Portage Crossing

Cuyahoga Falls | Ohio

Offering Summary

  • Status: accepted offer
  • Price: $25,065,000
  • Cap Rate: 8.00%
  • GLA: 120,536 SF
  • Net Operating Income: $2,005,361
  • Price/SF: $208
  • Year(s) Built: 2014
  • Year(s) Renovated: 2016
  • Lot Size (Acres): 14.09 Acres
  • Lease Type: NNN & Gross
  • Major Tenants: Esporta, Cinemark, Pet Supplies Plus, First Watch
  • 98% Occupied, 120,536 SF Class “A” Grocery-Shadowed Shopping Center in Akron MSA
  • Shadowed by #1 Trafficked Giant Eagle in Ohio (#6 out of 205 Chainwide), with 1.6M/Year Visitors – source Placer.ai
  • 52,290 VPD at High-Traffic, 5 Signalized Intersection Central Location
  • 6.0 Years WALT Across 14 Tenants; Top 5 Tenants (83.1% of Occupied GLA) All Have Term into 2030 or Beyond
  • Potential to Execute Spin-Off/Break-Up Strategy to Reduce Basis and Take Advantage of CAP Rate Arbitrage
  • SBUX/First Watch 2-Tenant NNN Hard-Corner Outparcel; SBUX Has Drive-thru
  • Two 5-Unit Strip Centers with 9 Daily Needs Tenants (1 Vacancy)
  • Major Freestanding Components with 2030/2031 Expirations – Cinemark, Esporta, Pet Supplies Plus
  • 93.1% of Occupied GLA In-Place Since Original 2014-2016 Construction; Several Have Recently Executed Renewals
  • Offers 11.7% Y1 Cash-on-Cash Return & 14.6% 10-Year Leveraged IRR with Projected 10-Yr IO Financing at 68% LTV, 6.15% Rate
  • Anchored by Esporta (37% of GLA) – LA Fitness’ Value-Oriented Concept w/ Recent Extension thru November 2031
  • Co-Anchored by Cinemark with NextGen & XD (29% of GLA) – Below Market $11.03/SF NOI ($384K); Recent Extension thru December 2030
  • #1 Ranked of 16 Locations in Ohio and 77th Percentile Nationally by Visits/SF; 558K Customer Visits Annually
  • Strong Visits/SF Ranking Indicative of Strong Performance Relative to Larger Cinemark Theaters; Smaller-Scale 10-Screen/35K SF Format
  • Below-Market, Covered Land Play Opportunity: $384K NOI on +/- 5.4 Acre Tract; Very Low +/- 14.8% Building : Land (FAR) Site Coverage / Redevelopment Opportunity
  • Six Buildings in a Town Center Walkable/Drivable Setting; Modern Construction Built 2014-2016
  • Esporta (LA Fitness), Cinemark, & Pet Supplies Plus are all Freestanding Single-Tenant Buildings
  • Major National Shop Tenants Include Pet Supplies Plus, First Watch, LensCrafters, Burger Fi, Chipotle, Tropical Smoothie Café, Starbucks, GNC, and Supercuts
  • Free & Clear of Debt Allowing Prospective Purchaser to Procure New Financing According to Investment Strategy
  • Within Walking Distance to Cuyahoga Falls’ New High School – $120 Million, 360,000 SF School + Stadium Complex
  • Dense Infill Middle-Income Demographics: 11,600/1-Mi & 158,800/5-Mi Population Counts; AHHI of $78-85K in 1/3/5-Mi Radii
  • Akron MSA – Home to a Population of 700,000 and Part of the Larger Cleveland-Akron-Canton CSA with a Population of 3.7 Million
EXCLUSIVELY LISTED BY:

Scott Wiles

Senior Managing Director