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Current Inventory

Commerce Park Plaza

24700 Chagrin Boulevard, Beachwood, OH, 44122
  • Agent(s):
    Kyle Hartung , Jeff Sabo
  • Name:
    Commerce Park Plaza
  • Address:
    24700 Chagrin Boulevard, Beachwood, OH, 44122
  • Total SF:
    31,792
  • Lot Sizes:
    1.792 Acres
  • Option:
    For sale
  • Category:
    Investment Sales

ยป Full Offering Memorandum

Details

For sale is the 100% fee-simple interest in Commerce Park Plaza, an 80.25% leased office building in Beachwood, Ohio. Located at the prominent corner of Chagrin Boulevard and Commerce Park Drive, this generational-quality asset is available for sale for the first time by the original developer. The building boasts a quality mix of local and national tenants, including ground floor anchor US Bank, which has anchored the building for 27 years. The Chagrin Boulevard corridor is one of the most desirable suburban office submarkets in all of Ohio, and this property is located in the center of it all. There are over 55,634 daytime employees within just 3 miles of the property, and daily traffic at this intersection is 55,000 vehicles per day, both a testament to the activity in the marketplace. The owners installed a new entire-building boiler system in 2020 at a cost of over $100,000, offering significant benefit to the new owner. With nearly 20% vacancy, plenty of upside also exists in bringing the building to full occupancy. Recently, the City of Beachwood amended the zoning to allow for multi-family development above the first floor on this parcel as a conditional use, providing an owner flexibility for the future.

Location

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