REIT Sale | Former Big Lots | 16K VPD | 30K SF | Cleveland MSA

Description:

RI Marketplace Online Auction June 9-11, 2025
Register to bid on Marketplace:

https://rimarketplace.com/auction/2511/reit-sale-former-big-lots-16k-vpd-30k-sf-cleveland-msa?utm_source=brevitas&utm_medium=listing&utm_campaign=external&utm_content=retail_2511

Marcus & Millichap and RI Marketplace are pleased to present the opportunity to acquire a vacant, free-standing retail building located at 1211 Tower Blvd in Lorain, Ohio (the “Property”). Formerly occupied by Big Lots, the Property is being offered significantly below replacement cost—providing an exceptional opportunity for investors to acquire a highly visible and strategically positioned asset with substantial value enhancement potential.

Constructed in 1966, the Property comprises a one-story, free-standing building totaling approximately ±30,003 square feet on two parcels totaling ±3.9-acres and includes approximately 167 on-site parking spaces. Situated at a signalized intersection, the Property is easily accessible via multiple points of ingress/egress along Tower Blvd and Oberlin Avenue. The Offering includes a vacant land parcel situated behind the building which presents investors with a prime development opportunity with the potential for significant upside. The site’s favorable B-2, General Commercial Zoning, allows for a wide range of commercial, retail, and entertainment uses, offering flexibility for adaptive reuse or redevelopment strategies.

Lorain, Ohio, situated approximately 30 miles west of Cleveland along Lake Erie and serves as a regional hub for surrounding communities, offering a mix of established retail centers and emerging development prospects. The site benefits from strong visibility with traffic counts of 10,003 vehicles per day on Oberlin Avenue and 6,227 vehicles passing daily on Tower Blvd. Nearby national retailers include Walmart, Kohl’s, Home Depot, Starbucks, Cash America, Huntington Bank, and more. The Property further benefits from strong demographics with a population of 104,325 residents and an average household income of $65,196 within a 5-mile radius. The population has experienced 4.76% growth from 2020-2024 with 4.4% growth expected to continue through 2029.

Thomas Seaman
Auctioneer
License: 2007000016

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