 (£217/SF) 6.75% Net Initial Yield

Investment Highlights

  • Highly Desirable, Extremely Rare Offering: 2 Building, All NNN, 78% Occupied Ctr in Highly Affluent Area Anchored by Panera Bread (Long-Term Lease)
  • Immaculate Curb Appeal in One of Cleveland’s Most Sought After Areas for Residents & Businesses: Extremely High Avg. HH Incomes $195k+ in 3 miles
  • Panera with Drive-Thru and Middlefield Bank with Double Drive-Thru | Over 63% of Leased Space has Been Renewed (Including All Three Anchor Tenants)
  • Major Upside Available (Anticipated Approx. $2.7M+ at Stabilization) Through Lease-Up of Two Vacancies & Many Tenants with Built-In Rental Increases
  • Acclaimed School System: Report Card Rank #1 in the State for 8 Yrs in a Row, 15 Yrs in a Row by Cleveland Magazine & Ranked Top Places to Raise Kids

Executive Summary

• Highly Desirable, Extremely Rare Offering: 2 Building, All NNN, 78% Occupied Center in Highly Affluent Area Anchored by Panera
Bread on Long-Term Lease & Cleveland’s #1 Rated Ice Cream, Mitchell’s Homemade
• Major Upside Available (Anticipated Approximately $2.7M+ at Stabilization) Through the Lease-Up of Two Vacant
• Many Tenants with Built-In Rental Increases to Further Enhance NOI Growth
• Successful Tenancy Consistently Exercising Renewals: Over 63% of the Leased Space has Been Renewed (Including All Three Anchor
Tenants), Further Enhancing Rent Roll Stability
• Extremely High Avg. Household Incomes of Over $195,000 in 3-Mile Radius
• Original Owner/Developer & First Time Ever Listed for Sale with Immaculate Curb Appeal in One of Cleveland’s Most Sought After
Areas for Residents and Businesses:
• Acclaimed Public School System with Report Card Ranking of #1 in the State for 8 Years in a Row, 15 Years in a Row by Cleveland
Magazine, and Ranked as One of the "Best Places to Raise Kids" by Bloomberg Businessweek
• Middlefield Bank Building Offers Double Drive-Thru Lanes and Adjacent Panera Bread Also Includes a Single Drive-Thru Lane for Easy
Customer Access
• Recognized by Money Magazine as "Best Places to Live" Multiple Times as the City is One of the Safest in Ohio
• Adjacent to New Senior Living Center (Vitalia of Solon) Boasting 150+ Units, Along with Solon KinderCare, Nest School, BMW, Jaguar,
University Hospitals Health Services & Urgent Care Buildings, All Creating a Constant Flow of Community Traffic to the Kruse
Commons Corridor
• Dynamic Mix of Service-Oriented Retail/Service/Restaurant Users, Truly a Recession and Internet Proof Asset
• Excellent Frontage with All Units Having Accessible Rear Entrances with Glass Doors, Which Many Tenants Utilize
• Immediate Corridor: Surrounded by the Complimentary Users of Neighboring Uptown Solon, Including ULTA Beauty, Tractor Supply,
First Watch, John Roberts Salon & Spa, Dogtopia, Kids Empire and Fitness Together, While Also Being Positioned in the Direct Vicinity
Various Office Buildings, Bryant & Stratton, Hobby Lobby, Marc’s Discount, Rollhouse Solon, Burntwood Tavern, Chick-fil-A and More
• Just Off Route 91 (38,000 VPD) at US-422 (55,000 VPD Along Highway) and Positioned in a Commercial District Surrounded by
Solon’s Most Heavily Traveled Roadways with Over 58,500 VPD Surrounding the Asset
• Abundant Amenities: Solon Offers Hotels (Hampton Inn, TownPlace Suites by Marriott and Homewood Suites by Hilton), Along with
Longhorn Steakhouse, DiBella’s Subs, Taco Bell and Hunan Solon and Access to Solon’s Incredible Retail Market, Including Home
Depot, Giant Eagle Market District, Hobby Lobby, Chipotle, Starbucks, Panera Bread, Ulta and Many, Many More
• Desirable Suburban Community: Short Commute (18 Miles) to Downtown Cleveland, 27 Miles to Downtown Akron and 21 Miles to
Cleveland Hopkins International Airport
• Surrounded by Major Employers: Swagelok (3,500 Employees), Nestle/Stouffers (2,350 Employees), CVS/Caremark, Pentair,
Signature of Solon Residences and Country Club, National Enterprise Systems, Jerpbak-Bayless (0.5 Miles), Sedlak Interiors and
Branches of the World-Renowned Cleveland Clinic Foundation (the City of Cleveland’s Largest Employer), University Hospitals and
Akron Children's Hospital Health Systems

Property Facts

Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Retail
Building Size
26,000 SF
Building Class
A
LoopNet Rating
4 Star
Year Built
1997
Price
£5,644,621
Price Per SF
£217
Net Initial Yield
6.75%
NOI
£380,973
Percent Leased
85%
Tenancy
Multiple
Number of Floors
1
Building FAR
0.21
Land Acres
2.86 AC
Parking
140 Spaces (5.38 Spaces per 1,000 SF Leased)
Frontage
218 ft on Kruse Dr

Amenities

  • Pylon Sign
  • Restaurant

MAJOR TENANTS

  • Tenant
  • Industry
  • SF OCCUPIED
  • RENT/SF
  • Lease Type
  • Lease End
  • Burger Fresh
  • -
  • 1,869 SF
  • -
  • Triple Net
  • Jun 2030
  • Middlefield Bank
  • -
  • 2,460 SF
  • -
  • Triple Net
  • Aug 2030
  • Mitchell's Homemade Ice Cream
  • -
  • 2,500 SF
  • -
  • Triple Net
  • Dec 2026
  • Paint Nail Bar
  • -
  • 1,412 SF
  • -
  • Triple Net
  • Jun 2033
  • Panera Bread
  • -
  • 6,168 SF
  • -
  • Triple Net
  • Jul 2035
  • V/O Med Spa
  • -
  • 3,000 SF
  • -
  • Triple Net
  • Aug 2030
Tenant Industry SF OCCUPIED RENT/SF Lease Type Lease End
Burger Fresh - 1,869 SF - Triple Net Jun 2030
Middlefield Bank - 2,460 SF - Triple Net Aug 2030
Mitchell's Homemade Ice Cream - 2,500 SF - Triple Net Dec 2026
Paint Nail Bar - 1,412 SF - Triple Net Jun 2033
Panera Bread - 6,168 SF - Triple Net Jul 2035
V/O Med Spa - 3,000 SF - Triple Net Aug 2030

Space Availability

  • Space
  • Size
  • Space Use
  • Position
  • Available
  • 1st Floor
  • 3,788 SF
  • Retail
  • In-Line
  • Now
Space Size Space Use Position Available
1st Floor 3,788 SF Retail In-Line Now

1st Floor

Size
3,788 SF
Space Use
Retail
Position
In-Line
Available
Now

1st Floor

Size 3,788 SF
Space Use Retail
Position In-Line
Available Now

Nearby Major Retailers

barre3
Huntington National Bank
Citizens Bank
Marc's
U.S. Bank
City Barbeque
Planet Fitness
Jenny Craig
Bank of America
PNC Bank

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
952-20-006
Land Assessment
£516,540
Improvements Assessment
£218,493
Total Assessment
£735,033
  • Listing ID: 33743048

  • Date on Market: 04/11/2024

  • Last Updated:

  • Address: 6130 Kruse Dr, Solon, OH 44139

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