Investment Overview

Marcus & Millichap is pleased to present, North Randall Center, a 13,500-square-foot educational-based strip center located in North Randall, Ohio – Cleveland-MSA. The subject property is situated as an easy to manage two-tenant strip, which is occupied by Randall Park High School, and Nickilodeon’s Child Care Center. Randall Park High School occupies 11,800 square feet which accounts for 87.41 percent of gross leasable area and 87.17 percent of base-rent. Randall Park High School is a state-funded public and nationally accredited charter high-school which opened in 2019. RPHS has grown to over 142 students annually and is a member of Oakmont Education network, one of the region’s leading educational operators and the additional guarantor of the lease. RPHS signed an initial 10-year lease which runs through June 2029. As part of their long-term lease, RPHS structured annual rent bumps of $0.25 per square foot, which provides significant increases over which enhances net operating income and provides a hedge against inflation. RPHS is currently paying $12.50 per square foot, which is very reasonable for the region, and before opening infused immense capital into their buildout to provide/create a top-tier space for students and faculty. Nickilodeon’s Child Care Center (MaryMac Child Development) is the sites second tenant and occupies1,700 square feet which accounts for 12.59 percent of gross leasable area and 12.83 percent of base-rent. Nickilodeon’s Child Care Center opened in early 2025, and is the second location for the regional operator, who is a seasoned day care provider in the Cleveland-MSA. Nickilodeon’s signed an initial four-year term, which includes 3 percent annual increases and runs into April 2029. Both tenants are encumbered by landlord favorable triple-net leases, which provides reimbursement of all operating expenses such as tax, common area maintenance, insurance, as well as third party management fees. Weighted average lease term is currently 3.8-years, while both tenants have options to renew. The modest rent levels average only $12.53 per square foot and provides a hedge against relocation risk, the annual rent bumps provide a growing yield for ownership, the tenant mix is extremely befitting of the region, and the site comes with ease of management with very limited landlord responsibilities. Investors can take advantage of a strong credit backed strip with a sticky/specialized tenant mix in one of the top MSA’s in the Midwest. North Randall Center is located near the hard-corner of Northfield Road and Miles Road, which combine to see over 43,000 vehicles per day. The subject property has a very strategic location which is surrounded by the region’s major industrial/office hub with over 58.5 million square feet of space, which creates an extremely high day-time workforce. In addition to the industrial/office uses, the subject property is also situated right in the heart of some of the densest residential districts in Cleveland, and major retailers which further drives traffic. The combination of nearby uses caters extremely well to the existing tenant mix, while there is a complete lack of competitive uses nearby. Major employers and points of interest nearby include: Amazon Distribution Hubs, Giant Eagle Distribution, Sherwin Williams Plant, Cardinal Health, Heinen’s, Jack’s Casino/Racino, Lowe’s, Aldi, Planet Fitness, Burger King, Wendy’s, and Home Depot. The surrounding demographics are dense and mature with population counts of 12,690 people within one-mile, 81,222 within three-miles, and 208,819 within five-miles, and an average household income ranging $53,000 – $80,835. The City of North Randall is located only 20-minutes southeast of Downtown Cleveland and is part of Cuyahoga County. The Cleveland-MSA is home to over 2.19 million, and is ranked the 34th largest MSA in the United States.