Investment Highlights

• Giant Eagle shadow anchored retail center | Positioned directly adjacent to a well performing Giant Eagle grocery (not included in sale) which recently renewed lease showing further commitment to center
• Excellent opportunity for investors to add value through lease up or repositioning strategy
• ±20.7% occupied with a diverse mix of national retailers and local service-based tenants; immediate upside by leasing the remaining 19 suites or ±160,847 SF at long term market rates
• Minimal shopping center competition in market
• Strong mix of national and regional tenants including Big Lots, H&R Block, GetGo, and others
• Strategically located along W Prospect Road, providing excellent exposure to over 12,000 VPD
• Offered well below replacement cost providing investors with an excellent cost basis
• Giant Eagle is the #1 Market Share Grocer in the Cleveland MSA

Offering Details

CBRE and RealINSIGHT Marketplace are pleased to offer the opportunity to acquire Saybrook Plaza (the Property), a ±202,907 SF community center located at 2390-2466 W Prospect Road in Ashtabula, OH. The Property is anchored by Giant Eagle (not owned) and Big Lots and features a desirable small shop tenant line-up with Big Lots, H&R Block, GetGo Gas Station and more.  Giant Eagle, the #1 Market Share Grocer in the Cleveland MSA, recently renewed next door showing further commitment to the center.

The Property consists of a ±24-unit shopping center situated on ±27.19 acres along the edge of a dense residential neighborhood. Built in 1956, 1992 and renovated in 2012, it features highly visible pylon signage, ±956' of frontage with four curb cuts, and ample parking for approximately 600 vehicles. The Property is currently ±20.7% occupied by a diverse mix of tenants including Big Lots, H&R Block, GetGo, and others. Saybrook Plaza offers an investor an immediate value-add opportunity to increase gross income significantly via lease-up of the remaining ±160,847 SF of vacant space. Additionally, an investor can create further value through creative restructuring of pads through disposition and redevelopment of existing pad infrastructure.

Shadow Anchored by Giant Eagle, Saybrook Plaza is home to the only full-service grocery store in Ashtabula with the nearest Giant Eagle location over 16 minutes away. Giant Eagle at Saybrook Plaza not only offers full-service grocery but also includes a drive-thru pharmacy and state liquor agency making it a high performing store for the brand.

Ashtabula is a city in Ashtabula County, Ohio, United States, and the center of the Ashtabula Micropolitan Statistical Area. It is located at the mouth of the Ashtabula River on Lake Erie, one of the Great Lakes, across from the province of Ontario, Canada and 53 miles northeast of Cleveland.  The Property benefits from strong demographics with a population of 33,174 and an average household income of $55,717 within a 5-mile radius.

Tags: Property