Investment Overview

Register to Bid and Access Due Diligence Documents on RealINSIGHT Marketplace Marcus & Millichap, in conjunction with RI Marketplace, is pleased to offer for sale the fee simple interest in the North Olmsted Retail Center, a 67,050 square foot retail center located on Lorain Road in North Olmsted, Ohio (the "Property”). Well located within one of Cleveland’s largest and busiest retail trade areas, the Property presents a strong value-add opportunity for investors to purchase an infill shopping center in a dense & affluent Cleveland west-side suburb. The offering provides stable cash flow with the opportunity to quickly enhance NOI through lease-up of vacancy. North Olmsted Retail Center is comprised of two buildings situated on 6.2 acres. The first is a 62,550 SF inline shopping center with a junior anchor box leased to Ashley Outlet, and two vacant mid-size inline shop units. The second building is a freestanding 4,500 SF building leased to Vitamin Shoppe, located at the front of the parcel with direct frontage and visibility to Lorain Road. Ashley Outlet signed a new seven-year gross lease on the 43,435-square foot box in 2022. Vitamin Shoppe has been in-place since 2003 and is leased to NNN terms. The weighted average lease term remaining of the occupied GLA is 5.2 years. Significant upside can be realized via successful lease-up of the two adjacent inline vacancies totaling 16,615 square feet. North Olmsted, Ohio is home to 5.6 million square feet of retail leased to 98% occupancy, with key traffic-driving assets including Great Northern Mall & Great Northern Plaza, which feature notable tenants Home Depot, Macy’s, Dillard’s, JCPenney, Best Buy, Dick’s Sporting Goods, Burlington, Big Lots, JOANN, PetSmart, and more. Other major retailers in the trade area include Walmart, Target, Giant Eagle, Aldi, Value City Furniture, Harbor Freight, Bob’s Discount Furniture, and dozens of national restaurant chains. The area is bolstered by several hotels, office buildings, and multifamily apartment complexes, as well as its immediate proximity to Cleveland’s major international airport (Hopkins). Demographics in the area are dense with nearly 65,000 residents in a three-mile radius and 173,000 residents in a five-mile radius, and household incomes are above-average ranging from $85,000 to $102,000 within one-, three-, and five-mile radii. Lorain Road, which the Property is located along, is a major east-west arterial spanning from Downtown Cleveland into neighboring Lorain County, and additional traffic to the area generates from the major I-480 interchange at Great Northern Boulevard and Brookpark Road, the latter of which merges into Lorain Road directly in front of the Property.