By Timea Matyas
Stream Capital Partners has brokered the $16.5 million sale of an Art Van Furniture store, a long-term net leased property in Holland, Ohio. The company represented the institutional seller of the 91,388-square foot property. The asset has a lease structured as an absolute triple net with 19 years remaining on the term.
Located at 1301 E. Mall Drive, the retail store is within the Toledo metropolitan area, 10 miles east of downtown. The asset is adjacent to Spring Meadows Place shopping center and Interstate 475 and is within 5 miles of Interstate 90.
Stream Capital Partners’ Senior Vice President Jeff Lizzo, along with Managing Principals Jonathan Wolfe and Jordan Shtulman, facilitated the transaction. “The buyer was able to acquire a long-term, net leased property with a strong-credit tenant. The seller was able to capitalize on a strong net lease market,” Lizzo said, in prepared remarks.
Earlier this year, Cleveland-Cliffs broke ground on a $700 million production plant, the construction of which is expected to generate about 1,200 jobs in the Toledo area.
Image courtesy of Stream Capital Partners