FUTURE MARK-TO-MARKET OPPORTUNITY | UNDER-MARKET MICHAELS RENT OF $8.25 PSF | SIGNIFICANT DEMAND FOR THIS SPACE FROM MULTIPLE NATIONAL TENANTS
- Michaels recently exercised their 3rd renewal option at $8.25 PSF, with no concessions despite being a $0.75 PSF (10%) increase over their prior rent, extending their term for an additional 5-years through May 2032. Additionally, Michaels expressed interest in extending for an even longer duration than their current 5-year extension. Ownership has also received significant inbound interest from desirable national tenants to backfill the space, or even a portion of it, at higher rents than what Michaels is paying should it become available.
IDEAL LOCATION ALONG COLUMBIA RD (±23,715 VPD) IN THE HEART OF A SOUGHT-AFTER CLEVELAND SUBMARKET | CONVENIENT ACCESS TO I-90 (±94,000 VPD) LESS THAN 0.5 MILE AWAY | EXCELLENT VISIBILITY WITH AN ABUNDANCE OF PARKING AND MULTIPLE POINTS OF INGRESS/EGRESS
92% OF REVENUE IS COMPRISED FROM MICHAELS & KEYBANK | RECENT EXTENSIONS FROM BOTH TENANTS AT RENT INCREASES HIGHLIGHTING THEIR DESIRE TO REMAIN HERE LONG-TERM
POTENTIAL ARBITRAGE OPPORTUNITY TO SELL OFF THE KEYBANK SEPARATELY AT A SIGNIFICANTLY LOWER CAP RATE THAN WHERE THE ENTIRE CENTER WILL TRADE
EASE OF MANAGEMENT WITH ONLY 3 TENANTS | ALL ON NNN LEASES
RECENT CAPITAL IMPROVEMENTS | SEALCOATING & RESTRIPING OF PARKING LOT IN PROCESS
OFFERED SIGNIFICANTLY BELOW REPLACEMENT COST AT $126 PSF | ANNUAL BASE RENT = $10.46 PSF | NEARLY 6 ACRE PARCEL
HIGHLY DESIRABLE DEMOGRAPHICS | 1-MILE AHHI: $132,000 | 5-MILE POPULATION: 153,000
OFFERED FREE & CLEAR OF EXISTING FINANCING

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