Property Type: Retail
Status: Executed LOI
Address: 2809-2875 Whipple Avenue NW
Canton, OH 44708
|CAP Rate: 8.25%|
Square Feet: 78,590
Tenancy Type: Mixed
Lease Type: NNN
The Cooper Commercial Investment Group has been exclusively retained by ownership to sell the 100% fee simple interest in the 78,590 S.F., Hillsdale Shopping Center located in Canton, Ohio. Offered for $5,850,000, representing an 8.25% CAP and approximately 13.00% projected year-1 cash-on cash return; an investor has the opportunity to acquire a grocery shadow anchored asset centered within a very established residential community with great population density and high income levels. The asset consists of retail and office space and is priced for an exceptionally low price of $74/S.F.
The 93% occupied ACME Fresh Market and Harbor Freight Tools shadow anchored center is home to many well-know national and regional tenants. Anchor tenant ResCare is a multi-billion organization known as the largest private provider of services to people with disabilities, the largest private home care company, the largest specialized high-acuity neuro-rehab in community settings and the largest career center workforce contractor in the U.S. with more than 45,000 dedicated employees serving over 60,000 people daily across 42 states. Additionally, the center is also anchored by Siffrin, who recently significantly expanded their space and recently extended their lease through 2025. The company is a regional organization whose services extend to more than 800 people in nine counties. This location is also ideal for Siffrin with the Stark County Board of Developmental Disabilities directly across Whipple Road. Furthermore, the center is home to a KeyBank ground lease outparcel, CosmoProf (NYSE: SBH) Lindsey’s Pizza, Hallmark, Gregory’s Restaurant & Catering, Hillsdale Beauty Shop, Premier Studio Salons, Rave Reviews (who recently expanded their space due to success of the location), and newly signed tenant, Inspire Performing Arts.
The center has welcoming curb appeal and has recently underwent major renovations and improvements. All of the roofs at Hillsdale Shopping Center have been replaced and offer the balance of the transferable warranties (through 2020/2021). Additionally, at their own expense, shadow anchored ACME Fresh market is finalizing their complete interior and exterior renovation, which includes a brand-new façade and is expected to be completed by the end of September, 2017. The massive store renovation shows their long-term commitment to the center and market. The main inline center has great visibility and frontage with a considerable amount of parking and is conveniently connected to the ACME Fresh Market and Harbor Fright Tools. The KeyBank outparcel, ResCare and strip center that includes Gregory’s Restaurant & Catering, Inspire Performing Arts and Lindsey’s Pizza are all located close to Whipple Avenue.
Hillsdale Shopping Center is positioned in a densely populated neighborhood community with abundance of rooftops, over 174,700 within 5-miles and average household incomes of over $73,000 within a 1-mile radius of the center. Traffic counts at the intersection of Whipple Avenue and Hills and Dales Road are approximately 36k VPD. Another major attribute for tenants is the desirable location being located on one of the most well known roadways in Canton (Whipple Avenue) Positioned with close proximity to I-77, Route 62 (2 miles), the property is also less than 6 miles to the Akron-Canton Regional Airport. With the diverse mix of uses, services, staggered lease term and retailers; the asset is well insulated for possible shifts in consumer retail demands and trends.
Full Offering Memorandum