Marcus & Millichap, on behalf of ownership as its exclusive advisor, is pleased to bring to market Trask Plaza in Mentor, Ohio. The subject property is a 100 percent occupied, 23,091-square-foot retail strip center consisting of five inline units and situated on just over three acres. Importantly, Trask Plaza is adjacent to the site of a new 172,470-square-foot Menards. Menards will be breaking ground in Spring 2018 and is planning to open for business in Spring 2019.
The subject property features national tenants Dollar Tree, Buffalo Wild Wings, and Best Cuts. Dollar Tree and Buffalo Wild Wings combined occupy 76 percent of the center and are responsible for 66 percent of the current gross rent revenues. Other tenants include Eazy Stop Mini Mart and Proper Pig Smokehouse Restaurant. The subject offering is a stabilized investment property, with 94 percent of gross leasable area occupied through 2020 or beyond. Four of the five current tenants are leased to triple-net terms, with the landlord reimbursed for operating expenses including real estate taxes, insurance, common area maintenance, and management fees. Additionally, all current leases include pre-negotiated option terms.
Trask Plaza is located just off Heisley Road in a retail development known as Diamond Centre. Heisley Road is a well-traveled thoroughfare, with over 18,400 vehicles passing the property daily. Diamond Centre lies directly off Heisley Road right at the Ohio State Route 2 (OH-2) interchange. OH-2 is Mentor’s main freeway and sees approximately 57,600 vehicles per day passing the interchange. Diamond Centre is a major retail development, with retailers including Sam’s Club, Home Depot, Atlas Cinemas, Gander Mountain, Ruby Tuesday, Steak ‘n Shake, McDonald’s, and Burger King. There are also several hospitality properties in the immediate vicinity including Hampton Inn, Residence Inn, Value Place, and Summerville Senior Living. Demographics in the surrounding area are excellent, with 48,974 residents within 3 miles and 97,642 residents within 5 miles. Average household income is $101,062 within a one mile radius – well above the national average. Mentor is part of the Greater Cleveland, which has a population of 2.1 Million.
Summary and Details
|CAP Rate – Current||8.82%|
|Price per Square Foot||$155.26|
|Gross Leasable Area ( Square Foot)||23,091 SF|
|Lot Size||3.08 Acres|
|Major Tenants||Buffalo Wild Wings
Proper Pig Smokehouse BBQ
Eazy Stop Mini Mart
|Trask Plaza OM|
- 100% Occupied, 23,091 SF, NNN Retail Center Anchored By Dollar Tree and Buffalo Wild Wings in Cleveland MSA
- Adjacent to Site of New 172,470 SF Menards – Ground Breaking Planned Spring 2018 & Opening Spring 2019
- Dollar Tree & Buffalo Wild Wings Occupy 76% of GLA and Contribute 66% of Gross Rent Income
- Located at the Interchange of OH-2 & Heisley Road; OH-2 is Mentor’s Main Freeway Seeing 57,600+ Cars/Day
- Part Of Diamond Centre Retail Development; Surrounding Retailers Include Sam’s Club, Home Depot, Atlas Cinemas, Gander Mountain, and Several Hotels & Restaurants
- Ease of Management – Only 5 Tenants, Mostly NNN; 94% of GLA Leased into 2020 or Beyond
- Strong Traffic Counts of 18,400+ Cars/Day on Heisley Road
- Excellent Demographics: 48,974 Residents in 3-Mi & 97,642 Residents in 5-Mi; Average Household Income of $101,000 within 1-Mi