2651 W Market Street, Fairlawn, OH 44333

Property Description

The Cleveland Clinic & Pioneer Physicians Medical Center is a two-tenant medical office building located in Fairlawn, Ohio. This 14,596 square foot property is 100% occupied and anchored by Cleveland Clinic's urology and surgery center, which has been at this location for over 25 years. The building is strategically positioned in the heart of the Fairlawn retail corridor with excellent visibility on West Market Street, which sees 18,602 vehicles per day. The property features strong investment fundamentals including a weighted average lease term (WALT) of 5.59 years, an 8.12% current cap rate, and an 8.49% cap rate effective April 2027. Below market rents with both tenants having recently exercised their last remaining lease options early, demonstrating strong commitment to the site and huge upside potential to increase the ROI upon the lease expirations. Cleveland Clinic holds an Aa2 credit rating from Moody's, designating it as investment-grade credit. The location benefits from strong demographics with $100,000+ household income and over 100,000 population within a 5-mile radius. The property is positioned less than 2 miles from Route 77 and 1.2 miles from Summit Mall, providing excellent regional accessibility. The building features poured concrete and steel construction with low maintenance requirements and major CapEx investments completed in the last 10 years.