JUST CLOSED: Family Dollar Anchored Strip Center in Lorain, OH
Ana Soulriver, a Senior Associate from NAI Capital Commercial’s Investment Services Group in Pasadena, successfully facilitated the acquisition of a multi-tenant strip center located in Lorain, Ohio. Spanning an impressive 16,800 square feet, the strip center is home to Family Dollar and Soul on Fire Pizza under net lease agreements. Ana skillfully represented a California-based private investor throughout the transaction, demonstrating exceptional diligence and expertise that played a pivotal role in its successful closure. The seller, Family Dollar, was represented by Matthews Real Estate Services, a reputable firm based in Cleveland, OH. The sale was finalized at a price of $1,152,000, equivalent to $69 per square foot, with a cap rate of 8.5%.
Situated at 3817-3819 Oberlin Ave, the multi-tenant Family Dollar Strip Center is located in Lorain, Ohio, a city renowned as the “Steel City” and “International City” due to its industrial heritage and diverse population. Lorain is the tenth largest city in Ohio and the second largest in Greater Cleveland, making it the most populous in the county. Built in 1959, the strip center occupies a generous 1.7-acre plot of land and accommodates two tenants. Family Dollar occupies 14,000 square feet, while Soul on Fire Brick Oven Pizza occupies 2,800 square feet. At the time of the sale, the property was fully leased, providing a stable cash flow and promising returns for the new owner. Family Dollar Tree has already signed an early lease extension through 2030, with a scheduled increase in 2026, while Soul on Fire Brick recently signed a new lease extending their term until 2024. In an economy characterized by inflation, Dollar Stores remain crucial resources for families seeking affordable options, reinforcing the investment’s value and long-term potential.
Ana said, “This is a solid investment for my client, with the security of a corporate guaranty from a company considered to be one of the largest discount retailers in the United States.” Ana added, “My client is thrilled to add this Family Dollar anchored strip center investment to their portfolio.”
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