Crocker Commons - Westlake Offices
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Crocker Commons - Westlake Offices
3 Office Properties Offered at $28,349,400 CAD in Westlake, OH
Investment Highlights
- Features long-term tenants with national credit, including medical and professional office users.
- Proven history of steadily increasing rents.
- Well-positioned across from Crocker Park, a 4.5 million square foot award-winning mixed use development.
- Landlord-friendly leases in place with minimal landlord responsibilities and yearly rent increases.
- Directly adjacent to brand new retail development (Crocker Commons Retail).
- 62% of portfolio completed in 2024.
Executive Summary
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.
Property Facts
| Price | $28,349,400 CAD | Number of Properties | 3 |
| Price / SF | $286.01 CAD / SF | Individually For Sale | 0 |
| Cap Rate | 7.03% | Total Building Size | 99,122 SF |
| Sale Type | Investment | Total Land Area | 12.50 AC |
| Status | Active |
| Price | $28,349,400 CAD |
| Price / SF | $286.01 CAD / SF |
| Cap Rate | 7.03% |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 3 |
| Individually For Sale | 0 |
| Total Building Size | 99,122 SF |
| Total Land Area | 12.50 AC |
Properties
| Property Name / Address | Property Type | Size | Year Built | Individual Price |
|---|---|---|---|---|
| 2237 Crocker Rd, Westlake, OH 44145 | Office | 18,611 SF | 2003 | - |
| 2211 Crocker Rd, Westlake, OH 44145 | Office | 18,611 SF | 2003 | - |
|
Crocker Commons
2205 Crocker Rd, Westlake, OH 44145 |
Office | 61,900 SF | 2023 | - |
Contacts
-
Rico Pietro -
Jim Krivanek -
Connor Redman -
David Leb -
Cushman & Wakefield | CRESCO Real Estate
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