Westwood Square

Alliance | Ohio

Offering Summary

  • Status: active
  • Price: $9,345,000
  • Cap Rate: 7.50%
  • Net Operating Income: $700,724
  • Price/SF: $120
  • Year(s) Built: 1993
  • Lot Size (Acres): 6.99
  • Major Tenants: Marc's, Pet Supplies Plus, China Buffet, Rent-A-Center, CosmoProf, AT&T
  • 100% Occupied, 77,806 SF Grocery-Anchored Shopping Center in Alliance, Ohio
  • Anchored by Marc’s Grocery Store (46% of GLA) on NNN Lease thru 8/2028; Tenant Since 1993
  • History of Five 5-Yr (25 Years) of Grocer Option Renewals | < 3% All-In Rent/NNN Occupancy Cost
  • Marc’s is a Regional Discount Grocery Chain with 62 Stores in NE & Central Ohio & Estimated $1B Annual Revenue
  • 3.33% NOI CAGR Over 10-Year Hold Period
  • Co-Anchored by Pet Supplies Plus (16% of GLA) In-Place Since 1994, NNN Lease Thru 8/2024
  • Reasonable/Replaceable Average Rents of $9.83/SF NNN ($11.80/SF All-in)
  • 24 Years Weighted Avg. Tenant Tenure – 75% of GLA In-Place Since the 1990’s
  • Offered Free & Clear of Debt Allowing Prospective Purchaser to Secure New Financing According to Investment Strategy
  • 2015-Installed 80-mil TPO Roof Over Entire 77,806 SF Provides Purchaser Protection from Near-Term Cap-Ex Exposure
  • College Town – Alliance is Home to the University of Mount Union with 2,250 Students
  • Daily Needs Small-Shop Tenancy: Rent-A-Center, China Buffet, Sally Beauty, The Exchange, AT&T, Eagle Loan, Nail Salon, Hearing Solutions, Supercuts
  • 9 of 12 Tenants are National or Regional Brands
  • 8 of 12 Leases are NNN with 75% Recapture of RET/CAM/INS/MGT
  • Freestanding AT&T Building on NNN Lease Included in Sale – Potential Spin-Off Opportunity Upon Lease Extension (Prime Communications – Largest AT&T Authorized Retailer
  • Strong Traffic Counts: 21,630 Cars/Day on W State Street – Primary East-West Corridor Stretching from Route 62 thru Downtown
  • Excellent Visibility: 700+ Feet of Frontage Along W State Street, Shallow Parking Field with All Storefronts Parallel to Street & Large Pylon Sign
  • Stable & Mature Demographics: 23,793 Residents within 3-Mi & 34,116 Residents in 5-Mi
  • Neighboring Tenants Include Walmart, Lowe’s, Tractor Supply, T.J. Maxx, Goodwill, Staples, Aldi, Kohl’s, Giant Eagle & More
  • Adjacent to New 300K SF Meijer-Anchored Development Opening in 2024
  • Canton-Massillon MSA Population of 400,000; Part of the Larger Cleveland-Akron-Canton CSA with a Population of 3.5 Million
EXCLUSIVELY LISTED BY:

Scott Wiles

Senior Managing Director