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 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
EXCLUSIVELY LISTED BY:

Scott Wiles

Senior Managing Director