Property Summary
ESSENTIAL INFORMATION
- Strong Tenants with Corporate Backed Guarantees
- Highly Visible Location
- Dense Workforce Area
- Strong Increase in Extension Rents
- Long-Term Occupancy
- Newly Improved Interior Space
Description
Sentinel Net Lease is acquiring Two Crown Pointe, a Class B office building located in Cincinnati, OH. The Building is comprised of 4 floors totaling 74,460 square feet of gross leasable area and is 100% leased to two tenants: Fortune 500 engineering firm, Jacobs Engineering (NYSE: J), occupies 91% of the building. International healthcare company, Hair Club, occupies 9% of the building. We are acquiring this property at an attractive cap rate of 11.1% with highly accretive debt, which we believe will produce a strong risk-adjusted return on this opportunity. With a weighted average lease term of over 7 years, this property is projected to produce excellent cash-on-cash returns from lease income, returning 102% of invested capital from lease income alone.
Key Metrics
- Purchase Price: $7,500,000
- Net Rentable SF: 74,460
- 11% Capitalization Rate based on Year-1 NOI
- Estimated 2.5x Equity Multiple
- Target 16.4% net IRR to investors
- Lease Expiration: June 30, 2030 (Jacobs)
- Lease Expiration: June 20, 2025 (HairClub)
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Location
Address
Cincinnati, OH