Alto Partnersthe Cleveland realty company that owns the Euclid Grand apartments, is looking to take a swing with the key retail tenant for the building’s storefront by leasing space to Five Iron Golf.
Five Iron, a New York City-based chain that provides an indoor golf and entertainment experience, and Euclid Grand announced Monday, May 23, that they have signed a lease for a 16,000-square-foot operation on the first floor at 1101 Euclid Ave.
Since its 2017 founding, Five Iron has expanded to 13 locations and said Cleveland is its second planned Ohio site. Its first in the state was announced earlier this month for a location in Cincinnati.
Five Iron Golf Cleveland will include 14 custom-built golf simulators, featuring multiple high-speed cameras to capture every angle of the golf swing. Each location also offers other leisure games, a full-service restaurant and bar serving creatively curated and seasonal fare, league play, private lessons, clinics and social events.
Michael Sabracos, Alto CEO, said in a phone interview that the company chose Five Iron because it believes it will add another amenity to the community as well as something that residents of the Euclid Grand apartments would enjoy.
“We thought it would be a great opportunity for the building and the area,” Sabracos said. “It uses retail space but is not a traditional retailer. It’s a great interactive opportunity.” The building has another 1,500 square feet of first-floor retail space left to lease.
Andy Wollschleger, Alto chief financial officer, noted in the release that timing plays a big part in the offering.
“With the growing downtown population and the returning workforce, the timing is perfect for Five Iron to enter the Cleveland scene,” Wollschleger said.
Jared Solomon, CEO and co-founder of Five Iron, said in a news release, “The Five Iron mission to simultaneously welcome first-timers while prioritizing the needs of dedicated players translates perfectly to a city like Cleveland. With a culture so enriched in sports and entertainment, our dynamic offering of best-in-class instructional technology, leagues and alternative entertainment options will provide one-of-a-kind experiences to everyone. “
Five Iron also sells golf equipment at its locations and offers custom club fitting.
Five Iron said it expects to open in early 2023.
Euclid Grand was represented by Dan Lariccia, first vice president at Luttner Passov Investment Group in Beachwood. Five Iron was represented by Ken Stern, a CBRE Group first vice president in its Cleveland office.
Five Iron Golf fits into a trend of property owners trying to find alternative tenants to occupy retail space, given the assault on in-store shopping by online buying.