Plaza East

Highlights:

• Prime Retail Corridor: Situated within the primary retail corridor of Ashtabula, Plaza East is placed strategically to compliment surrounding retailers. Being a Shadow to the Ashtabula Towne Square, Plaza East sits within the direct vicinity of Lowes, Tractor Supply Co, Walmart, Harbor Freight Tools, Chipotle, Verizon, Discount Drug Mart, Aldi, Home Depot, and More.
• Value Add: Plaza East is being offered 76% occupied, with significant opportunity to boost NOI upon lease up of vacant space. Through lease up efforts, bringing rents to market, and converting tenants to NNN leases, a new investor has the ability to raise the NOI by over $150,000 – which would then result in a high double digit cap rate.
• Strong Leasing Momentum: Just over the past year, we have successfully added three new tenants to the Plaza, showing there is a true demand for retail space in the growing Ashtabula market. All of the new tenants have signed multi year leases.
• Destination Real Estate: Opportunity to own in one of the fastest growing marketing in Northeast Ohio. Home to SPIRE Academy, one of the largest athletic training facilities in North America, which hosts events in the likes of Olympic Trials, College Sports, and Boarding School.
• Priced Below Replacement Cost: This asset is priced well below the replacement cost, at an attractive price per square foot of $65 PSF.
• Surrounding New Developments: Over just the past few years, there has been several major retailers breaking ground in the Ashtabula market, including but not limited to brand new buildings for Chipotle, Starbucks, Verizon, and Aldi.

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