Sam's Anchored Power Center

23100-23840 Broadway Avenue, Cleveland, Ohio
  • Agent(s):
    Kyle Hartung
  • Name:
    Sam's Anchored Power Center
  • Address:
    23100-23840 Broadway Avenue, Cleveland, Ohio
  • Option:
    For sale
  • Category:
    Investment Sales

Full Offering Memorandum


For sale to qualified investors is the fee-simple interest in Hawthorne Valley Shopping Center, a 93.33% leased regional power center in Oakwood Village, Ohio.  The property is anchored by Sam’s Club, The Tile Shop, Levin Furniture, and Ollie’s, and is offered at an 8.5% cap rate on existing income, providing the investor with attractive in-place cash-on-cash return of over 11%.  The property is offered with attractive non-recourse debt that must be assumed with roughly 7 years to maturity, featuring a fixed interest rate of 4.902%.  Sam’s Club has anchored the property since 1991 and in recent years added its gas station, completed a full remodel and renovation of the interior and exterior of the store, and exercised a recent five-year renewal.  The other three major anchors have combined historical tenancy of over 35 years and recent renewals of ten years each for The Tile Shop and Ollie’s and five years for Levin Furniture.  Both Tile Shop and Ollie’s exercised two five-year options instead of one, indicating their commitment to the property.  This shopping center has thrived for more than two decades due to its regional access and separation from other major retail trade areas.  As such, the large majority of tenants in the property are  regional in nature and draw customers from over ten miles away.  The property is located along the combined Interstate 271/480 with over 112,000 vehicles per day, is immediately accessible via the Broadway Avenue interchange, and features hi-rise highway pylon signage for anchor tenants.