This property has sold.

Details: Retail

Asking Price: $4,094,000

Square Feet: 50,957 SF

Asking Cap Rate: 8%

NOI: $327,563

SOLD – Hawthorne Shops

23120 Broadway Ave, Bedford, OH 44146

Marketing Description

  • 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



Investment 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

This property has sold.