2522 Woodville Rd | Northwood, Ohio

Case Study

This Arby’s, located in Northwood (Toledo) OH presented Bedrock Investments Group (BIG) with the unique opportunity to acquire the building pad subject to an Arby’s corporate ground lease with 1 ½ years remaining on term. Arby’s has occupied this build-to-suit facility for nearly 20 years (1994). The acquisition cost of $137.00/sf is 70% below estimated replacement cost ($450.00/sf) with the current contracted rent approximately 48% below market. The pad is an out parcel to the Great Eastern Shopping Center (141,692 sf of shop space and approximately 40 acres of land) and is adjacent to a McDonald’s restaurant. Dollar General, Super Dollar Tree, Loan Max, Curves and Sally Beauty Supply are other tenants in the center. CA New Plan Acquisition Fund, LLC, the center’s owner, sold this pad to lower its basis and position the shopping center for redevelopment. In January 2015 and 2020, Arby’s extended the lease for an additional five (5) year term with a 15% rent increase. Renovations completed by Arby’s in November 2015 included new exterior, mansard roof replacement, interior refurbishment, painting the building and new monument and building signage.

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