Shopping Neighborhood
Discount Drug Mart Plazas Portfolio
6476 York Rd, Parma Heights, OH 44130
Listing Price: $7,000,000
Investment Overview
Portfolio of two Discount Drug Mart anchored neighborhood shopping centers in Parma Heights (Cleveland) and upper Sandusky, Ohio. Discount drug mart plaza in Parma Heights is 100 percent occupied, 32,294 square foot neighborhood strip center with six tenants. High traffic location with signalized main entrance and 30,700 vehicles per day along York Road; just south of major Pearl Road intersection with 54,500 vehicles per day. Discount Drug Mart Plaza Upper Sandusky is 88.8 percent occupied, 37,280 square foot neighborhood strip with seven tenants and 10 units. Located on E Wyandot Avenue directly between the highway exit and city center with 9,000 vehicles per day – busiest street in upper Sandusky. Just 0.9-mile from Route 23/30 exit ramps with 23,000 vehicles per day.
Discount Drug Mart Plazas Portfolio
Investment Highlights
- Portfolio of Two Discount Drug Mart Anchored Neighborhood Shopping Centers in Parma Heights (Cleveland) and Upper Sandusky, Ohio
- Offered with the Assumption of In-Place CMBS Debt at 65 Percent LTV with Below-Market 4.7 Percent Rate, Maturing 9/2027
- In-Place CMBS Debt can be Defeased, Providing Purchaser Option to Secure New Acquisition Financing if Desired
- DDM Comprises 64.1 Percent of Portfolio GLA and 59.8 Percent of Portfolio Gross Income
- DDM Just Executed Five-Year Extensions on Both Stores with Term Through12/2030, Demonstrating Continued Commitment to Sites
- Portfolio WALT of 4.78 Years and Portfolio WAHT of 19.9 Years
- Low/Replaceable Portfolio In-Place Rents Averaging $9.08 per Square Foot Triple-Net($11.70 per Square Foot All-in)
- Upside via Lease-Up of 6 Percent Portfolio Vacancy, Low Rents, Potential to Self-Manage, and Undeveloped Outparcel Pad
Listing Price: $7,000,000
Investment Highlights
- Portfolio of Two Discount Drug Mart Anchored Neighborhood Shopping Centers in Parma Heights (Cleveland) and Upper Sandusky, Ohio
- Offered with the Assumption of In-Place CMBS Debt at 65 Percent LTV with Below-Market 4.7 Percent Rate, Maturing 9/2027
- In-Place CMBS Debt can be Defeased, Providing Purchaser Option to Secure New Acquisition Financing if Desired
- DDM Comprises 64.1 Percent of Portfolio GLA and 59.8 Percent of Portfolio Gross Income
- DDM Just Executed Five-Year Extensions on Both Stores with Term Through12/2030, Demonstrating Continued Commitment to Sites
- Portfolio WALT of 4.78 Years and Portfolio WAHT of 19.9 Years
- Low/Replaceable Portfolio In-Place Rents Averaging $9.08 per Square Foot Triple-Net($11.70 per Square Foot All-in)
- Upside via Lease-Up of 6 Percent Portfolio Vacancy, Low Rents, Potential to Self-Manage, and Undeveloped Outparcel Pad
Investment Overview
Portfolio of two Discount Drug Mart anchored neighborhood shopping centers in Parma Heights (Cleveland) and upper Sandusky, Ohio. Discount drug mart plaza in Parma Heights is 100 percent occupied, 32,294 square foot neighborhood strip center with six tenants. High traffic location with signalized main entrance and 30,700 vehicles per day along York Road; just south of major Pearl Road intersection with 54,500 vehicles per day. Discount Drug Mart Plaza Upper Sandusky is 88.8 percent occupied, 37,280 square foot neighborhood strip with seven tenants and 10 units. Located on E Wyandot Avenue directly between the highway exit and city center with 9,000 vehicles per day – busiest street in upper Sandusky. Just 0.9-mile from Route 23/30 exit ramps with 23,000 vehicles per day.
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