Erie Commons & Great Lakes Plaza

Mentor, Ohio

Erie Commons & Great Lakes Plaza

7900-8000 Plaza Blvd Mentor, OH 44060

Offering Summary

  • Status: active
  • Price: $26,180,000
  • Cap Rate: 8.50%
  • GLA: 309,761 SF
  • Net Operating Income: $2,225,393
  • Price/SF: $85
  • Year(s) Built: 1973
  • Year(s) Renovated: 1989 & 1996
  • Major Tenants: At Home, Fun City, Burlington, Planet Fitness, Petitii Garden Center, Michael's, Chuck E. Cheese, DFWH
  • 94% Occupied, 309,761 SF Shopping Center Offering in Affluent Cleveland Suburb
  • 98% of Occupied GLA (12 of 15 Tenants) are National, Regional, or Multi-Location Local Retailers; Only 5,348 SF Leased to Single-Location Local Tenants
  • Value-Add Potential: 6% of Vacant GLA Available for Lease-Up + Potential for 3 Pad Site Developments/Ground-Leases
  • Low In-Place Average Rent of $7.87/SF NNN / Materially Lower than Neighboring Competing Centers’ Rents
  • Combined 36,156 VPD between 3 Corridors Providing Property Access
  • Destination & Daily-Needs Tenancy Throughout: Experiential (x2), Fitness, Home Décor, Hobby/Craft (x2), Education, Hair, Nails, Shoes, & Discount-Retail
  • Offered at $85/SF Basis (< 30% of Replacement Cost); Extremely Low Basis Protects from New-Construction Competition and Provides Rent Flexibility vs. Neighboring Centers
  • 97% of Roofs Replaced Since 2012 with Existing Warranties In-Place
  • Easy-to-Manage Tenancy/Lease Structure: 6 Largest Tenants Comprise 84% of Occupied GLA & 80% of Revenue / 13 of 16 Leases are Triple-Net
  • Affluent/Dense Demographics: $100K – $105K 3/5-Mi AHHI; 107K Five-Mile Population
  • Shadowed by 1.2 Million SF Great Lakes Mall: 5.1M Annual Visits, #1 Visited Mall in 15-Miles; Anchored by Dick’s House of Sport (Opening Fall 2027), Dillard’s, JCPenney, Round1Entertainment, & More
  • Situated within One of Ohio’s Top Retail Trade Areas: 3.5+ Million SF of Retail / Prominent Neighbors: ALDI, T.J. Maxx, Ross, Marshalls, Best Buy, Hobby Lobby, Levin Furniture, Ashley, Atlas Cinemas, Barnes & Noble, Dick’s House of Sport, Old Navy, and Dozens of Restaurants
  • Located within the 2.2M Person Cleveland MSA; Part of the Larger 3.7M Person Cleveland-Akron-Canton CSA
EXCLUSIVELY LISTED BY:

Scott Wiles

Senior Managing Director