Chagrin Lee Plaaza
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Chagrin Lee Plaaza
3 Properties Offered at $4,700,000 in Shaker Heights, OH
Investment Highlights
- Hard corner location at Chagrin Boulevard and Lee Road
- Well occupied center with stable rent roll
- Bank of America drive-thru location
- Stand-alone Walgreens location (Potential arbitrage spin off for next owner)
- Potential to purchase at a PSF price below replacement cost
Executive Summary
NAI Farbman and NAI Pleasant Valley are pleased to present Chagrin Lee Plaza, a 52,506 SF mixed use property consisting of high-quality retail space (and limited office/medical space) in addition to a standalone Walgreens. Nestled at a prime hard corner location along Chagrin Boulevard and Lee Road, adjacent to the bustling Shaker Town Center, the property is currently 95% occupied and has an NOI of $312,192. Aside from the building’s excellent location, the property is home to tenants that are logical for the area given the surrounding demographics. The property has plentiful parking, and the standalone Walgreens location allows for a potential separate spin off opportunity for the next owner.
Property Facts
| Price | $4,700,000 | Number of Properties | 3 |
| Price / SF | $110.48 / SF | Individually For Sale | 0 |
| Cap Rate | 6.64% | Total Building Size | 42,543 SF |
| Sale Type | Investment | Total Land Area | 5.04 AC |
| Status | Active |
| Price | $4,700,000 |
| Price / SF | $110.48 / SF |
| Cap Rate | 6.64% |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 3 |
| Individually For Sale | 0 |
| Total Building Size | 42,543 SF |
| Total Land Area | 5.04 AC |
Properties
| Property Name / Address | Property Type | Size | Year Built | Individual Price |
|---|---|---|---|---|
|
Walgreen's
16400 Chagrin Blvd, Shaker Heights, OH 44120 |
Retail | 12,400 SF | 1994 | - |
| 16500 Chagrin Blvd, Shaker Heights, OH 44120 | Office | 26,143 SF | 1994 | - |
| 16450 Chagrin Blvd, Shaker Heights, OH 44120 | Retail | 4,000 SF | 2022 | - |
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Todd Szymczak -
Alis Babi, CCIM -
Mario Giglio -
Alec Pacella -
NAI Farbman
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Chagrin Lee Plaaza
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