Gateway Center | Multi Tenant Shopping Center
Brunswick, OH (Cleveland MSA)
Price: $2,032,000Cap Rate: 7.95%Building SF: 18,700 SFLot Size: 2.05 AcresYear Built: 1979Status: Available

Investment Highlights: 

Stabilized Multi-Tenant Neighborhood Center – Strong Mix of National & Regional Tenants – The subject property is a 95% leased neighborhood center located in Brunswick, Ohio. The center offers a desirable tenant roster of national and regional tenants including Subway, Jazzercise, Manzo’s Sports & Spirits, and Boston-Pearl Laundry. 

Successful Operating Histories – Multiple Lease Extensions  – Many of the tenants have operated successfully at this location for 20+ years and have exercised multiple renewals, reflecting both their commitment to the location and the popularity of the center to the nearby communities.

Staggered Rent Increases &  Lease Expirations – Rent Growth  – Strong rent increases and staggered lease expirations provide an investor with long-term stability and solid rent growth, making the center a highly desirable investment.

Located Along Major Retail/Commuter Corridor – Excellent Visibility & High Traffic Counts – The subject property is strategically located along Pearl Rd/Hwy 42 at Boston Rd, offering multiple access points and excellent visibility to combined traffic counts of 21,000+ vehicles per day that travel this corridor to Interstate 71 and to nearby Strongsville, just 3 miles away.

Excellent Demographics – Average HH Income over $101,000 within 5 Miles – Surrounding Residential & Nearby Schools  – The area offers excellent demographics, with over 101,000 residents within a 5-mile radius of the property with an average household income of nearly $100,000 (over $124,000 AHI within one mile). The center is surrounded by numerous residential communities such as The Villas at Fox Hollow, Oxford Heights, Forest Hills Apartments, Waterford Crossing, and Fieldstone Preserve at Pulte Homes, and several schools such as Kinsner Elementary, Memorial Elementary, Walter Kidder Elementary, and Brunswick High School.

Located Within Cleveland MSA – Major Tourist Destination – Port of Cleveland Economic Driver: 20,000+ Jobs & $3.5 Billion in Annual Economic Activity  

The center is located in Brunswick, Ohio, just 4 miles southwest of Downtown Cleveland. Cleveland is the second-largest city in Ohio and the county seat of Cuyahoga County. The city of Cleveland has a population just under 400,000 people, and the Greater Cleveland area ranked as the 32nd-largest metropolitan area in the United States with 2.1 million people.

 

Cleveland as become a major tourist destination. The city welcomed a record 18 million visitors in 2016 exceeding the previous record – set in 2015 – of 17.6 million visitors by 2.8 percent, outpacing tourism growth in both the rest of Ohio and nationally. Cruise ships in the Great Lakes are a growing industry, with revenues in the tens of millions. the region is currently boasting more than $17 billion in capital developments — $2.7 billion of which is tourism related.

 

The Port of Cleveland is one of the largest ports on the Great Lakes, moving over 13 million tons of cargo through Cleveland Harbor each year. The Port of Cleveland is an economic engine for the city, providing over 20,000 jobs and $3.5 billion in annual economic activity to the area.


Ryan Barr

rbarr@lee-associates.com
O. 760.448.2446
F. 760.929.9977

Ryan Bennett

rbennett@lee-associates.com
O. 760.448.2449
F. 760.929.9977