Parkland Office Building at Landerhaven Corporate Park
Tremendous Value-Add NNN Opportunity | ~15.28% CAP at Stabilization! | Affluent Suburban Location
Marketing description
The Parkland Office Building is located approximately 13 miles east of Downtown Cleveland in the highly affluent suburb of Mayfield Heights with high average household incomes surrounding the property in a 5-mile radius of over $147,000. The featured property is located within a business development of the Landerbrook and Landerhaven Corporate Centers, which is home to many headquarter locations (Parker Hannifin Headquarters, 61,000 employees company-wide, and Rockwell Automation Headquarters, with 2,000 on-site employees) and various other Class “A” office buildings, which are home to numerous prestigious companies. The corporate parks are between Lander and Cedar Roads, some of eastern Cleveland’s most noted and heavily traveled roadways boasting amenities galore. Interstate 271, only 0.3 miles west of the building, is a major highway serving the Eastern Cleveland Suburbs and provides excellent access to the property. Traffic counts are upwards of 137,000 vehicles per day along I-271, over 36,000 along Mayfield Road and over 44,000 along Cedar Road. Running north/south, I-271 has connections to I-90, I-480 which connects to I-71, as well as I-80, providing access to all major Cleveland highways.
The Cedar/Lander Road corridor is historically known for being an upscale, highly desirable location for office, retail and commercial properties. Commercial retailers and establishments within a three-mile radius from the buildings attest to the affluence of the area with the on-going growth and expansion of the retail and professional office centers. Additionally, the area has remained extremely contemporary with high growth levels evidenced by the premier mixed-use development of Pinecrest, anchored by RH Cleveland, REI, Silverspot Cinema, and many other high-end, complimentary users: Legacy Village Lifestyle Center, Beachwood Place Mall, the Eton Collection Lifestyle Center (on Chagrin Blvd.), Eastgate Plaza, and Golden Gate Plaza (located nearby in Mayfield, respectively). Ahuja Medical Center, University Hospital’s state-of-the-art medical campus, who has been continuously expanding, along with the constant growth of Cleveland Clinic’s Hillcrest Hospital, an 11-time 100 Top Hospital winner that has 496 beds (2 miles, 10,000+ employees) and serves the medical needs of Mayfield Heights and the surrounding communities.
Cleveland (6,500+ city employees) is the county seat of Cuyahoga County (7,300+ employees), the second most populous county in Ohio. The region’s businesses have diversified from the manufacturing sector into the service economy; particularly the financial services, insurance, and healthcare sectors. Northern Ohio boasts many headquarter locations for major corporations such as American Greetings, Eaton Corp., Sherwin-Williams (brand-new construction headquarters building in process, which includes 4,185 employees), KeyBank (4,800 employees), Progressive Insurance, First Energy, TRW, Goodyear Tire, RPM International, Diebold, Parker-Hannifin, A.Schulman, Timken, J. Smuckers, Nestle, Cliffs Natural Resources and Travel Centers of America. Additionally, Cleveland is home to main operating facilities for NASA, Glenn Research Center, Nestle, Cintas and Jones Day.
Most notably, Cleveland is known for its world-renowned medical facilities, including: The Cleveland Clinic, University Hospitals and MetroHealth Medical Center. Cleveland’s largest employer, the Cleveland Clinic, ranks among America’s best hospitals, according to the U.S. News & World Report. The city is an emerging area for biotechnology and fuel cell research, led by Case Western Reserve University, the Cleveland Clinic, and University Hospitals. The Cleveland Clinic employs a workforce of over 83,000 system-wide to serve the 6,500-beds system-wide and the 1,300-bed main campus, which is located just 9 miles from the property, convenient for many employees living nearby. University Hospitals (8.5 miles) offers 1,032-beds at its main campus, an affiliate of Case Western Reserve University and is northeast Ohio’s 2nd largest private sector employer. Together, the Cleveland Clinic and University Hospitals form the largest center for biomedical research in the State of Ohio. The MetroHealth System (20 miles) is in the process of construction of a $946 million new 12-story hospital and upgrading its main campus. Additionally, the VA Medical Center is also just 9.5 miles away and between the vast amount of healthcare systems, Cleveland is widely known as a medical mecca.
A number of colleges and universities find their home in Cleveland. Most prominent among these is Case Western Reserve University (11,340 students, 4,500+ employees), Cleveland State University (14,100+ students) and Cuyahoga Community College (10,927+ students) all based in Downtown Cleveland. Other higher education opportunities nearby include Baldwin Wallace, John Carroll University and Ursuline College, all great area assets that lead to a solid base of future area employers.
Attractions and entertainment nearby includes: the Gateway complex, consisting of the Cleveland Guardians’ Progressive Field, the Cleveland Cavaliers’ Rocket Arena, Public Square and JACK Cleveland Casino. Additionally, the property is just a short drive to the North Coast Harbor, which includes: The Rock and Roll Hall of Fame, the Cleveland Browns Huntington Bank Stadium, and the Great Lakes Science Center. The featured asset is also conveniently located just 25 miles from Cleveland Hopkins International Airport.
Investment highlights
Location, Location, Location! Unbelievable Opportunity for Class “A” Value-Add Professional Building at Far Below Replacement Cost
Irreplaceable Real Estate with Tremendous Upside (Current Occupancy at 33%) or Value-Add Investment
Perfect Opportunity for Owner-User Headquarter Location
Stabilized 15.28% CAP Rate and Whopping 40% Year-1 Projected Cash-on-Cash Return Based on Asking Price (95% Occupancy), Generating an Estimated $933,642 Increase to NOI
Signalized Corner Location at Entrance to Well-Known Landerhaven Corporate Center with Excellent Exposure Along Lander Road and Directly Across From Parker Hannifin’s Global Headquarters (61,000 Company-Wide Employees)
Strong Current Tenancy Offering In-Place Income from Recent NNN Lease Extension with Howard Hanna (Top Residential Real Estate Company Nationally)
Ideal Contiguous Layout Conducive to Mixed Uses with Two Identical Wings Connected by a Large Diagonally Oriented Glass Atrium - One Wing of the Building Extends to the South (Lander) While the Other Extends to the East (Parkland)
High-End Building Amenities with Significant Tenant Improvements, Beautifully Landscaped Grounds, Ample Surface Parking on Oversized Lot Perfect for High Parking Demand Businesses, Multiple Interior Upgrades and Attractive Commercial Kitchen in Vacant Unit
Located Amongst Some of the Highest Concentration of Office Occupancy Rates in the Greater Cleveland Marketplace: Surrounded by Parker-Hannifin Global Headquarters, Progressive Corp., Rockwell Automation (2,000 On-Site Employees), Nesco, ParkOhio, Vibrantz, & Ferro
One of the Most Desirable and Sought Out Suburban Markets in Northern Ohio for Office, Retail and Other Commercial Properties with Close Proximity to I-271 (137,000+ VPD)
Just 2 Miles from Cleveland Clinic’s Hillcrest Hospital with Approx. 500 Beds and Over 10,000 Employees, Serving the East Side of Cleveland
Extremely High Visibility Along Lander Road with Excellent Curb Appeal, Prominent Monument Signage, and Easy Access with Convenient Highway Access to I-271 From Cedar Road and Mayfield Road
Strong, Affluent Market with Average Household Incomes of Over $146,000 Within 5-Miles with State-Rated “Excellent” and Top-Rated Mayfield Exempted Village School District
Major Complimentary Nearby National Retailers: Eastgate Shopping Center, Golden Gate Plaza, Newer Construction Pinecrest Lifestyle Center, Eton Lifestyle Center, Legacy Village, Pavilion, Village Square, Harvard Park and Beachwood Place Mall, Along with Numerous Fitness Centers, Hotels and Restaurants
Numerous Other Nearby Major Employers: University Hospital’s Ahuja Medical Center (2,500 Employees and $200 Million Recent Expansion), Cleveland Clinic (83,000 Employees), Eaton Corporation HQ (2,000 Employees), Bank of America, Cuyahoga Community College, Site Centers Corp. HQ and ABB Inc. (500 Employees)
Desirable Suburban Community with Short Commute (14.5 Miles) to Downtown Cleveland with Immediate Proximity to Several Colleges/ Universities and Numerous Other High-Profile Companies and Only 25 Miles to Cleveland Hopkins International Airport
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