ETON Chagrin Boulevard

Woodmere | OH (Cleveland MSA)

Offering Summary

  • Status: active
  • Price: Open Bid
  • GLA: 333,743 SF
  • Occupancy: 89.19%
  • Net Operating Income: $7,492,442
  • Major Tenants: Barnes & Noble, Apple, Trader Joe’s, Lululemon, Tiffany & Co., Vuori, Kendra Scott

Premier Property

  • 333,743 SF Trophy Lifestyle Center with High-Street Positioning on Cleveland’s Most Sought-After Corridor
  • Best-in-Class Tenant Mix: Apple, Trader Joe’s, Lululemon, Tiffany & Co., Vuori, Kendra Scott, etc.
  • $869/SF in Reported Tenant Sales Across 128K SF of Exterior-Retail Reporting* | #2 Ranked Shopping Center in Cleveland MSA (Placer.ai)
  • #1 Stores in Ohio for Trader Joe’s, Apple, lululemon, Tiffany & Co., Kendra Scott, Orvis, & others; #2 in Ohio for Brooks Brothers, Sur la Table, & Anthropologie (source Placer.ai)
  • Recent $65 – $75/SF Lease Deals Reinforce Dramatic Mark-to-Market Upside; Outperforming 75% of In-Place Exterior-Retail Rents
  • Immediate Upside via Backfilling 4 Exterior Retail Units (21,649 SF, $1.38M+ of Market Rent Potential) & Leasing/Developing 1.77 Acre Tract
  • 3.4% 10-Year NOI CAGR / 3.3% 7-Year CAGR / 3.5% 5-Year CAGR; Myriad NOI Growth Opportunities
  • Asset Cash-Flow Led by Exterior-Retail GLA/Tenancy: 84.5% of NOI; Primary Source of NOI/Value Growth
  • Unparalleled High-Image, Class “A” Architectural Gem; Lifestyle-Centric Design & Award Winning Landscaping
  • Recent 7-10 Yr Lease Commitments from Barnes & Noble, Vuori, Free People, PopUp Bagels, Purple, Body Alive, Anthropologie, Cold Stone, & Keller Williams
  • 5.5 Year WALT on Office Tenancy | 9 of 11 Office Tenants (76.9% of GLA) Leased to 2030 or Beyond

Prime Trade Area

  • Infill, High Barriers-to-Entry Submarket– Thriving Commercial Corridor with No Immediately Available Competing Developable Land
  • “High Street Retail” Positioning with Storefronts Parallel to Chagrin Blvd Traffic; Convenient Surface Storefront Parking
  • Less than ½ Mile from I-271 (158,830 VPD);Located along Chagrin Boulevard (31,557 VPD, One of the East Side’s Top Corridors)
  • Synergistic, Immediate Proximity to Whole Foods, Pottery Barn, RH, & REI-anchored Pinecrest Lifestyle Center Development – 400K Retail / 150K Office / 87 Luxury Apartments / 145-Room Marriott AC Hotel
  • 15 Hotels within 1.2 Miles (2.3M SF, 3,000+Rooms); Contemporary & Boutique Brands including AC Hotels (Marriott), Aloft (Starwood),Hotel Indigo (IHG), and Home2 Suites (Hilton)
  • Prime Positioning among Cleveland’s Most Affluent Suburbs: AHHI of $157,268 in 1-Mile; $128,170 in 3-Miles
  • Epicenter of Area’s Top Dining Destinations: RED the Steakhouse (#3 Steakhouse in CLE), Pacific East (#2 Sushi in CLE), Cult-Favorite PopUp Bagels, Taza Grill, Fiamma by Mendel, etc.
EXCLUSIVELY LISTED BY:

Scott Wiles

Senior Managing Director