23625 Commerce Park
Beachwood, OH 44122
5-Tenant Office/Medical: 8.24% CAP| Must See! · Office Property For Sale

The Cooper Commercial Investment Group has been exclusively retained by ownership to sell the 100% fee simple interest in 25 Park Place, a 96% occupied medical/office building anchored by Ashton Technology Solutions and College Planning Network. Offered for $2,775,000, an investor has the opportunity to acquire a stable 5-tenant office building in an economically developed area for an attractive price point under $110/S.F. The offering price represents an 8.24% CAP Rate, and with expected market-rate financing, year-1 cash-on-cash return is projected to be 13.60%. In comparison to other office buildings in the area, the featured office building has low-end market rental rates making it an attractive building for perspective tenants and future additional upside for an investor. Furthermore, almost all tenants are on owner-friendly increase over base year lease structures to help maximize stability and contain rental increases to further NOI growth. 25 Park Place has been well-maintained and has prominent signage, along with recent capital improvements, including: replacement of most HVAC units, new LED lighting, parking lot upgrades, dumpster pad concrete and new exterior doors. Located in the highly sought-after Beachwood, Ohio, office/retail district, the 25,364 S.F. asset is home to several tenants have found an ideal location being located in the high-demand Chagrin Boulevard office corridor. Most tenants have been at the location for several years and have exercised extensions and/or expansions, showing both their success and commitment at the property. Ashton Technology Solutions recently expanded and has approached ownership about the potential of acquiring even more space in the building, while College Planning Network recently extended early adding additional term (now through May, 2025) and options. Rounding out the rent roll, over 22% of 25 Park Place is currently designated to medical users, making the building a very stable and well-diversified asset. The office building is ideal as it caters to tenants with its highly-desirable close parking field and just a short distance from a host of nearby amenities, including, Pavilion Shopping Center, Eton Lifestyle Center (both on Chagrin Blvd.) and a plethora of nearby retailers and restaurants. Another major attribute for tenants is the desirable location adjacent to major interstate artery, I-271, which is the main highway serving the Eastern Cleveland suburbs and provides excellent access to the property. Traffic counts at the entrance/exit ramps of I-271 are in upwards of 170,000 vehicles per day. 25 Park Place is located in a concentration of the highest office occupancy rates in the Greater Cleveland Marketplace in an extremely high barrier to entry location. The area boasts a strong residential community with average household incomes of just over $150,000 within a 1-mile radius of the building. The property is in an economically developed area, which is an understatement. University Hospitals opened Ahuja Medical Center in 2011 and already has a $200 million expansion planned, less than one mile from the property. Eaton Corporation (NYSE: ETN) recently developed their new world headquarters within a stones throw, a $173 million project was completed in 2012 and employs more than 2,000 people in over 580,000 square feet of office space. In relation to the subject property, the community has remained extremely contemporary with high growth levels evidenced by the brand-new, $230 Million/57.5 Acre Pinecrest Lifestyle Development, Legacy Village Lifestyle Center, the Eton Collection Lifestyle Center and the upscale Beachwood Place Mall, are among Cleveland’s heaviest concentration of national retailers and office complexes within a 1-mile radius making the property an ideal location. The well-maintained building, along with its location just off the main Chagrin Blvd. thoroughfare in a densely populated area (240,000 residents within 5-miles and a daytime working population of over 175,000) gives any investor an opportunity to acquire an investment that is positioned in a location where many people consider the best office marketplace in Northeast Ohio.