Retail

Multi-Tenant Strip Center - Ashtabula, OH

3315 N Ridge Rd E Ashtabula, Ohio United States 44004-4300
Asking Price
NOI Net Operating Income
Cap Rate
Asking Price
NOI Net Operating Income
Cap Rate

Documents

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Attributes

Year Built 1992
Building Area

Property Description

JLL is pleased to exclusively offer the opportunity to acquire the fee simple interest in a newly renovated strip center in Ashtabula, OH. The property is leased to two, renowned anchor tenants in University Hospitals and Planet Fitness, and a dynamic technology services company in Telaid.

The two anchors are operating on 10-year leases, which together have an average remaining lease term of 8 years, while Telaid has 2 years remaining. The offering also features a vacant space situated in between University Hospitals and Planet Fitness. The space consists of more than 31,000 SF, resulting in a tremendous, value-add opportunity.

Investment Highlights

  • Both University Hospitals and Planet Fitness are operating on long term, 10-year leases, which are inclusive of two (2), five (5) year option periods
  • The recently renovated, multi-tenant offering includes an attractive value-add component – a 31,000+ SF space is situated in between University Hospitals and Planet Fitness, which allows the future owner to potentially re-tenant the space and collect a substantial amount of cash flow
  • Nationally recognized retailers such as The Home Depot, Walmart Supercenter, Lowe’s, ALDI, Tractor Supply Co., Burger King, Bob Evans, Red Lobster, Applebee’s, and Mattress Firm are all located nearby, helping identify U.S. Route 20 and Ashtabula Towne Square as a shopping destination
  • Nearby schools such as Edgewood Senior High School, Braden Middle School, Ridgeview Elementary School, and Kent State University, Ashtabula campus, are home to over 4,000 students, creating a strong consumer presence all within a few miles of the property
  • This offering is a rare opportunity to acquire a mix of medical and retail all under one roof; Not to mention, University Hospitals is Northeast Ohio’s 2nd largest private sector employer, as well as the 6th largest employer in the state (Beacon Journal)
Last Updated Date: 02 Dec 2020
Marc Mandel
Marc Mandel
Managing Director, Capital Markets
License details
PA - AB068236 DE - RS-0019936 NJ - 0894218
Steve Schrenk
Steve Schrenk
Director, Capital Markets
License details
NJ-1433421

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Last Updated Date: 02 Dec 2020

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