French Creek Square

Avon | Ohio (Cleveland MSA)

Offering Summary

  • Status: active
  • Price: $14,352,000
  • Cap Rate: 6.75%
  • GLA: 37,312 SF
  • Net Operating Income: $901,245
  • Price/SF: $358
  • Year(s) Built: 2004
  • Major Tenants: DentalWorks, Five Guys, Tropical Smoothie Cafe, Verizon, Bibibop, Moe's Southwest Grill, Penn Station
  • 95% Occupied, 37,312 SF Neighborhood Retail Center in Highly Affluent Avon, OH – Cleveland’s Fastest Growing Suburb
  • Institutional & Generational-Quality Asset with “A/A+” Real Estate Fundamentals All-Around
  • Strong Projected 10-Year NOI CAGR of 2.51%
    • $26.06/SF Avg. Base Rent – Ability to Grow Rents Over Time or Mark-to-Market
  • Offered with the Assumption of Approx. $2.3M LifeCo Note with Below-Market 4.35% IR, 20-Yr Term Fully Amortizing, and 9/2034 Maturity
    • The Loan Allows Prospective Purchaser to Place a 2nd Mortgage
  • 48,000 VPD at “Main & Main,” A+ Hard Corner Location at Detroit Rd & Route 83/Center Road – Avon’s Busiest Intersection
  • Majority of Tenants are Subject to Uncapped, PRS NNN Leases Incl. Mgmt Fee Reimbursement & 5–20% Admin Fees on CAM
  • Just 0.25-Mile South of I-90 Exit Ramps at Center Road with a Combined 35,000 VPD on All 4 Ramps; I-90 Sees 79,000 VPD
  • 8-Story Corner Clocktower with Cupola & Large Property Signage Acts as True City Landmark
    • Shallow Setback, Elevation Below Grade of Route 83, Wraparound Linear Shallow-Bay Design Add to Excellent Visibility of Center
  • Top 5 Tenants by GLA Comprise 40% of In-Place Gross Income: National Medical Provider*, Dental Works, Five Guys, Tropical Smoothie Café, and Verizon
  • Highly Diversified Rent Roll Provides Excellent Risk Mitigation
    • True Unanchored Neighborhood Retail Center; All Small-Shop Tenancy with No Single Tenant Comprising More than 12% of GLA or In-Place Gross Income
    • All Daily Needs, E-Commerce-Proof Retail, Restaurant & Service Oriented Businesses
    • 14 of 16 Tenants Comprising 91.6% of Occupied GLA are Corporate Operators or Franchisees of National Concepts
  • New 10 Year Lease with a National Medical Provider for 4,081 SF; $27/SF NNN with 12% Inc Yr 6
  • New 5 Year Lease with Face Forward Aesthetics for 2,085 SF; $27/SF NNN
  • Upside via Lease-Up of Remaining 1,694 SF of Former GameStop Unit (4.54% of GLA) with Anticipated Market Rent of $32/SF NNN
  • High-Quality “Western Reserve” Architectural Style with Jewel-Box Storefronts; Red Brick Masonry & Hard-Board Siding Exterior
  • Situated in the Epicenter of the I-90 & Route 83 Retail Corridor with 2.2 Million SF of Retail Leased to 99.3% Occupancy Located within 0.75-Mile of the I-90 Exit Ramps at Route 83
    • Within Immediate Proximity to a Who’s Who of Top Big-Box Retailers Including Costco, Walmart, Menards, Cabela’s, Home Depot, Lowe’s, Target, Kohl’s, HomeGoods, Marshalls, and More
  • Strong Trade Area Demographics with 38,500 Residents in a 3-Mile Radius with $135K HHI
  • Avon, OH – Affluent West-Side Suburb with Nearly 30% Population Growth Since the 2010 Census; Part of the Larger Cleveland-Akron-Canton CSA with a Population of Over 3.7 Million
EXCLUSIVELY LISTED BY:

Craig Fuller

Senior Managing Director