Morgan Stanley | 7311 Crossleigh Ct
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Morgan Stanley 7311 Crossleigh Ct
14,076 SF Office Building Toledo, OH 43617 £3,019,903 (£215/SF) 7.75% Net Initial Yield
Investment Highlights
- Net Lease with Minimal Landlord Obligations
- Located within Highly Desirable Business Park
- Easy Access to Interstate 475 – 94,720 VPD
- Corporate Guarantee - NYSE: MS
- Strong Surrounding Demographics – 105,267 residents & $113,000 Avg HH Income within a 3-Mile Radius
- Neighboring Tenants include Lowe’s Home Improvement, Arby’s, Take 5 Oil Change, Taco Bell, Meijer Pharmacy, Pet Supplies Plus, Advance Auto Part
Executive Summary
The subject is a 14,076 square-foot building leased to Morgan Stanley
located in Toledo, Ohio. The lease calls for minimal landlord obligations
including roof and structure. The lease is corporately guaranteed by Morgan
Stanley, expiring in April 2028 with three, 5-year options for renewal at fairmarket
value. The building is free-standing and part of a larger business park
complex. There is an association and the tenant reimburses the dues. Tenant
also reimburses operating expenses and pays property taxes. There is a 3.5%
cap on increases year over year for operating expenses (not including
property taxes). The location within the business park is desirable business
and the surrounding area shows strong demographics for both density and
income (105,267 residents and $113,000 Avg HH Income within a 3-Mile
Radius). The site has easy access Interstate 475 (94,720 VPD) and close by
to Central Ave (32,715 VPD), a major commercial thoroughfare which
features tenants such as Lowe’s Home Improvement, Arby’s, Take 5 Oil
Change, Taco Bell, Meijer Pharmacy, Pet Supplies Plus, Advance Auto Parts &
more.
In Association with ParaSell, Inc. | A Licensed Ohio Broker #REC.2020005946
located in Toledo, Ohio. The lease calls for minimal landlord obligations
including roof and structure. The lease is corporately guaranteed by Morgan
Stanley, expiring in April 2028 with three, 5-year options for renewal at fairmarket
value. The building is free-standing and part of a larger business park
complex. There is an association and the tenant reimburses the dues. Tenant
also reimburses operating expenses and pays property taxes. There is a 3.5%
cap on increases year over year for operating expenses (not including
property taxes). The location within the business park is desirable business
and the surrounding area shows strong demographics for both density and
income (105,267 residents and $113,000 Avg HH Income within a 3-Mile
Radius). The site has easy access Interstate 475 (94,720 VPD) and close by
to Central Ave (32,715 VPD), a major commercial thoroughfare which
features tenants such as Lowe’s Home Improvement, Arby’s, Take 5 Oil
Change, Taco Bell, Meijer Pharmacy, Pet Supplies Plus, Advance Auto Parts &
more.
In Association with ParaSell, Inc. | A Licensed Ohio Broker #REC.2020005946
Property Facts
Sale Type
Investment
Property Type
Office
Building Size
14,076 SF
Building Class
B
Year Built
2003
Price
£3,019,903
Price Per SF
£215
Net Initial Yield
7.75%
NOI
£234,043
Tenancy
Single
Number of Floors
1
Typical Floor Size
14,076 SF
Building FAR
0.07
Land Acres
4.70 AC
Zoning
C-2
Parking
98 Spaces (6.96 Spaces per 1,000 SF Leased)
Amenities
- Wheelchair Accessible
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PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | £504,391 | |
| Land Assessment | £199,259 | Total Assessment | £703,649 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
£199,259
Improvements Assessment
£504,391
Total Assessment
£703,649
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Morgan Stanley | 7311 Crossleigh Ct
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