Description

Short sale opportunity. Owner's health forces possible short sale with tremendous upside on this69,000 sq ft Shopping Center with 3 buidings built in 1988 consisting of a main building of 61,500 sq ft with 35 tenants (Indoor Swap Meet) and 2 buildings on the pads consisting of 2500 sq ft occupied by Magic Lube and another 5000 sq ft building vacated by Kragen Auto but has an LOI from a national credit tenant ready to sign long term lease. Center is abutting Rite-Aid, Big Lots, Church's chicken.
The main building is 70% occupied at present. Owner is not marketing the vacant space for rent. Definite value add property.
Owner had several offers in 2007 when listed at $13,950,000.

Illness forces sale. Owner is very motivated.

Financial attachments are existing income using the old Kragen Auto lease rates for the new tenant with the LOI close to signature. Main building is on month to month tenancies and does not reflect the additional income potential for the 30% vacancy. Tenants would move to leases instead of month to month tenancies. Please do not disturb tenants or discuss sale.

Located off the 94 at Euclid. Center is abutting Rite-Aid, Big Lots, Church's
Chicken.