Staples
Middletown, OH 45005-5516
Staples Logo Image
3601 Towne Blvd
Middletown, OH 45005-5516
  • Asking Price: $2,190,000
  • Cap Rate: Call for details
  • Lease Type: Net Lease
  • Status: Available
PROPERTY DETAILS:

RECENT LEASE EXTENSION - Staples recently executed a new lease extension at below-market rent. Additionally, there are three, 5-year options with a 24% rent increase in the first renewal option, providing significant upside to an investor. BELOW REPLACEMENT COST - The property is priced well-below replacement cost. The property features a brand-new roof and is currently undergoing a full exterior tuck-point and repaint. PASSIVE NET LEASE INVESTMENT - Tenant directly maintains all common area expenses including snow removal, landscaping, utilities, and basic parking lot maintenance. Tenant reimburses landlord 100% for real estate taxes and property insurance. MAJOR CORPORATE-CREDIT TENANT - Staples is one of the largest office supply companies in the world with over $18.25 Billion revenue and 1,220 locations the US, South America, and Asia. In 2017, Staples was acquired by Sycamore Partners, a leading national private equity investment firm which manages over $10 billion in assets. REGIONAL RETAIL TRADE AREA - The property is centrally located in the Middletown regional retail trade area (7-mile radius), encompassing 137,790 residents, 53,634 employees, and $1.77 Billion in retail consumer expenditures in 2017. The Middletown trade area is anchored by the 328-bed Atrium Medical Center 1-mile to the east. GROWING BUSINESS ENVIRONMENT - The area continues to grow significantly with a brand new $30 million Kettering Medical Center less than 1 mile east of the property. Additionally, Bed, Bath and Beyond is under construction on a $33 Million e-commerce center 5 miles south, further enhancing Middletown’s dominance as a regional economic hub. ACTIVE RETAIL SUB-MARKET - National retailers in the immediate area include: Walmart Supercenter, Lowe's, Kroger, Meijer, Petco, Burlington, Planet Fitness, Buffalo Wild Wings, and Aspen Dental, among others.