SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a newly constructed, freestanding, corporate guaranteed, Carvana Car Vending Machine, investment opportunity located in Warrensville, Ohio (Cleveland MSA). The tenant, Carvana LLC, recently signed a 20-year lease in 2018 (17 years remaining) with 4 (5-year) options to extend, demonstrating their long-term commitment to the site. The lease features approximately 9.59% rental increases (lesser of 9.59% or 1.25 x 5-year CPI) every 5 years throughout the initial term and at the beginning of each option period, growing NOI and hedging against inflation. The lease is corporate guaranteed and is absolute NNN with zero landlord responsibilities, making it an ideal, management-free investment opportunity for a passive investor.

Carvana is located directly along Interstate 271 (158,700 VPD), the primary north/south thoroughfare traveling throughout Warrensville, with convenient nearby on/off ramp access. The asset benefits from excellent visibility via significant highway frontage and its 8-story Car Vending Machine, increasing direct consumer exposure. Carvana is positioned in a dense retail and commercial corridor with nearby national/credit tenants including The Home Depot, Lowe’s Home Improvement, Aldi, Planet Fitness, CVS Pharmacy, and more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for the site. In addition, the property is within close proximity to Cuyahoga Community College (31,250 students), Ohio’s oldest and largest public community college. Moreover, Carvana is located just 1.75 miles south of UH Ahuja Medical Center (144 beds), a community hospital that is currently undergoing a $200M expansion that will include a second five-floor hospital tower and a two-floor sports medicine complex. The 5-mile trade area is supported by nearly 180,000 residents with a healthy average household income of $90,000.