DEALS

Deals

Hawthorne Shops – Oakwood Village, OH

THE OPPORTUNITY

  • ​Sam’s Club shadow anchored center in Cleveland, OH
  • ​One of the largest and most successful retail centers in Southeast Cleveland
  • ​Shops space benefits from traffic generated by Sam’s Club, Ollie’s, and Levin’s Furniture on either side
  • ​Upside in leasing the existing vacancy (6,500 SF and 2,922 SF)
  • ​Strong traffic counts of over 15,000 VPD on Broadway Avenue and 100,000 VPD on I-480
  • ​Great access from Broadway Ave and visibility from I-480 and Broadway Ave with four total entry points and two stop lights
  • ​250,000 people with an average household income of over $74,000 within a 7 mile radius
  • ​Supported by some of Cleveland’s fastest growing residential communities and local municipality
  • ​The only Sam’s Club and one of only two discount wholesale clubs serving Southeast Cleveland

THE HIGHLIGHTS

  • ​Recent LOIs and Leases show tremendous leasing momentum at the center
  • ​Woodcraft and PMFCLE Fitness are the only tenants that have options, allowing for Landlord flexibility with renewals
  • ​Recent lease with PMFCLE Fitness at $12 psf and Chic Beauty Supply at $8.00proves there is the ability to increase rents substantially
  • ​Internet resistant tenant mix
  • ​The Tile Shop has been a long-time tenant at the center since 2003 and recently executed a renewal through 2027

THE DEAL POINTS

  • Square Feet: 50,957 SF
  • Cap Rate: 8.00%
  • Price: $4,094,000
  • Year Built/Renovated: 1991
  • NOI: $327,563
  • Occupancy: 82%