Dollar Tree & Hibbett Sports | For Sale
$1,900,000
2890-2892 East 116th Street, Cleveland, OH 44120
9.4
Cap Rate
180,096
NOI
Details:
Highlights:
- Densely populated area.
- Newer construction buildings.
- Corporate leases with tenants who each have over 1,000 locations.
- Both tenants are publicly traded companies.
- Both tenants experienced a significant increase in sales during the COVID-19 pandemic.
- Limited competition.
- Hibbetts is a brand new lease — signed as an off-market deal.
Description:
Anchor Cleveland is pleased to present the opportunity to acquire a recently remodeled 2-tenant building occupied by Dollar Tree and Hibbett Sports located at 2890-2892 E 116th St, Cleveland, OH 44120. This property sits in a densely populated neighborhood within the city of Cleveland and just around the corner from Buckeye Plaza (Simon’s Supermarket, Villa, Rainbow Shops and Rent-A-Center).
Dollar Tree signed a 10-year lease 2014 when the building was redeveloped and expanded to 11,200 SF at a cost of approximately $600,000, while Hibbett Sports just executed a 10-year lease agreement with the Landlord and spent over $250,000 renovating the space inside and outside of the building. Hibbett is replacing City Blue who had occupied the space since 2007, when it was constructed. The Hibbett lease was completed as an off-market deal during the COVID-19 pandemic, showing the strength of the tenant demand for this location.
Documents:
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Offering Memorandum
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Location
Gallery
