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9911 Avon Lake Rd
Burbank, OH 44214
Retail For Sale · Retail Property For Sale
·
58,632 SF
Property Facts
| Price | Not Individually For Sale | Building Class | A |
| Building Size | 58,632 SF | Lot Size | 51.90 AC |
| Property Type | Retail | Parking Ratio | 3.72/1,000 SF |
| Property Subtype | Storefront |
| Price | Not Individually For Sale |
| Building Size | 58,632 SF |
| Property Type | Retail |
| Property Subtype | Storefront |
| Building Class | A |
| Lot Size | 51.90 AC |
| Parking Ratio | 3.72/1,000 SF |
Executive Summary
Prime Outlets of Lodi, a 311,562-square-foot outlet center, was constructed in
1996/1998 and is positioned on nearly 52 acres. The subject property features
a traditional outlet design and is in good condition with no deferred maintenance.
The site has frontage along the north side of I-71 and is proximate to the Avon Lake Road interchange. I-71 connects the Cleveland-Akron area with Columbus and Cincinnati to the southwest.
This location features a large population base with abundant seasonal and year-round tourist destinations. Prime Outlets is the largest outlet center in northeast Ohio
featuring over 80 of the nation’s top manufacturer’s outlet stores. It is a popular
shopping destination for the more than 100,000 college students who live within
a 60-mile radius of the center.
Amenities include a village-style setting with enclosed food court, children’s play
area, customer service center, group tour packages, free stroller and wheelchair
usage and gift certificates. AAA members receive a special shopping discount
package. This is the number one tourist attraction in the area, with more than
one million annual visits.
A current vacancy of approximately 16 percent indicates upside potential.
Stabilization of the property to occupancy of 95 percent could generate
additional net operating income of roughly $550,000 which calculates to an
increase in equity between $6M-$7M with respect to the current capitalization
rate of 8.5 percent.
Approximate Foodcourt seats=400
1996/1998 and is positioned on nearly 52 acres. The subject property features
a traditional outlet design and is in good condition with no deferred maintenance.
The site has frontage along the north side of I-71 and is proximate to the Avon Lake Road interchange. I-71 connects the Cleveland-Akron area with Columbus and Cincinnati to the southwest.
This location features a large population base with abundant seasonal and year-round tourist destinations. Prime Outlets is the largest outlet center in northeast Ohio
featuring over 80 of the nation’s top manufacturer’s outlet stores. It is a popular
shopping destination for the more than 100,000 college students who live within
a 60-mile radius of the center.
Amenities include a village-style setting with enclosed food court, children’s play
area, customer service center, group tour packages, free stroller and wheelchair
usage and gift certificates. AAA members receive a special shopping discount
package. This is the number one tourist attraction in the area, with more than
one million annual visits.
A current vacancy of approximately 16 percent indicates upside potential.
Stabilization of the property to occupancy of 95 percent could generate
additional net operating income of roughly $550,000 which calculates to an
increase in equity between $6M-$7M with respect to the current capitalization
rate of 8.5 percent.
Approximate Foodcourt seats=400
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