The Venue at Belden

North Canton | Ohio

Offering Summary

  • Status: just listed
  • Price: CFO 6/20
  • Year 1 NOI: $2,089,633
  • GLA: 157,632 SF
  • Net Operating Income: $2,089,633
  • Year(s) Renovated: 2016/2017
  • Major Tenants: Burlington, TJ Maxx, Homegoods, EarthFare, Fazoli's Ground Lease,

Call for Offers June 20th, 2024

  • Major Intersection, Highway-Adjacent Center Located in the Heart of the Belden Village Trade Area with 7.2 Million SF of Retail Leased to 98% Occupancy
  • Offered Free & Clear of Debt; Potential to Assume of Low-Leverage Fully-Amortizing LifeCo Loan – Contact Agent for Details
  • Anchored by Four National Junior Box Tenants – Burlington, T.J. Maxx, HomeGoods & Earth Fare – who Collectively Occupy 64% of GLA and Contribute 55% of Gross Income
  • Earth Fare Rollover Risk Mitigated by Low Rent, Verbal Commitment to Space, and Solid Backfill Leads – Contact Agent for Details
  • Completely Redeveloped & Re-tenanted to Class “A” Quality in 2016/2017 with Portions of Center being Ground-up New Construction
  • 5 Yrs WALT Amongst Top 4 Tenants and 4.4 Yrs WALT Overall; Below-Market Overall Average In-Place Rent of $14/SF NNN
  • Completely Redeveloped & Re-tenanted to Class “A” Quality in 2016/2017 with Portions of Center being Ground-up New Construction
  • Freestanding Fazoli’s Included in Sale – No Options Remaining with June 2027 Expiration and $55K Annual Rent that is 100% Below-Market
  • 2-Tenant NNN Strip Center Outparcel Included in Sale with Jersey Mike’s Subs & Dave’s Hot Chicken – Potential Spin-Off Opportunity
  • Strong Roster of Supporting Shop Tenants Including Nationals Kirkland’s, Talbots & Skechers Outlet (All In-Place Since 2016/17) and Well-Known Local Multi-Unit Businesses Fat Head’s Brewery and Malley’s Chocolates
  • Majority NNN Leases with Strong 92.55% Reimbursement of Tax/Ins/CAM OpEx on 94.24% Physical Occupancy
  • Brand New Roofs to be Installed in 2024 on 55% of GLA; Majority of Other CapEx Items Are 2016 or Newer with Substantial Useful Life Remaining
  • Located at the Hard Corner of Whipple Ave NW & Everhard Rd NW with a Combined 50,520 VPD at the Intersection; Ingress/Egress and Pylon Signage to Both Streets
  • Just 0.1-Mi from I-77 Exit Ramps; I-77 Sees 85,500 VPD
  • 0.3-Mile from Pacific Retail-owned Belden Village Mall with 5.4M Visits Annually and Amongst a Who’s Who of Major Big-Box & Junior Box Retailers
  • Dense Middle-Income Demographics: 53,717/3-Mi & 153,090/5-Mi Population Counts Residents in 5-Mi; AHHI of $72-82K in 1/3/5-Mi Radius Rings
  • Part of the Canton-Massillon MSA with a Population of 400,000; Part of the Larger Cleveland-Akron-Canton CSA which is Home to a Population of Over 3.5 Million
EXCLUSIVELY LISTED BY:

Erin Patton

Senior Managing Director