CUYAHOGA FALLS, Ohio, July 2, 2019 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the exclusive listing for sale of The Plaza at Chapel Hill, a 91%-occupied, 458,935-square-foot, dual grocery-anchored regional shopping center in Cuyahoga Falls, Ohio. The price is open bid.
“The Plaza at Chapel Hill is the dominant center in the trade area and is anchored by Giant Eagle and Burlington with junior anchors Marc’s Grocery Store and T.J. Maxx, all of which are original tenants that have been in place for over 33 years and combined comprise 58 percent of the occupied gross leasable area,” said Scott Wiles, IPA executive director. “There has been substantial leasing velocity in recent months with Ross Dress for Less signing a new 10-year triple-net lease on 25,200 square feet, Dollar Tree commencing a seven-year lease and Arby’s beginning a 20-year ground lease.”
Wiles, Erin Patton, Craig Fuller, IPA executive directors, Joseph French Jr., IPA senior director, and CJ Jackson, senior associate, are representing the seller, a New York-based shopping center real estate investment trust.
Built in 1986 and renovated in 2013, the center is situated on nearly 48 acres with more than a half-mile of frontage and three signalized entrances along Howe Avenue in Cuyahoga Falls. Exit ramps to Ohio State Route 8, a primary north-south highway serving Akron’s east side, are less than a quarter-mile away and the surrounding area is comprised of dense infill streets of single-family homes, with 10,065 residents within a mile of the center and 217,769 people within five miles. Additional retailers directly across Howe Avenue that further bolster the trade area include Home Depot, Target, Best Buy, Big Lots, Michaels, Books-A-Million, PetSmart, and Five Below.
The Plaza at Chapel Hill features a tenant roster consisting of 97% national and regional retailers and 96% triple-net leases. Additional junior anchors include Dick’s Sporting Goods and Shoe Carnival, with prominent small-shop retailers including Citi Trends, Pier 1 Imports, Clothes Mentor, Plato’s Closet, Skechers, Ideal Image, Quest Diagnostics, Sally Beauty Supply, and Great Clips. Giant Eagle, Northeast Ohio’s top grocer and one of the largest privately held companies in the United States, is on a triple-net lease through 2030 and operates a fuel center at this location. Marc’s is a regional grocer with 59 locations throughout Ohio that has been in business since 1979. Dick’s Sporting Goods is a 2013 build-to-suit relocation store, and T.J. Maxx and four shop tenants recently renewed leases for five years each.
“The Plaza at Chapel Hill offers a prospective purchaser a dominant regional center with a solid national tenant base, dense demographics, and immediate highway accessibility, along with numerous paths to upside,” concluded Wiles. “Among the potential upside sources are a 25,000-square-foot junior anchor box and approximately 15,500 square feet of shop space available for lease-up, both of which currently have interest from national retailers.”
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