Crocker Commons

Westlake | OH (Cleveland MSA)

Offering Summary

  • Status: under contract
  • Price: Determined by Market
  • Occupancy: 100%
  • GLA: 28,612 SF
  • Year(s) Built: 2023
  • Major Tenants: Kitchen Social, University Hospitals Urgent Care, Mission BBQ, Shake Shack, Verizon, Choolaah
  • 28,612 SF 2023-Built, Class “A” Strip Centers in Uber-Affluent Cleveland Suburb ($131K-$133K AHHI in 1 & 3-Mi)
  • Weighted Average Lease Term (WALT) of 9.6 Years; 8 of 9 Leases have 10 – 11 Year Initial Terms
  • Directly Across from Crocker Park (#5 Ranked Retail Center in USA – Aug/2023); 4.5M SF Lifestyle Center with 10 Million Annual Visitors
  • Prime Frontage to 26,000 VPD on Crocker Road; Just 0.7-Mile to I-90 Exit Ramps with 138,000 VPD
  • Generational-Quality Investment: “A” Location, “A” Buildings, Majority Corporate Leases/Tenants
  • 9 Tenants Amidst 2 Neighboring Strips: 4 Endcap Units, 3 Outdoor Patios, 2 Drive-Thru’s
  • 6 of 9 Tenants with 10% Increases Every 5 Years, 2 Tenants with 2% Annual Increases; 1 Tenant with 5% – 10% Increases Every 5 Years
  • 5 Restaurant Tenants (61% of GLA) are Proven Concept, Multi-Location Corporate Operators
  • Shake Shack (NYSE: SHAK), Mission BBQ (Private, 130+ Units), Choolah & Kitchen Social (Each 5-7 Unit Growing Chains), Pending Tenant
  • Strong “Med-tail” Roster (3 Tenants, 28% of GLA) – University Hospitals Urgent Care (partnership w/WellStreet, 100+ Units), The Skin Center (9-Unit MedSpa Chain), and The Kids Dentist
  • Corporate Verizon Lease (10.5% of GLA); Relocation from Crocker Park
  • All Tenants are Subject to NNN Leases Including Mgmt and/or Admin Fees
  • 2023-Built, Modern & High-Quality Structure with “Jewel Box” Mixed Materials Exterior
  • Large 4.8-Acre Parcel with High Intrinsic Value in the Dirt & Improvements
  • Dense and Growing Demographics: 9,000/1-Mi (+12% Since 2010), 58,500/3-Mi, and 155,000/5-Mi Population Counts
  • Who’s Who of Major National Retailers and Sought After Boutique Retailers in Immediate Vicinity Creates True Retail “Destination” – Apple Store, Trader Joe’s,
  • Nordstrom Rack, lululemon, Nike, LEGO, Sierra, Homesense, Market District, Fresh Thyme, Warby Parker, Fabletics, Dry Goods, etc.
  • Westlake – Highly Desirable and Affluent West-Side Suburb with High Home Values, Great Public Schools, and Excellent Commercial Base

Scott Wiles

Senior Managing Director