Stan Johnson Company has completed the sale of a freestanding Arby’s restaurant for $1.75 million.
The 6,960-square-foot single-tenant net lease property is located at 7690 Mentor Ave. in Mentor, Ohio. It was sold by a private investor from Pebble Beach, California, who was represented by Susan Harris and Jeff McKinney of Stan Johnson Company.
The buyer, a family trust from Irvine, California, was represented by Ronnie Givargis of Stan Johnson Company. The asset traded at a 6.67 percent cap rate, and this was a 1031 exchange property for both the buyer and seller.
The property is located across from Great Lakes Mall. In 2017, the Mentor City Council authorized the designation of Great Lakes Mall as a 97-acre community entertainment district, which is the first of its kind in Lake County, Ohio. The redesigned center will feature entertainment, retail, sporting, social and arts opportunities.
At the time of sale, there were about eight years left on the corporate guaranteed triple net lease.