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20790200

2 Locations

DL
OH SAL.2015004836
Cushman & Wakefield CRESCO Real Estate
RP
OH BRK.2016000871
Cushman & Wakefield CRESCO Real Estate
JK
OH REC.0000380522
Cushman & Wakefield CRESCO Real Estate
CR
OH SAL.2015002997
Cushman & Wakefield CRESCO Real Estate
Listed by Cushman & Wakefield CRESCO Real Estate
$19,000,000
561 days on market
Updated 70 days ago

Crocker Commons

Details
APN 211-26-077, 211-26-078
Property Type Mixed Use, Office
Sub Type Medical Office, Traditional Office
Square Footage 97,524
Net Rentable (SqFt) 97,524
Cap Rate 7.41%
NOI $1,406,969
Occupancy 83%
Tenancy Multi
Lease Type Gross
Lease Term 4
Pro-Forma Cap Rate 8.29%
Pro-Forma NOI $1,575,000
Price per SqFt $195
Broker Co-Op Yes
Class A
Year Built 2003, 2024
Stories 1
Acreage 4.660
Investment Type Stabilized
Tenant Credit Credit Rated, Franchisee (+1)
Ownership Fee Simple

Mixed Use | 7.41% CAP | 97,524 SqFt

Marketing description

Strategically situated in the highly desirable Westlake, Ohio, Crocker Commons is a premier 16 acre mixed-use development, showcasing 60,680 SF of newly constructed Class A office space, complemented by an additional 36,844 square feet of Class B medical office space. Located on Westlake’s most sought-after street, Crocker Road, this development also includes a long-term ground lease and a fully leased 30,000 SF retail center on-site, which serve as valuable amenities to the development but are not included in the sale.

Westlake, recognized as Cleveland’s premier west side suburb, boasts high median incomes exceeding $98,000, strong population stability, top-tier highway accessibility, numerous corporate headquarters, and one of Ohio’s leading school districts. This advantageous environment has solidified Westlake’s reputation as a key player in commercial real estate and a business-friendly community.

The 60,680 SF new-build office complex at Crocker Commons is a standout in the Northeast Ohio market. Built speculatively, it is now 83% leased, attracting top-tier medical users and housing the office headquarters for a major commercial airline. This success is further bolstered by the adjacent 30,000 SF retail center, which creates an ideal environment for tenants to thrive.

In addition to new construction, the offering includes 36,844 SF of highly coveted medical office space in twin buildings at 2211 and 2237 Crocker Road. These buildings, constructed in 2003, have consistently maintained occupancy rates of over 80% and continue to attract long-term tenants, primarily in the medical and financial sectors. With exceptional tenant commitments, premium materials, and minimal market vacancy, Crocker Commons presents a unique opportunity for ownership in one of Cleveland’s most dynamic suburban markets.

Investment highlights

97,524 SF single-story Class A 2-property portfolio in Cleveland’s best suburban submarket

83% occupied with strong tenant mix including medical and executive office

2/3rd of portfolio is new-build (2024)

Median incomes $103,000+

WALT 7.75 Years

Directly adjacent to the most successful lifestyle center in Cleveland Metro, Crocker Park

7.03% in-place cap rate

Massive upside on lease-up and graduation of rents

$19,995,000 Sale Price

Listing Contacts

DL
OH SAL.2015004836
Cushman & Wakefield CRESCO Real Estate
RP
OH BRK.2016000871
Cushman & Wakefield CRESCO Real Estate
JK
OH REC.0000380522
Cushman & Wakefield CRESCO Real Estate
CR
OH SAL.2015002997
Cushman & Wakefield CRESCO Real Estate
Listed by Cushman & Wakefield CRESCO Real Estate

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Loan Amount
$0.00
Annual Debt Service
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Annual Cash Flow
$1,406,969.00
$117,247.42/mo

Valuation Metrics

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DSCR
7.41%
Cap Rate
7.41%
ROI

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