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University Hospitals - Ashtabula, OH

3315 N Ridge Rd E Ashtabula, Ohio United States 44004-4300
Asking Price
NOI Net Operating Income
Cap Rate
Asking Price
NOI Net Operating Income
Cap Rate

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Attributes

Lease Type Modified Gross
Lease Expiration 2027-02-28
Remaining Term 6 years, 3 months
Tenant University Hospitals Health System
Building Area

Property Description

JLL is pleased to exclusively offer the opportunity to acquire the fee simple interest in a single tenant property 100% leased to University Hospitals in Ashtabula, OH. University Hospitals commenced operations in 2017 and has more than 6 years remaining on its lease, as well as two (2), five (5) year option periods. 


University Hospitals is located within Ashtabula Towne Square – one of the main shopping malls in the city that features tenants such as JC Penney, Joann Fabrics, Planet Fitness, AMC Theatres, and outparcels such as Tractor Supply Co., Chipotle, Verizon, Burger King, Applebee’s and Bob Evans. The mall is situated within the signalized corner of U.S Route 20 (N Ridge Road E) and Vineland Avenue. Route 20 is home to over 21,000 vehicles per day and features a surplus of national retailers such as The Home Depot, Walmart, ALDI, CVS Pharmacy and others, further driving consumers to the area. 


University Hospitals (UH) is one of the nation’s leading health care systems as well as the 2nd largest private sector employer in Northeast Ohio. UH provides patient-centered care that meets the highest standards for quality and patient safety. The subject property, known as UH Ashtabula Health Center, uses some of the most advanced equipment for outpatient diagnostic imaging and radiology.

Investment Highlights

  • University Hospitals has been operating at this location since 2017 and has more than 6 years remaining on its lease with two (2), five (5) year option periods.
  • Nationally recognized retailers such as The Home Depot, Walmart (Supercenter), Lowe’s, ALDI, Tractor Supply Co., Burger King, Bob Evans, Red Lobster, Applebee’s, and Mattress Firm are all located nearby, helping identify U.S. Route 20 and Ashtabula Towne Square as a shopping destination.
  • Nearby schools such as Edgewood Senior High School, Braden Middle School, Ridgeview Elementary School, and Kent State University, Ashtabula campus, are home to over 4,000 students, creating a strong consumer presence all within a few miles of the Property.  
  • University Hospitals is Northeast Ohio’s 2nd largest private sector employer, as well as the 6th largest employer in the state (Beacon Journal). The subject property, known as UH Ashtabula Health Center, uses some of the most advanced equipment for outpatient diagnostic imaging and radiology.
Last Updated Date: 02 Nov 2020
Marc Mandel
Marc Mandel
Managing Director, Capital Markets
License details
PA - AB068236 DE - RS-0019936 NJ - 0894218
Steve Schrenk
Steve Schrenk
Director, Capital Markets
License details
NJ-1433421

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Last Updated Date: 02 Nov 2020

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