Jersey Mike's & Dave's Hot Chicken Strip
Retail | 6.50% CAP | 4,428 SqFt
Marketing description
This 4,428 SF two-tenant NNN outparcel retail strip offers a rare investment opportunity in North Canton's premier Belden Village retail trade area. Built in 2017 as Class "A" construction, the property features 100% occupancy with Jersey Mike's Subs and Dave's Hot Chicken, both with outdoor patio seating. The property benefits from excellent visibility and access along Whipple Avenue NW, a five-lane retail corridor with 22,353 vehicles per day, and is positioned at the hard corner of Whipple Ave NW and Everhard Rd NW with a combined 44,495 VPD at the intersection. Located just 0.1 miles from I-77 exit ramps where I-77 sees 97,830 VPD, the property is strategically positioned as an outparcel to Venue At Belden, a regional lifestyle center generating approximately 2.3 million annual visits.
The investment features strong tenant commitment with Jersey Mike's exercising their 1st option early in exchange for an additional option with no change to scheduled rent, confirming strong commitment to the location. Dave's Hot Chicken recently executed a new 5.5-year lease in December 2024, with the former restaurant space immediately backfilled following tenant closure. The new lease was signed at $35/SF NNN, representing a 40% increase in base rent from the prior tenant and a $10/SF rental premium achieved on the replacement lease.
Located in the heart of the Belden Village trade area with 7.2 million SF of retail leased to 98% occupancy, the property is positioned within a high-performing retail node surrounding Belden Village Mall and is 0.3 miles from Pacific Retail-owned Belden Village Mall with 5.7M visits annually. The trade area is surrounded by major big-box and junior box retailers including Target, Costco, Best Buy, and Dick's Sporting Goods. The property serves dense middle-income demographics with 57,842 residents in 3-Mi and 155,377 residents in 5-Mi, with average household incomes of $85-92K in the 1/3/5-Mi radius rings. The property is part of the Canton-Massillon MSA with a population of 400,000 and the larger Cleveland-Akron-Canton CSA which is home to a population of over 3.5 million.
Investment highlights
- 100% Occupied Two-Tenant NNN Outparcel Retail Strip | 2017 Class "A" Construction
- Strategically Positioned As An Outparcel To Venue At Belden | Regional Lifestyle Center Generating Approximately 2.3 Million Annual Visits
- Major Intersection, Highway-Adjacent Strip Center Located in the Heart of the Belden Village Trade Area with 7.2 Million SF of Retail Leased to 98% Occupancy
- Excellent Visibility & Access Along Whipple Avenue NW | Five-Lane Retail Corridor With 22,353 Vehicles Per Day
- New 5.5-Year Lease Executed With Dave's Hot Chicken Franchisee In December 2024 | Demonstrates Continued Tenant Demand Within The Trade Area
- Former Restaurant Space Immediately Backfilled Following Tenant Closure | New Lease Signed At $35/SF NNN
- 40% Increase In Base Rent From Prior Tenant | $10/SF Rental Premium Achieved On Replacement Lease
- Original 10-Year Lease With Jersey Mike's Subs Executed In 2017 | Over 5 Years Remaining In Current Term
- Jersey Mike's Exercised 1st Option Early in Exchange for Additional Option - No change to Scheduled Rent Confirming Strong Commitment to the Location
- Both Tenant Spaces Feature Outdoor Patio Seating | Enhances Customer Experience For Fast-Casual Dining Concepts
- Positioned Within High-Performing Retail Node Surrounding Belden Village Mall | National Retailers Including Target, Costco, Best Buy, & Dick's Sporting Goods
- Located at the Hard Corner of Whipple Ave NW & Everhard Rd NW with a Combined 44,495 VPD at the Intersection; Ingress/Egress and Pylon Signage to Both Streets
- Just 0.1-Mi from I-77 Exit Ramps; I-77 Sees 97,830 VPD
- Strong Regional Accessibility | Immediate Access To I-77 & Everhard Road Retail Corridors Serving Greater Canton Trade Area
- Dense Middle-Income Demographics: 57,842/3-Mi & 155,377/5-Mi Population Counts Residents in 5-Mi; AHHI of $85-92K in 1/3/5-Mi Radius Rings
- 0.3-Mile from Pacific Retail-owned Belden Village Mall with 5.7M Visits Annually and Amongst a Who's Who of Major Big-Box & Junior Box Retailers
- Part of the Canton-Massillon MSA with a Population of 400,000; Part of the Larger Cleveland-Akron-Canton CSA which is Home to a Population of Over 3.5 Million
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