ACQUISITION
A principal member of the team acquired an 111,017 SF neighborhood shopping center comprised of several properties located in the heart of downtown Euclid, OH, which is located within the inner ring of suburban Cleveland. The Property is approximately 13 miles east of the Cleveland CBD and only 1 mile southwest of I-90. The Main anchor was Dave’s Market a family-owned and operated regional chain founded in 1930. They had strong sales and were well suited to merchandise for the local market demographic. The transaction was an off market deal introduced by an industry contact. Working closely with the owner, the executing team was able to address the owner’s short term cash need while resolving a discovered environmental condition securing a “No Further Action Letter” from the Ohio DEP to close the deal. Upon closing, the deal generated a strong cash-on-cash return.

INVESTMENT PLAN
The plan was to maintain high occupancy levels as well as identify leasing opportunities that maximize income and increase credit quality and residual returns. The executing team also planned to invest prudent capital in the property to realize its untapped potential and take advantage of the City of Euclid’s plan to reconfigure and redevelop its downtown area, making it the second largest employment center in the area.

RESULTS
The property was bought well base on a double digit capitalization rate on in-place income. The executing team attracted and signed a lease with one of the fastest growing sports apparel retailers in the country, after which it was expected to enjoy an occupancy over 94%. Shore Center has a bright future in the City of Euclid.