Shopping Community
Laurel Square Shopping Center
1789 Pearl Rd, Brunswick, OH 44212
Listing Price: $15,975,000
Investment Overview
Marcus & Millichap is Pleased to Present for Sale Laurel Square Shopping Center, an 87 Percent Occupied, 181,728-Square-Foot Community Shopping Center in Brunswick, Ohio (Cleveland MSA). Major Renovation c. 2017 Including New Storefronts and Facades, Painting, Signage, etc.; Several Roof Sections Replaced Since 2019. Upside via Lease-Up of Five Small-Shop Vacancies Ranging
from 2,250 – 6,700 Square Feet Each, Totaling 23,389 Square Feet (13 Percent of Gross Leasable Area). Situated on Massive Approximately 17.5-Acre Hard Corner Site with a Combined 23,000 Vehicles per Day. Located Along Pearl Road/Route 42 – Primary North-South Arterial with 16,000 Vehicles per Day - Extends North to Downtown Cleveland and South to Medina and Beyond
Laurel Square Shopping Center
Investment Highlights
- 87 Percent Occupied, 181,728-Square-Foot Community Shopping Center in Brunswick, Ohio (Cleveland MSA)
- 4.1 Years WALT with Four of Five Major Tenants Leased into 2027 or Beyond
- Five National Junior Box Tenants Comprise 72 Percent of Occupied Gross Leasable Area and Contribute 71 Percent of Gross Income
- 9.6 Percent Pro Forma Cap Rate Potential Upon Execution of Light Value-Add Strategy via Small-Shop Lease-Up
- Major Renovation c. 2017 Including New Storefronts & Facades, Painting, Signage, etc.; Several Roof Sections Replaced Since 2019
- Priced Below Replacement Cost at $87 per Square Foot
- Offered Free and Clear of Debt Allowing Purchaser to Secure New Acquisition Financing According to Investment Strategy
- Offering Includes Three-Tenant Freestanding Outparcel Building with Mr. Hero, Fatbob Pizza, and Brunswick Family Restaurant
Listing Price: $15,975,000
Investment Highlights
- 87 Percent Occupied, 181,728-Square-Foot Community Shopping Center in Brunswick, Ohio (Cleveland MSA)
- 4.1 Years WALT with Four of Five Major Tenants Leased into 2027 or Beyond
- Five National Junior Box Tenants Comprise 72 Percent of Occupied Gross Leasable Area and Contribute 71 Percent of Gross Income
- 9.6 Percent Pro Forma Cap Rate Potential Upon Execution of Light Value-Add Strategy via Small-Shop Lease-Up
- Major Renovation c. 2017 Including New Storefronts & Facades, Painting, Signage, etc.; Several Roof Sections Replaced Since 2019
- Priced Below Replacement Cost at $87 per Square Foot
- Offered Free and Clear of Debt Allowing Purchaser to Secure New Acquisition Financing According to Investment Strategy
- Offering Includes Three-Tenant Freestanding Outparcel Building with Mr. Hero, Fatbob Pizza, and Brunswick Family Restaurant
Investment Overview
Marcus & Millichap is Pleased to Present for Sale Laurel Square Shopping Center, an 87 Percent Occupied, 181,728-Square-Foot Community Shopping Center in Brunswick, Ohio (Cleveland MSA). Major Renovation c. 2017 Including New Storefronts and Facades, Painting, Signage, etc.; Several Roof Sections Replaced Since 2019. Upside via Lease-Up of Five Small-Shop Vacancies Ranging from 2,250 – 6,700 Square Feet Each, Totaling 23,389 Square Feet (13 Percent of Gross Leasable Area). Situated on Massive Approximately 17.5-Acre Hard Corner Site with a Combined 23,000 Vehicles per Day. Located Along Pearl Road/Route 42 – Primary North-South Arterial with 16,000 Vehicles per Day - Extends North to Downtown Cleveland and South to Medina and Beyond
To view property details and documents, sign up for a free MyMMI account.
Explore exclusive listings, access research insights, and set up automated alerts for a personalized experience. Sign up now to elevate your property search.
