City Centre of Avon

Avon | Ohio

Offering Summary

  • Status: just listed
  • Price: $21,830,000
  • Cap Rate: 7.00%
  • GLA: 86,175 SF
  • Net Operating Income: $1,528,168
  • Price/SF: $253
  • Year(s) Built: 2009
  • Lot Size (Acres): 8.87
  • Major Tenants: Marc's, Hollywood Feed, The Vitamin Shoppe, AT&T, America's Best Contacts & Eyeglasses, Massage Envy, Minotti's Wine & Spirits
  • 100% Occupied 86,175 SF Grocery-Anchored Retail Center | Diverse Mix Of National, Regional, And Service-Oriented Tenants
  • Durable NOI Growth | Net Operating Income Projected to Increase 30%+ Over The Hold — 2.66% 10-Year CAGR
  • Dominant Cleveland Retail Location | Situated At The Signalized Intersection Of Detroit & Center Road | 49,000+ VPD
  • Anchored By Marc’s Grocery | Regional Discount Grocer-Pharmacy With ~$1.9B+ Estimated Revenue And 60+ Ohio Stores*
  • National Retailers Include Starbucks, Chipotle, AT&T, America’s Best, The Vitamin Shoppe, Sport Clips, Massage Envy, And Jimmy John’s
  • 100% Triple-Net Rent Roll | All 18 Leases Pass Through Real Estate Taxes, Insurance, And CAM
  • Long-Tenured Anchor Commitment | Marc’s Has Operated At City Centre Of Avon Since 2010 (15+ Years) | Two 5-Year Options Extending Potential Occupancy To 2040
  • Diversified Income | Marc’s Contributes ~33% Of Gross Income | Balance Spread Across 17 Daily-Needs Tenants, None Exceeding ~7%
  • Exceptional Traffic Exposure | Dedicated Signalized Entrance into Property | Immediate Access To I-90 – 81,325 VPD
  • Below-Market In-Place Rents | Shop Rents Average Approximately $30 PSF Versus $35–$50 PSF Market Leasing Assumptions
  • Well-Below-Market Anchor Rent | Marc’s Pays Just $10/SF Against $15 PSF Market Rent
  • Detroit Road (SR 254) & Center Road (SR 83) Intersection & Corridor Improvement Project — Located Adjacent to the Property’s Two Entrances – Widened in Both Directions with New Turn Lanes – Estimated Completion Q4 2026
  • Affluent Cleveland Submarket | Avon AHHI $161k+ | Population Projected to Increase 6% Since 2020
  • Property Draws Approximately 1.9 Million Customer Visits Annually | Regional Trade Area Extends Across Avon, Avon Lake, North Ridgeville, Sheffield Lake, North Olmsted, And Surrounding Communities
  • Contractual Rent Growth Throughout | Nearly Every Lease Carries Scheduled Increases, With Built-In Bumps
  • Shadow-Anchored By One Of Northeast Ohio’s Premier Retail Destinations | Avon Commons Generates Approximately 7.8 Million Annual Visits
  • Approximately 20 Miles West Of Downtown Cleveland | Strategic Location Along The I-90 Corridor Providing Excellent Regional Accessibility
EXCLUSIVELY LISTED BY:

Erin Patton

Senior Managing Director