The Lucas Strip Center
29280 Euclid Ave, Wickliffe, OH 44092
29280 Euclid Ave, Wickliffe, OH 44092
The Lucas Strip Center was built in 1962 and made up of office/retail/restaurant space spread over 16,000K sq/ft. Key Bank as been one of the anchor tenants since 1992 along with a 40 year old restaurant that went out of business shortly before we purchased it.
The building went up for sale during the height of Covid when banks and investors were nervous of anything related to restaurants or office space. Warren Buffett famously said, "Be greedy when others are fearful and fearful when others are greedy". Because of the fear in the market, we got an amazing deal on this building.
The purchase price was 350K plus an additional 165K in rehab costs, all financed through private investors. Within 15 months, we had full occupancy and improved rents from $6,600 to $14,500/month and added approximately 35 jobs to the city. Our private investors were paid back through a refinance and we held on to a nice cash flowing property.
The building went up for sale during the height of Covid when banks and investors were nervous of anything related to restaurants or office space. Warren Buffett famously said, "Be greedy when others are fearful and fearful when others are greedy". Because of the fear in the market, we got an amazing deal on this building.
The purchase price was 350K plus an additional 165K in rehab costs, all financed through private investors. Within 15 months, we had full occupancy and improved rents from $6,600 to $14,500/month and added approximately 35 jobs to the city. Our private investors were paid back through a refinance and we held on to a nice cash flowing property.