Kingston Corners Shopping Center

Olmsted Township | Ohio

Kingston Corners Shopping Center

27097 Bagley Rd Olmsted Township OH, 44138

Offering Summary

  • Status: just listed
  • Price: $8,120,000
  • CAP Rate: 8.00%
  • GLA: 57,275 SF
  • Net Operating Income: $649,529
  • Price/SF: $142
  • Year(s) Built: 1985
  • Year(s) Renovated: 1992 & 2023
  • Lot Size (Acres): 4.899
  • Major Tenants: Shaker’s MarketPlace Grocery Store, Cleveland Clinic Express + Outpatient Care, Mi Rancho Mexican Restaurant, Angelina’s Pizza, The Original Steak and Hoagies
  • 100% Occupied, 57,275 SF Grocery-Anchored Neighborhood Retail Center in Olmsted Township, OH (Cleveland MSA)
  • Anchored by Shaker’s MarketPlace (59% of GLA) on NNN Lease thru July 2029
  • Shaker’s MarketPlace is Owned by a Multi-Unit Local Grocery Operator In Business Since the 1990’s
  • No Remaining Renewal Options for Shaker’s | Opportunity for Rent Upside and/or Credit Enhancement
  • Cleveland Clinic (15% of GLA) – Express & Outpatient Care Facility in Endcap Unit; NNN Lease thru 2026
  • Affluent, Highly-Desirable Area: $128K AHHI within 1-Mile
  • 3-Tenant Outparcel Building with Majority Long-Term Leases Included in Sale – Located Directly at Hard Corner Intersection with Recent Façade Renovation
    • Tenants Include Mi Rancho Mexican Restaurant (2033 exp.), J.R. Miller Martial Arts (2026 Exp.), and The Original Steaks & Hoagies (2033 exp.)
  • Remaining Inline GLA Includes 7 Highly Desirable Small-Shop Units Ranging from 1,110 – 1,800 SF Each
    • All 7 Units Leased to Daily-Needs Operators: Pizza, Barber Shop, Coffee, Restaurants, Hair/Nails, Veterinarian
  • All 12 Tenants are NNN, 100% Recovery of Tax/Ins/CAM Expenses via NNN Lease Structures
  • Located at Epicenter of Olmsted Township’s Planned “Town Center” Development – Township is Commencing Infrastructure/Road-Widening Efforts
  • 91.6% Recovery of Landlord Operating Expenses via Majority NNN Lease Structure
  • Only Shopping Center in the Area – Little to No Competition
  • In-Place Rents Averaging $15.75/SF All-in ($11.83/SF NNN)
  • Located at the Hard Corner of Bagley & Stearns Roads with 18,000+ VPD
  • 1.6 Miles South of I-480 Exit Ramps at Stearns Road; I-480 Sees 60,435 VPD
  • Located in the Path of Growth/New Housing Development with Pulte Homes, K. Hovanian & Windward Communities All Building New Single-Family Housing in Olmsted Township
    • Drees Homes, Diyanni Homes, Ryan Homes, and More are all Building in Nearby Eaton, Columbia Station, North Ridgeville, Westlake, etc.
  • Cleveland MSA – Home to a Population of Over 2 Million; Part of the Larger Cleveland-Akron-Canton MSA with a Population of 3.5 Million
EXCLUSIVELY LISTED BY:

Scott Wiles

Senior Managing Director