Crocker Commons - Westlake Offices Office FOR SALE


Westlake, OH
$20,000,000 USD
216-525-1473
, Westlake, OH for Sale
$20,000,000 USD
Office - FOR SALE
1/6
null | 7.03% Cap Rate

Crocker Commons - Westlake Offices
Westlake, OH


HIGHLIGHTS

  • Features long-term tenants with national credit, including medical and professional office users.
  • Landlord-friendly leases in place with minimal landlord responsibilities and yearly rent increases.
  • Proven history of steadily increasing rents.
  • Directly adjacent to brand new retail development (Crocker Commons Retail).
  • Well-positioned across from Crocker Park, a 4.5 million square foot award-winning mixed use development.
  • 62% of portfolio completed in 2024.

OVERVIEW

The property is situated in Westlake, OH, one of Cleveland's premier suburban markets, with a median household income of over $103,000. It comprises a Class A 3-building portfolio, with 62% of the portfolio completed in 2024. The portfolio features long-term tenants with national credit, including medical and professional office users, and is characterized by landlord-friendly leases that entail minimal responsibilities and yearly rent increases. This investment has a proven track record of steadily increasing rents, with a weighted average lease term remaining (WALT) of 7.75 years. Remaining office vacancies are likely to benefit from medical users, who typically command higher rents and longer lease terms compared to standard office tenants. Additionally, the property is directly adjacent to a new retail development, Crocker Commons, and is located across from Crocker Park, an award-winning mixed-use development spanning 4.5 million square feet.

ASK ABOUT THIS PROPERTY

Rico PietroCushman & Wakefield | CRESCO Real EstateMore Info
216-525-1473

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Rico PietroCushman & Wakefield | CRESCO Real EstateMore Info
216-525-1473

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.