The property features a single-story multi-tenant retail building with a stable flow of in-place income from 5 main tenants: Big Lots, Vitcom, Harbor Freights Tools, Dom Ramon Restaurant, and Fifth Third Bank (ATM). The building is generating a strong current return; however, the center’s existing vacancy of approximately 13% provides an opportunity to boost NOI and add significant value to a new owner. The property encompasses ±101,267 square feet of above grade building area with tall ceilings throughout. Situated on ±8.73 AC of land, the property has ±525 feet of frontage on Pearl Road.
The property is located at the northern corner of Stumph & York, a highly trafficked trade area with strong co-tenancy including the Southland Shopping Center, numerous industrial and manufacturing business, and Cleveland Hopkins International airport.
The auction is scheduled to begin December 12, 2022 with the closing time for all bidding to fall between 1:00 PM and 5:00 PM (Eastern Standard Time) on December 14, 2022.