Points East Shopping Center

Mentor | Ohio (Cleveland MSA)

Points East Shopping Center

7353 Mentor Ave, Mentor, OH 44060

Offering Summary

  • Status: under contract
  • Price: $32,961,000
  • Cap Rate: 7.11%
  • GLA: 199,004 SF
  • Major Tenants: Marc's, Marshalls, DSW, Old Navy, Pet Supplies Plus, The Tile Shop, Panera, NTB
  • 97.09% Occupied, 199,004 SF Grocery Anchored Shopping Center in AffluentCleveland Suburb
  • Below-Market Assumable CMBS Debt: 4.525% IR, 30-Yr AM, 7/2025 Maturity
  • 45,852 Cars/Day – One of Busiest Intersections in Trade-Area
  • Anchored by Marc’s Grocery Store (20% of GLA); $544/SF in Sales (2.1% R/S Ratio); Recent Extension thru 5/2028
  • Marc’s – Original Tenant Since 1988 (35-Year Tenure); 62 Locations in Ohio; $1B+ (Est.) Annual Revenue
  • Six Jr. Anchors Occupy 50% of GLA: Staggered Expirations (2024-2033); 19.1 Years Weighted Tenure
  • 2.9% NOI CAGR thru Year 6; 2.1% NOI CAGR thru Year 10
  • All Six Jr. Anchors are National Tenants; 5 of 6 Junior Anchors are Publicly Traded
  • 0.6-Mile to OH-2 (74,750 Cars/Day); 0.8-Mile to I-90 (71,570 Cars/Day)
  • 51% of GLA In-Place 25+ Years; 37% of GLA In-Place Since 1988 Construction (35 Years)
  • Daily Needs Small-Shop Tenant Base –Bank, Food, Hair, Professional Services, Phone, etc.
  • Strong Leasing Momentum:
    • Five Below: New 10-Year Lease thru  5/2033
    • Pending New Restaurant Lease:Panera Endcap Backfill
    • Hallmark: New 5-Year Lease on 4,350 SF
  • Brand-New Panera Bread w/ Drive-Thru + NTB Outparcels Included in Sale
  • Top-Performing Regional Retail Corridor – 3.5+ Million SF of Retail Including Aldi, TJX, Ross, Best Buy, Hobby Lobby, Burlington, etc.
  • 0.9-Mi to 1.2M SF Great Lakes Mall – Top Mall within 15 Miles; Top 25% of Malls in Ohio
  • Affluent/Dense Demos: $82,149 3-Mi AHHI; 112,403 5-Mi Population
  • Cleveland MSA – Home to a Population of Over 2 Million; Part of the Larger Cleveland Akron-Canton CSA (3.5M)
EXCLUSIVELY LISTED BY:

Scott Wiles

Senior Managing Director