Rocky River Strip Center Portfolio 21802-21808 CENTER RIDGE ROAD | 21190 CENTER RIDGE ROAD

ROCKY RIVER, OH (CLEVELAND MSA)

OFFERING MEMORANDUM LISTED BY

JONAH YULISH ROB GOLDBERG Associate Associate Direct +1 216 503 3610 Direct +1 216 503 3609 Mobile +1 216 973 1882 Mobile +1 216 470 1464 [email protected] [email protected] Lic #2018004451 (OH) Lic #2018005194 (OH)

ZACK BATES BEN SNYDER BROKER OF RECORD Associate Vice President EVP & National Director Kyle Matthews Direct +1 216 503 3608 Direct +1 216 503 3607 Lic # BRK.2019005179 (OH) Mobile +1 440 708 3416 Mobile +1 614 975 8822 [email protected] [email protected] Lic #2018002393 (OH) Lic #2018002569 (OH)

TABLE OF CONTENTS

03 EXECUTIVE OVERVIEW 06 PORTFOLIO OVERVIEW

08 21802-21808 CENTER RIDGE RD 13 21190 CENTER RIDGE RD

22 AREA OVERVIEW

2 EXECUTIVE OVERVIEW

THE OFFERING Matthews Real Estate Investment ServicesTM is pleased to provide the following offering memorandum pertaining to the exclusive marketing and sale of 21808 Center Ridge Road + 21190 Center Ridge Road (the “Property”), Located in Rocky River, Ohio (Cleveland MSA). The two centers consist of 18,219 square feet of retail and office space in the heart of the Center Ridge Road retail corridor seeing +/- 20,000 VPD with strong visibility and access to the center. The offering provides an Investor with the unique opportunity to own great real estate in the upscale Rocky River market, stabilized below replacement cost with immediate opportunity to raise rents, solidify current tenant leases and allow an investor to continue to cash- flow at an attractive rate. This outstanding investment opportunity is offered free and clear of existing financing. The properties are also available as a portfolio or separate purchases.

INVESTMENT HIGHLIGHTS

• Value Add Opportunity via Under Market Rents or Redevelopment

• Properties are located with Close Proximity to Major Retailers including Home Depot, Giant Eagle, AMC, Aldi, Target, Lowe’s, Kohl’s and many other national tenants

• Location Provides Great Access and Visibility to ±12,000 Vehicles Per Day Along Center Ridge Road

• Highly Sought-after Submarket Featuring Dense and Affluent Demographics - ±90,000 Residents in 3-Miles, ±200,000 Residents in 5-Miles, Average Household Income of ±$88,000

• Extremely Long-Standing Operating History from 80%+ of Tenants

• Priced Below Replacement Cost

• Shadow Anchored by Market Dominant Grocer in Giant Eagle

• Prime Location in Heart of Robust Retail Corridor

3 21190 Center Ridge Rd WAGAR RD ± 10,000 VPD 21802-21808 Center Ridge Rd

CENTER RIDGE RD ± 12,000 VPD

4 5 portfolio valuation summary

6 PORTFOLIO VALUATION SUMMARY

$2,218,000 $121.74 9.38% $208,382 ±18,219 SF LIST PRICE PRICE PER SF CAP RATE YEAR 1 NOI GLA

21802-08 CENTER RIDGE RD - VALUATION SUMMARY 21190 CENTER RIDGE RD - VALUATION SUMMARY

LIST PRICE LIST PRICE

Pricing Summary: Pricing Summary:

List Price $902,000 List Price $1,316,000

Price PSF ($) $131 Price PSF ($) $116

Returns Summary: Returns Summary:

In Place Cap Rate 9.25% In Place Cap Rate 9.50%

Financial: Financial:

Year 1 NOI $83,369 Year 1 NOI $125,014

Gross Leasable Area ±6,880 Gross Leasable Area +/-11,339

In Place Occupancy 100.0% In Place Occupancy 100.0%

7 21802-21808 Center Ridge Rd Rocky River, OH

8 PHYSICAL DESCRIPTION

PROPERTY GROSS TOTAL CURRENT AVERAGE TERM APN PARKING SPACES ADDRESS LEASABLE AREA TENANTS OCCUPANCY REMAINING

21802-21808 Center Ridge Rd ± 6,880 SF 4 100% ±1.5 YEARS 30321002 26 Rocky River, OH

PARCEL MAP

CENTER RIDGE RD ±12,000 VPD

9 SITE PLAN

TENANT ROSTER

SUITE TENANT SQFT CIGARS FOOT DRY SPA CLEANERS 1 Cigars Cigars 2,830

2 Hawaiian Foot Spa 1,000 RIVER OAKS DR RIVER OAKS Sherry's Dry 3 1,500 Cleaning

4 Little Caesars 1,550

Totals 4 Suites 6,880 SF

CENTER RIDGE ROAD

10 FINANCIAL OVERVIEW

YEAR 1 TOTAL $ PSF

Income

Rental Income $86,700 $12.60

Expense Reimbursements $24,345 $3.54

Effective Gross Revenue $111,045 $16.14

Expenses

Real Estate Taxes $14,713 $2.14

Insurance $1,376 $0.20

CAM $8,256 $1.20

Management (3% of EGR) $3,331 $0.48

Total Operating Expenses $27,677 $4.02

Net Operating Income $83,369 $12.12

11 RENT ROLL

LEASE LEASE % OF CONTRACT RENTAL RATE RENT $ PSF RENT INCREASES RECOVERY SUITE TENANT SQFT OPTIONS START END GLA YEAR MONTH $ PSF/YR $PSF/MO DATE $ PSF/YR $ PSF/MO STRUCTURE

2x1 Years: 1 Cigars Cigars May-19 MTM 2,830 41.1% $22,200 $1,850 $ 7. 8 4 $0.65 - - - NNN (1) FMV. (2) FMV.

2x1 Years: 2 Hawaiian Foot Spa May-18 MTM 1,000 14.5% $18,900 $1,575 $18.90 $1.58 - - - NNN (1) FMV. (2) FMV.

Sherry's Dry 1x3 Years: 3 May-17 Mar-21 1,500 21.8% $18,000 $1,500 $12.00 $1.00 - - - NNN Cleaning (1) FMV.

2x5 Years: (1) $19.74 Little PSF with 4 Oct-17 Sep-22 1,550 22.5% $27,600 $2,300 $ 17. 8 1 $1.48 Oct-20 $20.90 $1.74 NNN Caesars 2% annual increases. (2) FMV.

OCCUPIED TOTALS - IN PLACE 6,880 100.0% $86,700 $7, 225 $12.60 $1.05

VACANT TOTALS 0 0.0% $0 $0 $0.00 $0.00

TOTALS 6,880 100.0% $86,700 $7, 225 $12.60 $1.05

12 21190 Center Ridge Road Rocky River, OH

13 PHYSICAL DESCRIPTION

PROPERTY GROSS TOTAL CURRENT APN PARKING SPACES ADDRESS LEASABLE AREA TENANTS OCCUPANCY

21190 Center Ridge Rd ± 11,339 SF 9 100% 30323002 30 Rocky River, OH

PARCEL MAP

CENTER RIDGE RD ±12,000 VPD

14 SITE PLAN

TENANT ROSTER

P LY M O U T HA V E . SUITE TENANT SQFT

1 Floors 2U 2,250

2 Remnants 300

3 Wine and Design 1,600

4 Brazilian Jiu Jutzsu 2,564

5 West 50 375

SUBJECT 6 Keith Settle Photography 750

PROPERTY 7 Weiss Realty 750

8 Weiss Law 250

9 Synergy 2,500

Totals 9 Suites 11,339 SF

CENTER RIDGE ROAD

15 FINANCIAL OVERVIEW

YEAR 1 TOTAL $ PSF

Income

Rental Income $131,700 $11.61

Expense Reimbursements $36,298 $3.20

Effective Gross Revenue $167,998 $14.82

Expenses

Real Estate Taxes $18,668 $1.65

Insurance $2,268 $0.20

CAM $17,009 $1.50

Management (3% of EGR) $5,040 $0.44

Total Operating Expense $42,984 $3.79

Net Operating Income $125,014 $11.03

16 RENT ROLL

ANNUAL LEASE LEASE % OF CONTRACT RENTAL RATE RENT $ PSF RECOVERY SUITE TENANT SQFT RECOVERY OPTIONS START END GLA STRUCTURE YEAR MONTH $ PSF/YR $PSF/MO DATE

1 Floors 2U Jun-05 MTM 2,250 19.8% $36,000 $3,000 $16.00 $1.33 $ 7, 52 9 - -

2 Remnants Jun-05 MTM 300 2.6% $4,800 $400 $16.00 $1.33 $1,004 - -

3x2 Years: (1) FMV. 3 Wine and Design Jun-17 May-20 1,600 14.1% $24,000 $2,000 $15.00 $1.25 $5,354 NNN (2) FMV. (3) FMV.

Brazilian Jui 2x2 Years: (1) FMV. 4 Dec-16 Jan-21 2,564 22.6% $28,200 $2,350 $11.00 $0.92 $8,580 NNN Jutzsu (2) FMV.

5 West 50 Jul-05 MTM 375 3.3% $5,100 $425 $13.60 $1.13 $1,255 - -

Keith Settle Pho- 6 Aug-16 Jul-20 750 6.6% $4,800 $400 $6.40 $0.53 $2,510 NNN 1x2 Years: (1) FMV tography

7 Weiss Realty Jan-17 Feb-22 750 6.6% $9,600 $800 $12.80 $1.07 $1,275 NN -

8 Weiss Law Jan-17 Feb-22 250 2.2% $4,800 $400 $19.20 $1.60 $425 NN -

9 Synergy Jan-16 MTM 2,500 22.0% $14,400 $1,200 $5.76 $0.48 $8,366 NNN 1x2 Years: (1) FMV.

OCCUPIED TOTALS - IN PLACE 11,339 100.0% $131,700 $10,975 $11.61 $0.97

VACANT TOTALS 0 0.0% $0 $0 $0.00 $0.00

TOTALS 11,339 100.0% $131,700 $10,975 $11.61 $0.97

17 CENTER RIDGE RD ± 12,000 VPD

21190 Center Ridge Rd 21802-21808 18 Center Ridge Rd Less than 1 mile away

CENTER RIDGE RD ± 12,000 VPD

21190 Center Ridge Rd 21802-21808 Center Ridge19 Rd CLEVELAND

CENTER RIDGE RD ± 12,000 VPD

20 21 Area Overview

22 ROCKY RIVER, OHIO (CLEVELAND MSA)

Rocky River is a city in western Cuyahoga County, Ohio. A suburb of Cleveland, it is located along the shore of Lake Erie approximately 9 miles west of downtown Cleveland. The city is named for the Rocky River that forms its eastern border. A small strip of Cleveland itself also borders Rocky River; however, the two cities are not directly connected via road. On Rocky River's western border are the cities of Bay Village to the northwest and Westlake to the southwest. The Rocky River City School District serves the entire city of Rocky River and a small portion of the city Fairview Park. Currently, the Rocky River City Schools serve 2,640 students in 4 buildings. Rocky River is located close to Lakewood, Ohio. Lakewood is one of Cleveland's historical streetcar suburbs and part of the Greater Cleveland Metropolitan Area. Lakewood is home to a young and diverse population and has the highest population of any city in Ohio and is roughly comparable to that of Washington, D.C.

DEMOGRAPHICS LOCATION MAP

POPULATION 1 Mile 3 Mile 5 Mile

14,874 95,320 212,659 ROCKY 2025 Projection RIVER

2020 Estimate 14,925 96,322 214,834

2010 Census 15,209 99,697 222,255

HOUSEHOLD 1 Mile 3 Mile 5 Mile

2025 Projection 7,576 43,988 97,759

2020 Estimate 7,519 44,095 97,964

2010 Census 7,411 44,498 98,780

INCOME 1 Mile 3 Mile 5 Mile

Average Household Income $90,877 $93,232 $82,149

23 AREA OVERVIEW Cleveland OHIO

Cleveland is based on the southern shore of Lake Erie near the mouth of the Cuyahoga River. It is 90 miles west of the Pennsylvania border and the county seat of Cuyahoga County. Considered part of the “Great Lakes Region”, Cleveland has access to major waterways, namely the Ohio and Erie Canals. The city’s geographic location has been instrumental to its growth and establishment as an important business center. From a low cost of living, reliable public transportation, and boundless opportunities, to great schools, neighborhoods, and recreational activities, there’s no better place to live and work. Around every corner, you’ll find people dedicated to being experts at their 175,066+ $430 Million 375,000+ IN BUSINESSES & craft, whether that be in healthcare, manufacturing, or CITY LABOR FORCE CLEVELAND POPULATION REAL ESTATE VENTURES crafting world-class brews and burgers. 24 CLEVELAND CULTURE

Travel and eat your way around the world without ever stepping foot outside of Cleveland. With dozens of ethnic, arts and street festivals taking place year-round, locals and visitors alike can experience enough music, food, and culture to feel like a seasoned traveler. The 11-day Cleveland International Film Festival screens more than 200 new independent films while the Cleveland Asian Festival features free performances, demonstrations, vendors and restaurants. In Cleveland, you can have it all.

For those who love watching from the sidelines, Cleveland is one of the few proud cities that host three major professional sports teams; the Cleveland Browns (NFL), the Cleveland Indians (MLB) and the Cleveland Cavaliers (NBA). All three sports facilities are conveniently located Downtown and are easily accessible.

Round out the perfect Saturday night by catching a show at the second- largest theater district outside of Broadway, strolling the Rock & Roll Hall of Fame or marveling the masterpieces housed at The Cleveland Museum of Art. From Broadway productions at Playhouse Square to the sounds of one of the “Big Five” orchestras of the United States, the pulse of arts and culture in Cleveland is strong enough to rival any city.

25 CLEVELAND ECONOMY

Cleveland is home to a diversified group of employers built on the foundation of a city that inspires growth, innovation, and passion. For decades, major employers located in Cleveland have taken advantage of EDUCATION the strong demographics, abundant resources, and strategic advantages The City of Cleveland and the surrounding region are that come as a result of setting up shop in Cleveland. There is a growing home to 50 colleges and universities, many nationally list of companies who are thriving, and there’s an endless supply of ranked, offering a variety of courses of study. These possibility for any company looking for the right place to expand, relocate world-renowned institutions of higher learning are a or start-up. The city is also home to the corporate headquarters of many tremendous asset to the local economy and provide both large companies a talented workforce and a valuable link to some of the The Cleveland Clinic is the largest private employer in the city of best researchers and programs in the country. Cleveland and the state of Ohio, with a workforce of over 50,000. It In the last 12 years, the city has invested more than $430 carries the distinction as being among America’s best hospitals with top million in various businesses and real estate ventures. ratings. Cleveland’s healthcare sector also includes University Hospitals of Cleveland, MetroHealth medical center, and Medical Mutual of Ohio. Cleveland is also noted in the fields of biotechnology and fuel CASE WESTERN RESERVE UNIVERSITY cell research, led by Case Western Reserve University, the Cleveland Clinic, and University Hospitals of Cleveland. The city is among the top “Case,” a private research university established in 1826 recipients of investment for biotech start-ups and research. and based in Cleveland’s University Circle neighborhood, serves over 5,000 undergraduate students and over COMPANIES HEADQUARTERED OR HAVE A MAJOR 6,500 graduate and professional students. Case has 16 PRESENCE IN CLEVELAND Nobel Laureates among current and former faculty and alumni and is ranked the 1st overall university in Ohio. The medical school, affiliated with the Cleveland Clinic, is ranked 24th nationally.

CLEVELAND STATE UNIVERSITY

“CSU,” based in Downtown Cleveland and founded in 1964, serves 17,000-plus students and offers over 175 academic programs. CSU was ranked 18th in the nation among public universities which contributes to social mobility for students, and 34 percent of CSU students are the first members of their families to attend college.

26 CONFIDENTIALITY AGREEMENT & DISCLAIMER

This Offering Memorandum contains select information pertaining to the business and affairs ofRocky River Strip Center Portfolio located at 21802-21808 Center Ridge Rd & 21190 Center Ridge Road, Rocky River, OH (“Properties”). It has been prepared by Matthews Real Estate Investment Services. This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Matthews Real Estate Investment Services. The material is based in part upon information supplied by the Seller and in part upon financial information obtained from sources it deems reliable. Owner, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness of this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence.

By acknowledging your receipt of this Offering Memorandum for the Property, you agree:

1. The Offering Memorandum and its contents are confidential; 2. You will hold it and treat it in the strictest of confidence; and 3. You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Seller.

Owner and Matthews Real Estate Investment Services expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered.

If you wish not to pursue negotiations leading to the acquisition of the Property or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum.

A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Matthews Real Estate Investment Services or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property.

This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum.

27 Rocky River Strip Center Portfolio

21802-21808 CENTER RIDGE RD | 21190 CENTER RIDGE RD

ROCKY RIVER, OH (CLEVELAND MSA)

OFFERING MEMORANDUM

LISTED BY