4836 NORTHFIELD RD North Randall OH 44128-4524

PRICING: $1,880,000

CAP RATE: 9.00%

NOI: $169,212

TENANTS: 2

BUILDING SIZE: 13,500 SF

NORTH RANDALL CENTER – 100% OCCUPIED 2-TENANT STRIP CENTER

This offering is for North Randall Center, a 100% Occupied two-tenant education-based strip center in North Randall, OH which includes Randall Park High School and MaryMac Child Development as the tenants.

TRIPLE NET (NNN) LEASE STRUCTURE

The tenants are subject to Triple Net (NNN) leases, allowing for passive ownership. The tenants are responsible for all operating expenses at the property, including property taxes, CAM, insurance, and management fees.

ANCHORED BY RANDALL PARK HIGH SCHOOL

The anchor tenant is Randall Park High School (RPHS), which takes up 87.41% of the property’s GLA. Randall Park High School is a state-funded, publicly chartered non-traditional high school. It emphasizes flexible learning and allows students to work at their own pace. RPHS signed a 10-year lease that runs through June 2029 and includes annual rental increases of $0.25/SF. Randall Park High School has a property tax exemption which covers 87.4% of all taxes except special assessments.

STRONG TRAFFIC COUNTS – LOCATED NEXT TO MAJOR HIGHWAY

The subject property benefits from its excellent site-level visibility. It has frontage on Northfield Rd, which has daily traffic counts of 26,701 vehicles. It’s also located adjacent to a major point of entry along the Interstate-480 highway, which has traffic counts of 146,000+ vehicles per day in this area.

STRATEGIC LOCATION

The property is strategically located within a strong retail corridor and nearby many major employers and points of interest. Nearby national retailers include ALDI, Taco Bell, Wendy’s, Dollar Tree, Save A Lot, Planet Fitness, and Lowe’s. Other close points of interest include Amazon Distribution Hubs, Giant Eagle Distribution, Sherwin Williams Plant, Cardinal Health, Pipeline Packaging, and more.

CLEVELAND MSA

North Randall is a suburb of Cleveland. The Cleveland MSA, or Greater Cleveland, is the 33rd largest MSA in the country with over 2.2 million people. Greater Cleveland’s GDP exceeded $171 billion as of 2023, and boasts thriving industries such as healthcare, manufacturing, and finance.

• High Growth with Multiple New Projects and Revitalization including a new Elementary School (2021) and New High & Middle School (2023)
• Retail Corridor with Nearby Retailers: ALDI, Taco Bell, Dollar Tree, Save A Lot, Lowe’s
• Dense In-Fill Location Over 200,000 People with Over $75,000 Average HH Income within 5-Miles
• Strong Jobs & Commercial Corridor with Over 72M SF of Manufacturing/Industrial Buildings within 3 Miles

Immediate Area Draw of:

Amazon Fulfillment Center

• New 855,000 SF facility on nearly 64 acres
• Over 2,000 Employees
• $77M Annual Payroll
• Operates 24 Hours a Day, 7 Days a Week

Jack Thistledown Racino

• Casino and Thoroughbred Horse Racing Entertainment Destination
• Owned and Operated by Cleveland Cavalier’s Dan Gilbert
• Recent Renovations and Expansions
• $142.5M Annual Revenue Draw

• High Growth with Multiple New Projects and Revitalization including a new Elementary School (2021) and New High & Middle School (2023)
• Retail Corridor with Nearby Retailers: ALDI, Taco Bell, Dollar Tree, Save A Lot, Lowe’s
• Dense In-Fill Location Over 200,000 People with Over $75,000 Average HH Income within 5-Miles
• Strong Jobs & Commercial Corridor with Over 72M SF of Manufacturing/Industrial Buildings within 3 Miles

Immediate Area Draw of:

Amazon Fulfillment Center

• New 855,000 SF facility on nearly 64 acres
• Over 2,000 Employees
• $77M Annual Payroll
• Operates 24 Hours a Day, 7 Days a Week

Jack Thistledown Racino

• Casino and Thoroughbred Horse Racing Entertainment Destination
• Owned and Operated by Cleveland Cavalier’s Dan Gilbert
• Recent Renovations and Expansions
• $142.5M Annual Revenue Draw

• 87.4% Occupied, 13,500 SF Charter School Anchored Neighborhood Center in Cleveland MSA
• Newly 855,000 SF Constructed Amazon Fulfillment Center with over 2,000 Employees & JACK Thistledown Racing Casino within Miles of Property
• Anchored by State of Ohio Funded H.S. (Randall Park High School) Occupying 87% of GLA
• Tenant is NNN Lease Type with Long Term Lease Structure until 2029 with Renewal Options, Two Extension Options First is June 2032 & Second is Thru June 2035
• E-Commerce Proof “Daily Needs” Tenant - Charter School
• Upside Opportunity via Lease-Up of 1,700 SF Vacancy
• Within Federal Opportunity Zone Providing Favorable Capital Gains Tax Incentives - Temporary Deferral, Step-Up in Basis, and/or Permanent Exclusion
• Extremely Dense Infill Demographics - 10,798 Residents within 1-Mi & 39,239 VPD at Intersection RT 43 & RT 8
• Surrounded by Tightly Packed Streets of Retail & Single-Family Homes - 83,848 Residents in 3-Mi & 215,819 Residents in 5-Mi Radius
• Next door to Miles Road Super Wash, Pedestrian Friendly Neighborhood Center within Walkable Distance to Hundreds of Local & National Retail Tenants
• 12 Miles East of Downtown Cleveland & 17 Miles East of Cleveland Hopkins Airport
• Cleveland MSA - One of the Fastest Growing MSA’s in the Midwest; Population of Over 2 Million