Property History
Property Type
Property Type
Marketing Description
Marcus & Millichap is pleased to present Yorktown Plaza in Parma Heights, Ohio. This 64,530 square foot shopping center is anchored by Save-A-Lot, which makes up 22 percent of the gross leasable area and has been in place since 2002 with a 2024 expiration. Curvy Consignments is leased into 2022 in their 10,000 square foot unit and CSL Plasma is leased into 2031 in 9,500 square feet. All of the current tenants reimburse for triple net expenses, and most tenants pay an additional administrative fee. The center is 94 percent occupied and nearly 75 percent of the center's gross leasable area is currently under lease into 2020 and beyond.
The area surrounding this property is densely populated and highly trafficked. There are 16,100 residents currently living in a one mile radius and 111,079 living within a three mile radius. Additionally, there are 270,058 people currently residing within five miles of the property. Pearl Road draws 21,895 vehicles through the area each day and nearby York Road sees 22,244 vehicles every day. Some major retailers in the area include Big Lots, Harbor Freight Tools, Walgreens, and Discount Drug Mart.
INVESTMENT HIGHLIGHTS
- 94 Percent Occupied, Grocery-Anchored Retail Center
- Save-A-Lot (14,250 SF) NNN Leased into 2024
- 16,100 Residents in One-Mi, 111,079 in Three-Mi, and 270,058 in Five-Mi
- All NNN Tenants with Most Paying Administrative Fee
- Cash-on-Cash Return of 13.0 Percent & Total Return of 19.6 Percent, with Projected Financing
- 74 Percent of GLA Leased into 2020 or Beyond
- Over 44,600 Cars per Day at Nearby Intersection of Pearl Road and York Road
- National Retailers in the Area: Big Lots, Harbor Freight Tools, Walgreens, Discount Drug Mart
Property Type
Property Type
Asking Details
Asking Cap Rate
Marketing Description
Greenstone Partners and Hanley Investment Group, as the Exclusive Investment Advisors are pleased to present the opportunity to acquire the 100% fee-simple interest in Yorktown Plaza (the “Property”/”Investment”), located 633-6339 Olde York Road in Parma Heights, a southern suburb of Cleveland, Ohio.
The 64,530 rentable square foot, multi-tenant, retail Investment is located in one of Cleveland’s most populous suburbs. The tenants are drawn to the Property due to its position just off the corner of Pearl and York Roads, where traffic counts exceed 45,000 vehicles per day.
The 64,530 rentable square foot, multi-tenant, retail Investment is located in one of Cleveland’s most populous suburbs. The tenants are drawn to the Property due to its position just off the corner of Pearl and York Roads, where traffic counts exceed 45,000 vehicles per day.
Investment Highlights
- Save-A-Lot Anchored Value-Add Investment Opportunity
- Offered Below Replacement Cost at $45 PSF and 86% Occupancy
- Secure and Stable Income Stream:
- Over 57% of the current income has occupied space at the property for over 10 years; 50% over 15 years
- Save-A-Lot has occupied space since 2002 and has approximately 7 years remaining on their lease
- Brand new 15-year lease with CSL Plasma, one of the country’s largest Plasma operators
- High Traffic Location: 45,000 CPD at the corner of Pearl and York Road
- Dense, Infill Demographics: Over 237,000 people in a 5-mile radius
- Parma Heights is a Submarket of Cleveland, the Second Most Populous City in Ohio with over 400,000 People
Loan History
Financial History
Tax History
Contact Information
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Ownership Information
Property Details
Contacts
Listing removed on
BY:
Erin Patton
•••.•••.9035
•••tton@•••••••••••••••.com
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BY:
Scott Wiles
•••.•••.2026
••iles@•••••••••••••••.com
Listing removed on
BY:
Craig Fuller PRO
•••.•••.2043
•••••••••••••ller@••••••.com
Sold on
BY:
Jonny Lefko
•••.•••.6387
•onny@•••••••••••.com
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BY:
Jeff Lefko PRO
•••.•••.7682
••efko@••••••••••••••••.com
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BY:
Jason St. John PRO
•••.•••.6687
•ason@••••••••••-••••••••.com
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BY:
Bill Asher PRO
•••.•••.7684
••sher@••••••••••••••••.com
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