The Cooper Commercial Investment Group closed the sale of a single-tenant absolute NNN ground lease to Chase Bank in Avon, Ohio.
The ground lease was commenced in November of 2019 on a 20-year term with multiple rent increases. Chase handles all on-site maintenance and operating expenses, leaving the new ownership with no management responsibilities.
Dan Cooper, president and broker of Cooper Commercial Investment Group, represented the seller, a private investment group in Cleveland. The all-cash West Coast buyer purchased the property for its full asking pric eof $1.89 million, representing a 40 percent cap rate and $545 a square foot.
