Jared Jewelers Center

Short Description:
The Cooper Commercial Investment Group is pleased to announce the sale of the Jared Jewelers Center located in Canton, Ohio. Dan Cooper, President and Broker of the Cooper Commercial Investment Group in Cleveland, Ohio had the privilege to represent the owner, a private investor out of the Cleveland area, while the Buyers were directly found by Cooper, a private group out of Youngstown, Ohio. The Buyer were found on the first day of the property being listed for sale and closed on the property within 45 days of contract execution. The sale of the property was for $4,600,000, equal to $403.50 per square foot and a 9.15% CAP Rate.

Details
The 11,400 square foot plaza is optimally located in the main shopping hub of Belden Village in Canton, Ohio. With highway visibility from I-77 and immediate access to the property upon exiting the freeway, the property essentially sits as an outparcel to Belden Village Mall (directly across the street) and is well-known landmark to the area. The property is central to the largest retail sector in the region, and due to the demand of the market, the Belden Village Mall area has more retail space than any other in Northern Ohio. With 100% occupancy , the building offers stable tenancy with two long-term leases in place. The plaza currently boasts anchor tenant, Jared The Galleria of Jewelers, who hand-picked this location and had the property built-to-suit in 2002. Jared Jewelers is a Sterling/Signet (NYSE: SIG) entity, which is the largest showcase of fine jewelry operating over 1,870 stores in all 50 states, United Kingdom and Ireland. Sterling Jewelers is headquartered in Akron, Ohio and continues to grow as it quickly approaches $4 billion in annual sales, over 16,500 full-time employees, and over 2,100 employees in their U.S. Headquarters facility located just minutes from the store. The remaining space is leased to Danner Dental, an established, high quality dental practice that recently expanded to accommodate their large clientele base and additional services. The practice has teamed up with Celebration Day Spa, a luxurious spa offering many services including, massages, facials, waxing, body wraps, Botox and Restylane. Both of the building’s tenants are on Absolute Triple Net (NNN) Leases and have separately metered utilities that they pay direct. Canton is the county seat of Stark County in Northeastern Ohio, approximately 24 miles south of Akron and 60 miles south of Cleveland. The Akron-Canton Airport is within close proximity being located less than five miles from the featured property. Canton, and more importantly Belden Village, is well-connected to the Interstate Highway System and has several highway exits. The Everhard Road exit of I-77 sits 0.1 mile from the property. The intersection of Everhard Road and I-77 has high traffic counts of 102,400+ vehicles per day, creating a constant flow of activity and customers around the property. The Cooper Group looks forward to working with parties interested in selling or looking to acquire such assets, and encourages you to contact us for an evaluation of your commercial property. Please visit us on-line at www.coopergrp.com for the most up-to-date listings and information, “Like” us on Facebook and follow us on Twitter @TheCooperGrp.