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Off Market
1/8

620 Ridgewood Crossing Dr
Fairlawn, OH 44333


HIGHLIGHTS

  • Internet Resistant Tenancy
  • Recent Lease Extensions
  • Excellent Access and Visibility
  • Value-add Opportunity – Future Development of Outparcel

OVERVIEW

»Internet Resistant Tenancy The property features a unique blend of longstanding Internet resistant tenants comprised of medical, service, and food-based operators. This includes longstanding tenants such as Family Dental Team, Old Carolina Barbecue, Edible Arrangements, along with several others. » Recent Lease Extensions Ridgewood Crossing remains some of the more desired retail space in the Fairlawn submarket, as evidenced by the recent lease extensions executed with the two largest tenants in the center, Family Dental Team (Expires 6/2034) and Old Carolina Barbecue (Expires 2/2025). This also happens to be one of the top performing Old Carolina Barbecue locations in the chain (10 locations total). Additionally, there were recent lease extensions also executed with Tiffany’s Bakery and the Summit County Clerk of Court, as well as new leases with Edible Arrangements and Botara Euro Spa. Not only does this recent leasing activity represent the demand for new tenants to be here, but it also highlights the desire of current tenants to remain here long-term. » Excellent Access and Visibility The Property benefits greatly from its excellent access and visibility due to its prime location immediately off of I-77 (70,000 VPD). It’s conveniently located along Ridgewood Crossing Drive, which runs through the heart of one of the densest residential pockets in the entire Akron MSA. So not only is the centers positioning ideal for customers in the immediate surrounding communities, but it’s convenient and immediate access off of I-77 also provides a regional draw of consumers on a daily basis. » Value-add Opportunity – Future Development of Outparcel The Property provides an investor the unique opportunity to acquire a stabilized asset, that also features an immediate valueadd opportunity via the future development of the 1.3 acre vacant land outparcel. Additionally, there’s also one 1,500 SF vacant unit that will add over $30,000 of income upon lease-up. » Dense Housing Submarket – Strong Demographics The surrounding area features a desirable demographic profile with nearly 140,000 people located within a five-mile radius, boasting impressive average household incomes in excess of $76,000. These demographics are some of the strongest in the entire Akron MSA, given the Property’s prime positioning in the heart of one of the densest residential pockets in the entire trade area. » Unencumbered Asset Offered free and clear of any existing financing, a new investor can take advantage of historically low interest rates and ample availability in the capital markets to enhance returns through creative capitalization structures.

FOR SALE DETAILS

PRICE

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CAP RATE

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% LEASED

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TENANCY

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BUILDING DETAILS

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Freestanding

ADD'L SUBTYPES

Restaurant, Storefront, Medical

TOTAL BUILDING SIZE

25113

STORIES

1

YEAR BUILT

2005

SPRINKLERS

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PARKING SPACES

178

LAND DETAILS

LAND ACRES

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LAND SF

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ZONING

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APN/PARCEL ID

15-08266,15-08267