Marc’s Grocery Center

Cleveland | Ohio

Offering Summary

  • Status: active
  • Price: $14,775,000
  • CAP Rate: 7.25%
  • GLA: 63,317 SF
  • Net Operating Income: $1,071,136
  • Price/SF: $225
  • Year(s) Built: 2018
  • Lot Size (Acres): 7.5575
  • Major Tenants: Marc's, AT&T, NextDoor Urgent Care, Mr. Chicken, Subway, Square One Nails & Spa
  • 63,317 SF Retail Center Anchored By Marc’s, the #1 Ranked Store Chainwide With 766K Annual Visits (Placer.ai)
  • Offering Includes Two Free Standing Outparcels – One Leased to Mr. Chicken at Below Market Rent at $20/SF, a Second Leased to Starbucks on Long Term Lease through 2032
  • Stable 94% Occupancy With Diversified Tenant Mix Including AT&T, Starbucks, NextDoor Urgent Care, Mr. Chicken, Subway, Great Clips, and Square One Nails & Spa
  • Long-Term NNN Leases With Minimal Landlord Responsibilities | Weighted Average Lease Term of 9.85 Years
  • Two Outparcel QSR Pads (Starbucks & Mr. Chicken) Offer Potential for Separate Parcel Spin-Off and Sale
  • Starbucks Outparcel on Long-Term NNN Lease Through 2032 With Five (5) Five-Year Renewal Options
  • AT&T on NNN Lease Through 2029 With Two (2) Five-Year Renewal Options | Publicly Traded Telecommunications Giant (NYSE: T)
  • Established Regional Discount Grocery Chain – 62 Locations in Ohio and Estimated (change to) $2B Annual Revenue
  • Prime Corner Location – 37,884 VPD at Signalized Intersection of Mayfield Road (22,672 VPD) and S Green Road (15,212 VPD)
  • Positioned Along Mayfield Road With Strong Traffic Counts and Dense Residential Population
  • Dense Infill Location – 289K Residents Within 5 Miles With $88K Average Household Income in 3-Mile RadiusLandlord-Favorable Lease Structures With Full or Capped Reimbursement of Taxes, Insurance, and CAM From Tenants
  • Opportunity to Increase Revenue Through Lease-Up of Remaining 3,500 SF Vacancy at Market Rents ($22.00/SF NNN)
  • Surrounded by Major Retailers and Dining Establishments Enhancing Cross-Shopping Potential
  • Located in the Cleveland MSA (Population 2.2M) With Robust Healthcare, Education, and Technology Sectors Driving Economic Stability
EXCLUSIVELY LISTED BY:

Erin Patton

Senior Managing Director