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Uptown Solon

$ 22,115,000
6025 Kruse Drive - ,
Accepted LOI

Investment Overview

Marcus & Millichap, on behalf of ownership as its exclusive advisor, is pleased to bring to market Uptown Solon, a 182,334-square-foot grocery-anchored community shopping center located in Solon, Ohio. Uptown Solon is nearly 93 percent occupied, and features a prominent tenant roster including Bed Bath & Beyond, Pier 1 Imports, Petco, Ulta Beauty, Orange Theory Fitness, First Watch, and more. Mustard Seed Market & Café occupies 37,048-square-feet and has been in-place since the center was built. Mustard Seed Market is Ohio’s largest locally-owned retailer of natural and organic groceries, with three locations in Northeast Ohio. Well known small-shop tenants include Bath & Body Works, Palm Beach Tan, Jenny Craig, American Commodore Tuxedo, and Dino Palmieri Salon. Uptown Solon benefits from historically strong occupancy and long operating history at the site for numerous tenants, with over 62 percent of the gross leasable area occupied by original tenants that have been in place since the center was built in 1999. The majority of tenants are currently leased to triple net terms, providing strong operating expense recovery for the landlord. Upside exists in lease-up of the vacant unit totaling 12,383-square-feet.

Uptown Solon is located in the heart of Solon, Ohio, twenty-five minutes southeast of Downtown Cleveland. The property sits just off the exits ramps of Route 422 which sees 64,419 cars each day. The city of Solon has a strong local economy with multiple prominent businesses in close proximity to the subject property. The 60-acre Nestle campus (headquarters of Stouffer Foods) is 1.3 miles from Uptown Solon, with over 2,000 employees. Other prominent businesses within three miles of the property include Swagelok (2,000+ employees), Pentair (500+ employees), Cleveland Clinic Solon Family Health Center (400+ employees), and a CVS Caremark (500+ Employees) corporate office, all of which generate high daytime traffic to the property. Solon is an affluent Cleveland suburb, with average household income of $106,296 within one mile of the property, and $124,258 within three miles. Demographics in the surrounding area are dense, with 28,261 residents within three miles and 93,801 residents within five miles. Prominent retailers in the immediate vicinity include Marc’s, Giant Eagle Market District, Pet Supplies Plus, OfficeMax, Panera, Walgreens, Planet Fitness, Jo-Ann Fabrics, and CVS to name a few.


Summary and Details

Price $22,115,000
CAP Rate – Current 9.50%
NOI $2,100,898
Price per Square Foot $121.29
Gross Leaseable Area (Square Foot) 182,334
Occupancy 92.88%
Year Built/Renovated 1999
Lot Size 20.75 Acres
Status Accepted LOI
Major Tenants  Bed Bath & Beyond
Mustard Seed Market
Old Navy
Petco
Ulta Beauty
Pier 1 Imports
Dress Barn
Uptown Solon OM

Investment Highlights

  • 92.9% Occupied, 182,334 SF Grocery-Anchored Community Shopping Center in Solon, OH
  • Below Market Rent for Grocery Anchor: $10/SF Gross Rent which is Equivalent to $3.40/SF NNN – No Remaining Options
  • Prominent Roster of National Tenants Including Bed Bath & Beyond, Pier 1 Imports, Petco, Ulta Beauty, Orange Theory Fitness, First Watch, and More
  • Long-Term Tenancy: 62 Percent of GLA is Leased to Original Tenants In Place Since the Center was Built in 1999, Including Mustard Seed Market & Cafe
  • Upside via Lease-Up of Vacant Unit
  • Located Just off the Exit Ramps of Route 422 which sees 64,419 Cars per Day
  • 1.3 Miles from the 60-Acre Nestle Stouffer Foods Headquarters with Over 2,000 Employees On-Site
  • Solon has a Strong Local Commercial Base with Swagelok, Pentair, Cleveland Clinic, and CVS Caremark Employing 3,500+ within 3 Miles
  • Affluent Cleveland Suburb: Average Household Income of $124,258 within Three Miles, Solon City School District Ranked as One of the Best in the Nation
  • Dense Demographics: 28,261 Residents within 3-Mi, 93,801 Residents within 5-Mi
  • 20 Miles Southeast of Downtown Cleveland, Greater Cleveland has a Population of Over 1.7 Million
  • Prominent Retailers in the Immediate Vicinity Include Marc’s, Giant Eagle Market District, Pet Supplies Plus, OfficeMax, Panera, Walgreens, Planet Fitness, Jo-Ann Fabrics, CVS, and Many More

Craig Fuller

Senior Vice President Investments
(216) 264-2043
cfuller@ipausa.com
(614) 474-1696

Contact Me