Property Type: Retail
Address: 545 East Aurora Road
Macedonia, OH 44056
|CAP Rate: 5.7%|
Square Feet: 5,500
Tenancy Type: National
Lease Type: NNN
The Cooper Commercial Investment Group has been exclusively retained by ownership to sell the 100% fee simple interest in the Shoppes of Macedonia, featuring Starbucks (NASDAQ: SBUX / S&P “A-”), which now has close to 24,000 locations and Aspen Dental, which has continued its robust expansion, approaching 650 locations in 36 states. The brand-new 5,500 S.F. center is located in Macedonia, Ohio, and the high-quality, trophy asset is being offered for $4,115,000, representing a 5.70% CAP Rate. The 100% occupied property is wrapping up construction with anticipated opening of both tenants near the end of October. Each tenant has a new 10-year+ NNN lease, mid-term rental increases and NO early termination rights.
The center is located in a strong residential community with continual growth and average household incomes over $112,000 within a 1-mile radius, while drawing from both the Cleveland and Akron markets, strategically positioned approximately 20 miles from each. The surrounding communities contain dense, infill demographics with an upper-middle income population base. The Shoppes of Macedonia was built with high-quality brick construction and is positioned to be one of the best locations on the booming corridor. The center’s pleasing and modern curb appeal with multiple points of ingress and egress on a signalized corner will attract customers as well as the convenience of the Starbuck’s drive-thru, less than a quarter mile to I-271, which is sure to be a hit with area residents as they commute to and from work. The property also has excellent visibility due to its prominent monument signage and access from I-271 and Route 8.
The Macedonia Commons’ dominant trade area is 99.1% occupied due to the best-in-class retailers and steady high volumes of traffic in the corridor, which makes this a destination point for all surrounding communities. These tenants ensure consistent traffic flow directly in front of the center making this location unrivaled. Located in the heart of the dominant retail corridor, The Shoppes of Macedonia is positioned across from and between Macedonia Commons, the Crossings at Golden Link and a Best Buy anchored center. Macedonia Commons features 43 retailers, including a Walmart Supercenter, Home Depot, Kohl’s, Cinemark, PetSmart, Five Below, Hobby Lobby, Ulta and many more. The power center is visible from I-271 and is a cut through to Route 8 from Aurora Road. The featured asset sits directly across from the Best Buy anchored center that is also home to Burlington Coat Factory, PetCo and Office Max. Further, the Crossings at Golden Link is just west of Route 8 and includes Target, Lowe’s, Giant Eagle, Great Escape, Chipotle, Panera Bread and many more.
The retail sector is certainly much of the traffic to the center, but also being positioned less than 0.25 miles from I-271 and Route 8 provides commuter traffic as well. The Shoppes of Macedonia will benefit greatly from the easy highway access. Traffic counts at I-271/Aurora Road (Route 82) are in upwards of 76,450 VPD and the traffic counts at East Aurora Road/Route 8 are a combined 36,830 VPD. With the strategic placement, solid construction, dominant quality tenants and proximity to employees, and residents; the asset is positioned as a high-quality investment for years to come.
Full Offering Memorandum