January 23, 2025 – Matt Siebert of Horvath & Tremblay has successfully completed the sale of a Two-Tenant Retail Center in Ashtabula, Ohio. Horvath & Tremblay exclusively represented the buyer to complete the transaction at a sale price of $1,520,000.
The Property is located at 3228 N Ridge Road in Ashtabula, Ohio. The two-tenant strip center was constructed in 2013 and contains 5,200 square feet on a 0.88-acre parcel of land. Aspen Dental has been at this location since it was constructed and has 2+ years remaining on their NNN lease with 2, 5-year options. The Property also has a 2,000 square foot vacant unit which offers significant upside through lease-up of the versatile space. Additionally, Aspen Dental’s lease features attractive 10% rent increases at the start of each renewal option providing a hedge against inflation. The Property is exceptionally well located at the signalized intersection of Ridgewood Avenue and N Ridge Road (US Route 20), the area’s primary commercial and commuter corridor. The Property has outstanding frontage and visibility, is across the street from the Ashtabula Towne Square Mall, and is surrounded by national retailers and restaurants that drive traffic to the area. The Property is seconds from OH Route 11 and is a short drive from Interstate 90 and the shores of Lake Erie.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.