Shopping Neighborhood
Ridgewood Crossing
620 Ridgewood Crossing, Fairlawn, OH 44333
Listing Price: $4,935,000
Investment Overview
Marcus & Millichap is pleased to present for sale Ridgewood Crossing in Fairlawn, Ohio. 94 percent occupied, 25,133 square-foot neighborhood retail strip in Akron, Ohio. Offering Includes 1.3-Acre Developable Outparcel with Direct Frontage & Visibility to Ridgewood Road. Located at I-77 exit ramps with I-77 seeing 71,500 vehicles per day. Prominent pylon signage and visibility from Ridgewood Road with 10,800 vehicles per day. Potential to add additional freestanding GLA – Large 6.7 acre parcel.
Ridgewood Crossing
Investment Highlights
- 94 Percent Occupied, 25,133 Square-Foot Neighborhood Retail Strip in Akron, Ohio
- Anchored by Dr. George & Dr. Grucella Family Dentistry (Family Dental Team Inc.) (36 Percent of GLA) In-Place Since 2009 and Leased to Triple-Net (NNN) Terms Through June 2029
- 10.16 Percent Pro Forma CAP with Lease-Up and Outparcel Deal
- Offering Includes 1.3-Acre Developable Outparcel with Direct Frontage and Visibility to Ridgewood Road
- Anticipated Outparcel Rent of $75K per Year Absolute Triple-Net; Outparcel Deal Could add 150 bps to Cap Rate
- Pending Interest at $22 per Square Foot Triple-Net to Fill Remaining 4,000 Square Foot Vacancy – Would Add $100K to NOI (Plus 29 Percent); Not Factored into List Price
- National Tenants Old Carolina BBQ (13.5 Percent of GLA) and Edible Arrangements (8.36 Percennt of GLA) on Triple-Net Leases
- Potential for Additional Freestanding GLA on 6.7-Acre Main Parcel; Pad Sites Surround Main Strip
Listing Price: $4,935,000
Investment Highlights
- 94 Percent Occupied, 25,133 Square-Foot Neighborhood Retail Strip in Akron, Ohio
- Anchored by Dr. George & Dr. Grucella Family Dentistry (Family Dental Team Inc.) (36 Percent of GLA) In-Place Since 2009 and Leased to Triple-Net (NNN) Terms Through June 2029
- 10.16 Percent Pro Forma CAP with Lease-Up and Outparcel Deal
- Offering Includes 1.3-Acre Developable Outparcel with Direct Frontage and Visibility to Ridgewood Road
- Anticipated Outparcel Rent of $75K per Year Absolute Triple-Net; Outparcel Deal Could add 150 bps to Cap Rate
- Pending Interest at $22 per Square Foot Triple-Net to Fill Remaining 4,000 Square Foot Vacancy – Would Add $100K to NOI (Plus 29 Percent); Not Factored into List Price
- National Tenants Old Carolina BBQ (13.5 Percent of GLA) and Edible Arrangements (8.36 Percennt of GLA) on Triple-Net Leases
- Potential for Additional Freestanding GLA on 6.7-Acre Main Parcel; Pad Sites Surround Main Strip
Investment Overview
Marcus & Millichap is pleased to present for sale Ridgewood Crossing in Fairlawn, Ohio. 94 percent occupied, 25,133 square-foot neighborhood retail strip in Akron, Ohio. Offering Includes 1.3-Acre Developable Outparcel with Direct Frontage & Visibility to Ridgewood Road. Located at I-77 exit ramps with I-77 seeing 71,500 vehicles per day. Prominent pylon signage and visibility from Ridgewood Road with 10,800 vehicles per day. Potential to add additional freestanding GLA – Large 6.7 acre parcel.
