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Erie Commons & Great Lakes Plaza

Mentor, OH

312,866 SqFt

Built in 1973

Value Add

Investment Highlights

  • 72.2 Percent Occupied, 312,866-Square-Foot Portfolio of Two Power Centers in Affluent Cleveland Suburb
  • Strong Value-Add Potential via Lease-Up of 27.8 Percent Vacant Gross Leasable Area Consisting of One Vacancy, One Jr. Box Vacancy, and Two Shop Vacancies
  • Projected 64 Percent (Over $854,000) Net Operating Income Increase Projected Through Lease-Up Occupancy Stabilization
  • Portfolio Net Operating Income of $4.25 per Square Foot, Providing an Opportunity to Acquire Both Assets Well-Below Replacement Cost
  • Offered Free and Clear of Debt - Allowing Prospective Purchaser an Opportunity to Coordinate Bridge or Perm Financing According to Investment Strategy
  • 97.6 Percent of Occupied Gross Leasable Area (10 of 13 Tenants) are National or Regional Retailers; Only 5,348 Square Feet Leased to Local Tenants
  • 97 Percent of Roofs Replaced 2012 - 2019 (2027 – 2039 Warranties); 22 Percent in 2012 / 52 Percent in 2014 / 4 Percent in 2015 / 19 Percent in 2019
  • Situated within Prominent Mentor Ave Retail Node with Over Three and a Half Million Square Feet of Retail Including Aldi, T.J. Maxx, Ross, Marshalls, Best Buy, Hobby Lobby, Value City Furniture, Levin Furniture, Barnes & Noble, Marc's, and Dozens of Restaurants

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