Euclid Beach Plaza
Cleveland, OH | 10.31% CAP Rate | AutoZone Anchored Neighborhood Center
Marketing description
- Established National Anchors: AutoZone (investment-grade credit, S&P BBB) and Family Dollar have operated at the center since 2006 and 2004, respectively. AutoZone recently extended its lease through 2031 with annual rent increases, underscoring its long-term commitment to the site
- Strong Credit Tenant Mix: 60%+ of the GLA is leased to national, credit-rated tenants, including AutoZone and Family Dollar
- Re-Tenanting Opportunity: Family Dollar will go dark in January 2026 but will continue paying full rent and reimbursements through June 2029. This gives a buyer the rare opportunity to replace the largest space in the center with a market-rate, fully NNN lease while preserving near-term income
- Lease-Up Potential: Immediate opportunity to lease up 1,600 SF of vacant retail space
- Rent Growth: Most tenant leases include scheduled rent increases within their renewal options, supporting income growth over time
- Major Public Redevelopment Nearby: The property sits adjacent to the Collinwood Redevelopment Site, recently acquired by the City of Cleveland for rezoning and future development—positioning the plaza to benefit from surrounding redevelopment momentum
- Excellent Physical Condition: Roof and parking lot are well maintained, with the parking lot recently sealed and striped
Investment highlights
Cleeman Realty Group is pleased to present the exclusive opportunity to acquire Euclid Beach Plaza located at 16122 Lakeshore Boulevard, Cleveland, OH. Euclid Beach Plaza is anchored by investment-grade AutoZone (newly extended through 2031) and a dark Family Dollar that provides guaranteed income through June 2029, creating a rare low-risk opportunity to re-tenant the largest box at current market rents for substantial upside. With over 60% national-credit occupancy, recent capital improvements, built-in rent escalations, 1,600 SF of immediate lease-up, and adjacent City-driven redevelopment, the asset offers strong current yield plus multiple near-term value-creation levers. The subject property features convenient access, great visibility and is located at the well trafficked Lakeshore Boulevard which has an average traffic count in excess of 8,500 VPD.
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