Current Inventory

Crystal Plaza

1585 Mentor Avenue, Painesville, OH, 44077

» Full Offering Memorandum

Details

For sale is the 100% fee-simple interest in Crystal Plaza, a 120,721 square foot shopping center located in Painesville, Ohio. The Marc’s grocery anchored property also features a newly-opened Tractor Supply with 15 years of base term remaining. The two anchors combined occupy 79% of total GLA and contribute 72% of total rent for the property, providing stabilized cash flow well into the future. Marc’s relocated to their current anchor position in 2010 due to a need to expand their footprint in the market, and signed a 15 year lease with multiple five-year options. With 79% of the GLA leased to successful anchors with long-term leases, the asset offers the investor stabilized return with year 1 total return projected to be over 16%. Also being sold with the property is a highly desirable 0.8 acre outlot on State Route 20 at the entrance to the property. The outparcel is ideal for a build-to-suit or ground lease with a national tenant and is being conveyed under its projected market value. The property is located on Ohio State Route 20 with over 17,000 vehicles passing the site daily, and is the hub of retail shopping for all of Painesville and many of Lake County’s communities further east who drive in daily for groceries. Additionally, Lake Erie College is located just a few blocks east of the property and offers 33 majors in addition to masters programs. 

Location

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