Prime Corner Strip Center with Upside
For sale to qualified investors is the fee-simple interest in a prime corner strip center, located in the premier retail trade area of Strongsville, Ohio. The stabilized strip center features long-term tenants Penn Station, Lady Jane’s and Sweet Mango, collectively the three tenants have been located at the property for over 43 years. The asset is being offered at a 7.5% cap rate with a 21% upside (1,800 SF end-cap vacancy), at a corresponding price of $1,416,461. The pro-forma cap rate, when 100% leased, is over 10.11%, providing an investor with an above average return. The property is located on US 42, locally known as Pearl Road (27,761 VPD), and the main retail thoroughfare in the community. Surrounding retailers and businesses include Southwest General Hospital, Giant Eagle Market District Grocery, Marc’s Grocery, McDonald’s, Wendy’s, Chipotle, Starbucks, Walgreens, Raising Cane’s, Arby’s, Rite Aid, Taco Bell, Dunkin, CVS, Huntington Bank, Target, Hobby Lobby, Dollar Tree, T.J. Maxx, Aldi, Chase Bank, Advance Auto Parts, U.S. Bank, Costco, South Park Mall, and many more.