Providence Square

North Ridgeville, Ohio

Offering Summary

  • Status: accepted offer
  • Price: $3,530,000
  • CAP Rate: 8.25%
  • GLA: 22,804 SF
  • Net Operating Income: $291,231
  • Price/SF: $154.80
  • Year(s) Built: 2006
  • Lot Size (Acres): TBD Upon Lot Split
  • Major Tenants: Sherwin Williams, Complexions Beauty Bar, Citizens Bank, Color Nail & Spa
  • 88% Occupied, 22,804 SF Neighborhood Strip Center Offering
  • Located in North Ridgeville (2nd Fastest Growing City in Cleveland MSA), 1.5 Miles from Avon (Fastest Growing City in Cleveland MSA, Ranked #1 Cleveland Suburb in 2016)
  • Anchored by Sherwin-Williams (18.4% of GLA) – Original Tenant In-Place Since 2006, HQ in Downtown Cleveland
  • 9.5% Stabilized CAP Rate: Upside via Lease-Up of Two Small-Shop Units (1,660 SF & 1,050 SF)
  • Offers 13.2% Cash-on-Cash Return & 20.1% Total Return at List Price
  • Reasonable/Replaceable Rents: $14.39/SF NNN Avg.
  • All NNN Leases – 90% Recapture of RET/INS/CAM/MGT Expenses on 88% Occupancy
  • Infill, Affluent Population Base – 10,034 Residents within 1-Mi; $96K AHHI within 3-Mi
  • Shadowed by Giant Eagle – #1 Grocer in Cleveland MSA
  • Located on Center Ridge Road (17,316 Cars/Day) – Road Widening Project to Accommodate Increasing Traffic is Near Completion
  • Mostly E-Commerce-Proof “Daily Needs” Tenants – Financial Services, Restaurants, Dental & Medical Offices, and Hair & Nail Salons
  • Base Term Rent Increases Provides Substantial NOI Growth Over the Hold Period
  • Well-Utilized Endcap Spaces: Citizens Bank with Drive-Thru Window in East Endcap and All Fired Up Sports Bar in West Endcap with Partially Covered Outdoor Seating Area
  • Located within the Primary Retail Corridor for the Immediate Trade Area with Nearby Retailers Including Giant Eagle, Aldi, Marc’s, Walgreens, CVS, Goodwill, Dollar Tree, Pet Valu, Advance Auto, O’Reilly, and Several Fast Food Restaurants
  • Cleveland-Elyria MSA Population of Over 2 Million; Part of the Larger Cleveland-Akron-Canton CSA with a Population of 3.6 Million
EXCLUSIVELY LISTED BY:

Scott Wiles

Principals