For Sale
$9,345,000

2444 State St Alliance, OH 44601

Grocery-anchored retail investment, 7.5% cap rate.

Overview

Added:
Dec 11, 2024
Days on market:
138
Westwood Square, a 77,806 square foot, grocery-anchored shopping center in Alliance, Ohio, presents a compelling investment opportunity. This stabilized property boasts a 7.50% cap rate and a strong NOI of $700,724, supported by 100% occupancy across its twelve tenants. The center is anchored by Marc's Grocery Store, a regional chain with a long-term lease (through August 2028) occupying 46% of the gross leasable area (GLA). Additional key tenants include Pet Supplies Plus and a freestanding AT&T building, both on NNN leases. The property features a diverse tenant mix of national and regional brands, with nine of the twelve tenants falling into these categories. A significant portion of the GLA (75%) has been occupied by tenants since the 1990s, demonstrating remarkable tenant longevity and stability. The average rent is $9.83/SF NNN ($11.80/SF all-in), considered reasonable and replaceable. Built in 1993 and situated on a 6.99-acre lot, the property includes two single-story buildings. A new 80-mil TPO roof installed in 2015 mitigates near-term capital expenditure risks. The property benefits from high visibility on West State Street (21,630 cars/day), a strong demographic profile (23,793 residents within 3 miles, 34,116 within 5 miles), and proximity to major retailers like Walmart, Lowe's, and a new Meijer-anchored development. The asking price is $9,345,000, offering a compelling return on investment in a thriving market. The property is offered free and clear of debt.

Highlights

  • Fully occupied, 77,806 SF grocery-anchored shopping center in Alliance, OH.
  • Grocery-anchored by Marc's (46% of GLA) on a NNN lease through 8/2028; tenant since 1993, with a history of five 5-year renewal options.
  • Low occupancy costs (under 3% all-in rent/NNN).
  • Marc's is a regional chain with 62 stores and estimated $1B annual revenue.
  • 3.33% NOI CAGR over a 10-year hold period.
  • Co-anchored by Pet Supplies Plus (16% of GLA) since 1994, on a NNN lease through 8/2024.

Property Details for 2444 State St

Property type
Lifestyle centers, Power centers
Square Feet
77,806 SF
Year Built
1993
Buildings
2
Stories
1
Lot Size (sq. ft)
304,484 SF
Units
12

Location Insight

City
Alliance
County
Stark
State
Ohio
Latitude
40.901016
Longitude
-81.1508022

FAQs

What type of property is this?
Lifestyle center - Grocery-anchored retail investment, 7.5% cap rate.
Where is the lifestyle center located?
The property is located at 2444 State St Alliance, OH.
What is the asking price?
The asking price for this property is $9,345,000.
What are key features of this property?
This property features: Fully occupied, 77,806 SF grocery-anchored shopping center in Alliance, OH.; Grocery-anchored by Marc's (46% of GLA) on a NNN lease through 8/2028; tenant since 1993, with a history of five 5-year renewal options.; Low occupancy costs (under 3% all-in rent/NNN).
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2444 State St
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