Portfolio Highlights
- 72.2% Occupied, 312,866 SF Portfolio of Two Community Centers in Affluent Cleveland Suburb
- Individual Assets Located Directly Adjacent to Each Other; Synergy for Package Acquisition
- Strong Value-Add Potential via Lease-Up of 27.8% Vacant GLA Consisting of One 69K SF Box Vacancy, One 10K SF Jr. Box Vacancy, & Two Shop Vacancies Totaling 7K SF
- Projected 60% (+$854K) NOI Increase Through Lease-Up Occupancy Stabilization
- 97.6% of Occupied GLA (10 of 13 Tenants) are National or Regional Retailers; Only 5,348 SF Leased to Local Tenants
- Portfolio NOI of $4.51/SF, Providing an Opportunity to Acquire Both Assets Well-Below Replacement Cost
- At Home, JO-ANN, Burlington, Petitti & Michaels Comprise 84% of Occupied GLA & 77% of Rent & Reimbursement Revenue
- Offered Free & Clear of Debt – Allowing Prospective Purchaser an Opportunity to Coordinate Bridge or Perm Financing According to Investment Strategy
- Attractive Bank and Bridge Debt Options Available – See Debt Matrix, and Contact Agent for Details
- Shadowed by 1.2 Million SF Great Lakes Mall with Tenants Including Dick’s Sporting Goods, Dillard’s, JCPenney, Round1 Entertainment, Planet Fitness & More
- 97% of Roofs Replaced 2012 – 2019 (2027 – 2039 Warranties); 22% in 2012 / 52% in 2014 / 4% in 2015 / 19% in 2019Just
- Off Mentor Ave with 18,000 Cars/Day; Additional Traffic from Johnnycake Ridge Rd with 9,000 Cars/Day
- Affluent/Dense Demographics: $71-$82K 1/3/5-Mile AHHI; 107,303 Five-Mile Population
- Situated within Prominent Mentor Ave Retail Node with Over 3.5 Million SF of Retail Including Aldi, T.J. Maxx, Ross, Marshalls, Best Buy, Hobby Lobby, Value City Furniture, Levin Furniture, Barnes & Noble, Marc’s, and Dozens of Restaurants
- Cleveland MSA – Home to a Population of Over 2 Million, Part of the Larger Cleveland-Akron-Canton CSA with a Population of 3.5 Million
Erie Commons
- 68% Occupied, 232,386 SF Value-Add Shopping Center
- Projected 76% (+$712K) NOI Increase Projected Through Lease-Up Occupancy Stabilization
- Anchored by At Home (36.8% of GLA) on NNN Lease thru February 2025
- Replaceable Rents Averaging $8.15/SF NNN
- Co-Anchored by JO-ANN (15.7% of GLA) on NNN Lease thru January 2025 & Petitti Garden Center (8.3% of GLA) Leased thru April 2031
- Immense Value-Add Opportunity in Backfilling of 69,490 SF Former Giant Eagle Box (30.2% of GLA) with Projected Potential Rent of $10/SF
- Petitti is a Prominent Regional Garden Center Chain in Business 50+ Years with Nine Locations throughout Northern Ohio
- Shop Tenants Include Chuck E. Cheese, Spectrum, Huntington Learning Center & 2 Local Salons
- 100% of Roofs Replaced Since 2012 (2027 – 2029 Warranties); 70% Installed in 2014 (2029 Warranty)
- 7 of 8 Tenants are Structured on NNN Leases
Great Lakes Plaza
- 84% Occupied, 80,480 SF Value-Add Shopping Center
- Anchored by Burlington (40.2% of GLA) – New Tenant in 2019 on NNN Lease thru February 2030
- Co-Anchored by Michaels (22% of GLA) on NNN Lease thru February 2024
- National Small-Shop Tenants Include Hobby Town (10.4% of GLA) and Famous Footwear (7.7% of GLA)
- Replaceable Rents Averaging $8.39/SF NNN
- Upside via Lease-Up of Two Vacancies – 10,095 SF and 3,100 – Totaling 16.4% of GLA with Projected Potential Rent of $8-11/SF NNN
- 100% of Tenants Structured on NNN Leases
- 87% of Roofs Replaced Since 2015 (2035 – 2039 Warranties); 73% Installed in 2019 (2039 Warranty)
- Strong 78% Recovery of TAX/CAM/INS Expenses on 83% Physical Occupancy
- Strong Cross-Traffic via Sandwiched between Best Buy + Ashley Furniture Center to North; At Home + Jo-Ann + Petitti Anchored Center to South
