South Euclid, OH

Marc’s Grocery Center

Targeted Equity
Multiple

1.4x-1.6x

Targeted Net
IRR

9-10%

Targeted Average Cash-on-Cash

5.75-6.25%

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Overview

Marc’s Grocery Center is a 94% occupied, 63,317 SF grocery-anchored shopping center located in South Euclid, OH—within the Cleveland MSA. Built in 2018, the property is anchored by a 45,500 SF Marc’s, a regional grocer headquartered in Cleveland. According to Placer.ai, this location ranks as the top performer by foot traffic among Marc’s 61 stores and accounts for approximately 70% of the center’s total revenue under a long-term lease. The center is supported by daily-needs tenants including AT&T, NextDoor Urgent Care, Subway, and Great Clips, along with freestanding outparcels leased to Starbucks and Mr. Chicken. With limited nearby grocery competition and a diverse tenant mix, Marc’s Grocery Center offers exposure to a necessity-based retail asset with established tenancy and potential for durable performance.

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Financial Targets

Purchase Price

$14.1 M

Targeted Hold Period

5 Years

Targeted Net IRR
?
Targeted Net IRR is defined as the annualized, compound rate of return using equity contributions and distributions as they occurred on specific dates during the investment period. Net IRR is reflective of all fees charged and paid to First National Realty Partners LLC and its affiliates and subsidiaries. “Targeted” refers to a goal which may or may not be attained based on a variety of assumptions which may or may not be realized. Securities are only available to verified accredited investors who can bear the loss of their investment. Please contact FNRP for an explanation of how such numbers are calculated.

9-10%

Targeted Equity Multiple
?
Targeted Net Equity Multiple is the total distributions and remittances to equity investors divided by the total equity contributions from investors during the investment period. Targeted Net Equity Multiple is reflective of all fees charged and paid to First National Realty Partners LLC and its affiliates and subsidiaries. “Targeted” refers to a goal which may or may not be attained based on a variety of assumptions which may or may not be realized.
1.4x-1.6x
Targeted Average Cash-on-Cash Return
?
Targeted Average Cash-on-Cash is targeted annual cash flow return on invested equity over the projected hold period. All projected Cash-on-Cash returns are reflective of all fees charged and paid to First National Realty Partners and its affiliates and subsidiaries. Cash distributions and any specific returns are not guaranteed. “Targeted” refers to a goal which may or may not be attained based on a variety of assumptions which may or may not be realized.

5.75-6.25%

Preferred Return of Net IRR
?
Preferred Return is the cumulative Net IRR return, compounded monthly, of six percent (6.0%) per annum on an investor’s capital investment, after payment of all fees owed to First National Realty Partners LLC and its affiliates and subsidiaries. This return is calculated on a net basis, meaning it is after all fees including sponsor fees and other expenses incurred at both the fund and property levels. Preferred Returns will be paid in full before the sponsor or any of its affiliates receive payments for any promote interests.

6%

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?
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Why We're Investing

  • Two freestanding outparcel buildings are occupied by Starbucks and Mr. Chicken under long-term NNN leases. 
  • Built in 2018, the property appears to have been well maintained and consistent with institutional standards. As a result, the investment is expected to require lower capital costs to maintain and operate the asset.
  • This Marc’s location is #1 of 61 stores in foot traffic rankings, according to Placer.AI.
  • Marc’s has reported strong sales and currently makes percentage rental payments, which may increase with sales volume over the hold period.
  • Marc’s operates on a long-term lease and contributes approximately 70% of total property revenue. 
  • A complimentary mix of national and regional tenants join Marc’s at the center, including Starbucks, AT&T, Great Clips, and Mr. Chicken. 
  • The asset has visibility and access fronting Mayfield Road, a primary east-west corridor.
  • 117,000 residents live within a three-mile radius of the center where the average household income exceeds $113,000.*
  • Marc’s Grocery Center is the only grocery-anchored retail center in the trade area, offering limited competition and strong demand. 
  • FNRP has deep experience in the Cleveland Market with four owned assets exceeding 550,000+ SF, including two within 10 miles: Cedar Center South (Whole Foods Anchored) and Shaker Heights Center (Heinen’s Anchored). 
  • We believe there is an opportunity to lease 3,500 SF of vacant space to drive incremental NOI growth. 
  • We plan to explore a parcelization strategy where Marc’s, Starbucks, and/or Mr. Chicken could be sold as single-tenant offerings at lower capitalization rates. 
  • We estimate average in-place rents for inline tenants are 15% below market rates and believe this provides an opportunity to drive NOI growth over the hold period. 
Joseph Palermo
Your Personal Investor Relations Associate
Joseph Palermo
emailir@fnrpusa.com
phone+1 (631) 309-2612
sms+1 (631) 309-2612
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* U.S. Census and Sites USA

DISCLAIMER: The information contained in this site and in the deal room is for informational purposes only and this webpage is not intended to be, nor should it be construed or used as, an offer to sell, or a solicitation of an offer to buy any securities, which offer may be made only at the time a qualified offeree receives a current Confidential Offering Memorandum relating to a proposed investment opportunity. Investors should review the Confidential Offering Memorandum carefully prior to investing.

An investment in commercial real estate is subject to risk, including the risk that all of your investment may be lost. Any representations concerning investing in commercial real estate, including, without limitation, any representations as to stability, diversification, security, resistance to inflation and any other representations as to the merits of investing in commercial real estate reflect our belief concerning the representations and may or may not come to be realized. The ability to make distributions or the amount of distributions may be affected by factors such as debt and lender restrictions, future capital expenditure needs, and financial performance of the property. Cash distributions and any specific returns are not guaranteed.

The materials in this deal room and the proposed investment offering are intended solely for use by accredited investors, as defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended. All offers and sales will be made only to persons who have been verified as accredited investors.

Targeted returns are based upon assumptions and projections that FNRP seeks to achieve with this investment opportunity, are subject to change, and are not guaranteed. Actual results may differ materially based on market conditions, tenant performance, and other factors described in the Confidential Offering Memorandum. Any summaries, projections, or other information provided are for illustrative purposes only and are subject to change without notice. Past performance is not indicative of future results, and there can be no assurance that any investment objectives will be achieved.

Real Estate investments are speculative and involve substantial risks, including illiquidity, lack of diversification, loss of capital, and potential delays in distributions.

As of 11/6/2025

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Marc’s Grocery Center

4519 Mayfield Road
South Euclid, OH

“…In my experience in working with FNRP, I have seen a genuine desire to build trust and forge partnerships with all stakeholders through their transparency and integrity…”

Richard H.

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