Turney Town Plaza

Garfield Heights | Ohio

Offering Summary

  • Status: accepted offer
  • Price: $10,685,000
  • Cap Rate: 8.50%
  • GLA: 168,062 SF
  • Net Operating Income: $908,310
  • Price/SF: $64
  • Year(s) Built: 1958 & 1962
  • Lot Size (Acres): 13.69
  • Major Tenants: Dave's Market, Sav-More Liquidation, Exceeding Stars Development Center, Affordable Uniforms, Affordable Storage Room, Advance Auto Parts
  • 100% Occupied, 168,062 SF Grocery-Anchored Community Shopping Center in Garfield Heights, OH (Cleveland MSA)
  • Anchored by Dave’s Markets Grocery Store (34% of GLA) on NNN Lease thru 12/2026 – Grocery Anchor In-Place for 45 Years
  • Dave’s Markets is a Local Grocery Chain in Business Since the 1920’s with 12 Locations Throughout Cleveland & Akron and 1,500+ Employees
  • Dave’s Markets Reports Consistently Strong Sales; Low 1.77% Rent-to-Sales Ratio
  • Offered Free & Clear of Existing Debt Providing Ability for Purchaser to Secure Acquisition Financing Pursuant to Investment Strategy
  • Cheap/Replaceable Rents Averaging $5.41/SF NNN ($8.97/SF Gross)
  • High-Yield Opportunity Priced Well-Below Replacement Cost at $63/SF
  • Substantial Base of Long-Term Tenants – 54% of GLA In-Place 20+ Years
  • Dense Infill Demographics – 14,100 Residents within 1-Mi; 87,400/3-Mi and 254,500/5-Mi Population Counts
  • Daily Needs Community Shopping Center with No Exposure to Junior-Box Retail; Majority of Shop Tenants are E-Commerce Proof Service Businesses, Convenience Retail & Restaurants
  • New Facade Installed at Shopping Center in 2016
  • National Small-Shop Tenants Include Advance Auto Parts, Sherwin-Williams, Huntington Bank, Domino’s Pizza, H&R Block, Rent-A-Center, Subway & Young America Insurance
  • 1,000 Feet of Frontage Along Turney Road – Garfield Heights’ Primary Thoroughfare with 20,000 Cars/Day
  • Garfield Heights is a “City of Homes” – 29,000 Residents with Very Little Retail/Commercial Presence Creating Historically High Occupancy & Minimal Competition for Tenants
  • 13 Minutes/6 Miles from Downtown Cleveland – Cleveland MSA is Home to a Population of Over 2 Million & Part of the Larger Cleveland-Akron-Canton CSA with a Population of 3.5 Million

Erin Patton

Senior Managing Director