Brooklor Plaza

North Olmstead

Offering Summary

  • Status: accepted offer
  • Price: $18,000,000
  • CAP Rate: 8.00%
  • GLA: 111,071 SF
  • Net Operating Income: $1,520,611
  • Price/SF: $171.15
  • Year(s) Built: 1962 & 1992
  • Year(s) Renovated: 2018
  • Lot Size (Acres): 7.43 Acres
  • Major Tenants: TJ Maxx, OfficeMax, Golf Galaxy, Five Guys, Original Mattress Factory, Eyewear, City Club
  • 100% Occupied, Class “A” TJX-Anchored Community Center
  • 52,360 Cars/Day; Sandwiched Access between 2 of Cleveland’s Top Retail Corridors
  • T.J. Maxx/HomeGoods 2019 Sales = $18.5M, $355/SF, 3.0% Rent/Sales Ratio
  • 0.6 Mile to I-480 Exit Ramps (118,232 VPD)
  • 93% of GLA In-Place for 20+ Years; Avg. Weighted Tenure of 26.8 Years
  • Existing 3.94% IR, 10/2031 Maturity, 25 Year AM Debt to Assume
  • Shares Access Signal with Starwood-Owned, 1.2M SF Super-Regional Mall
  • T.J. Maxx/HomeGoods Anchored (47% of GLA) – Tenant Since 1991, In Option Renewals Since 2000
  • Affluent Demographics: $95K 3-Mile AHHI, $96K 5-Mile AHHI
  • Golf Galaxy (Dick’s Sporting Goods, Inc.) Just Renewed for 5-Years with Bump; Sales up 31% over T36, up 17% over T24, up 4% YoY
  • 93% of GLA Leased to National Tenants; Solid Credit Line-Up
  • 2nd Largest Tenant (OfficeMax, 25% of GLA) In-Place Since 1988; $4.6M ($165/SF) in Sales
  • Ease of Management: 3 Tenants Comprise 89% of GLA, 8 Total Tenants
  • Neighbored to North by West Side’s most Affluent Suburbs: Westlake, Rocky River, Bay Village, Avon
  • Excellent Curb Appeal via 2018-Renovated Modern Stone Façade
  • Infill Demographics: 8,923 People within 1-Mile, 171,356 within 5-Miles
  • $17/SF+ in Rent Upside Via Converting 5,265 SF (4.7% of GLA) of Storage to Storefront Retail (Route 10 Frontage)
  • Situated within 5.4M SF (97% Occupied) Top-Tier Super-Regional Trade-Area
EXCLUSIVELY LISTED BY:

Scott Wiles

Senior Managing Director