94% Occupied, 309,761 SF Portfolio of Two Community Centers in Affluent Cleveland Suburb
Individual Assets Located Directly Adjacent to Each Other; Synergy for Package Acquisition
Value-Add Potential via Lease-Up of 5.90% Vacant GLA Consisting of One 11K SF Vacancy & Two Shop Vacancies Totaling 7K SF
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
NOI of $7.18/SF, Providing an Opportunity to Acquire Both Assets Well-Below Replacement Cost
At Home, Fun City, Burlington, Planet Fitness, Petitti & Michaels Comprise 84% of Occupied GLA & 80% of Rent & Reimbursement Revenue
Offered Free & Clear of Debt – Allowing Prospective Purchaser an Opportunity to Coordinate Bridge or Perm Financing According to Investment Strategy
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 2019
Just Off Mentor Ave with 16,678 Cars/Day; Additional Traffic from Johnnycake Ridge Rd with 9,130 Cars/Day
Affluent/Dense Demographics: $106K-$107K 1/3/5-Mile AHHI; 106K 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, 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