Heisley Pointe

Mentor, Ohio

Offering Summary

  • Status: active
  • Price: $2,888,000
  • CAP Rate: 9.00%
  • GLA: 23,889 SF
  • Net Operating Income: $260,458
  • Price/SF: $120.89
  • Year(s) Built: 1990
  • Lot Size (Acres): 11.47
  • Major Tenants: My Kids Childcare, Dr. Danardo Scarso, DDS, Clean Eatz, UPS Store, Sumo Boy Sushi
  • 100% Occupied, 23,889 SF Hard-Corner Strip Center in Affluent Cleveland Suburb
  • Directly Between Walmart + Meijer (0.2-Mi West) and Target + Lowe’s + Kohl’s (0.4-Mi East)
  • 32,500 Cars/Day at Hard Corner Signalized Intersection; 2 Monument Signs + 2 Ingress/Egress Points
  • Affluent Area: AHHI of $96K-$98K within 1 & 3 Mile Radius Rings
  • $11.25/SF NNN Average Rent – Replaceable Rents, with Upside Potential
  • High Yield Offering: 9% CAP List, 16.7% Year 1 Cash/Cash Return with Proposed Bank Financing
  • Immediately Neighbored by Brand-New Starbucks-Anchored Retail Strip; Across from Walgreens
  • “Daily Needs”, E-Commence & Recession-Proof Tenant Roster: Daycare, Dentist, Financial Services, Staffing, Food, Print/Ship Services, and Nail Salon
  • Dense Demographics: 7K within 1-mile, 106K within 5-Miles; Surrounded by Dense Single-Family + Apartment + Condo Developments
  • Anchored by My Kids Childcare (8,950 SF, 37% of GLA) – Just Expanded by 4,200 SF in August 2020, Leased into 2024
  • Majority of Tenants Have Base Term Rent Increases and/or Increases in Options
  • Mentor Avenue is the Primary Retail Corridor in Cleveland’s Northernmost East-Side Suburbs (Mentor, Painesville, Fairport Harbor, Concord, Kirtland, Kirtland Hills, etc.)
  • 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