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Starbucks, T-Mobile & Aspen Dental, Pittsburgh, PA

Starbucks, T-Mobile & Aspen Dental

PA, United States

Price $5,332,000
Cap Rate
NOI
Lease Term Various
Lease Type
Rental Increases Various
Year Built 2017
Building Size 7,936 SF
Lot Size 1.43 Acres (62,252 SF)
Status Sold
Lead Broker Information Ryan Forsyth
Cushman & Wakefield
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Vincent Aicale
Cushman & Wakefield
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Michael T. Yuras, CCIM
Cushman & Wakefield
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Investment Highlights

100% LEASED MULTI-TENANT RETAIL CENTER
» Anchored by a Starbucks (S&P rated “A”) featuring a dedicated drive-thru , with the nearest Starbucks a 20-minute drive away
» 100% leased to national tenants with corporate guarantees
» Aspen Dental relocation site, demonstrating a strong commitment to the submarket
» 10% rental increases every five years for all tenants, providing a hedge against inflation
» Multi-tenant center offers investment diversification

HARD CORNER LOCATION IN DENSE RETAIL CORRIDOR
» Located at signalized hard corner with excellent access and visibility to 31,023 vehicles per day on Clairton Boulevard
» Clairton Boulevard is one of the major routes in and out of Pittsburgh and is a dense retail corridor with over five million square feet of retail
» Pittsburgh’s natural barriers to entry provide a secure investment, with low market vacancy of 4.2%
» Surrounded by regional shopping centers and major national retailers, including Walmart Supercenter, Target, Home Depot, Sam’s Club, Best Buy, Marshalls, and many others

CENTRAL LOCATION WITH ROBUST DEMOGRAPHICS
» Approximately ten miles from downtown Pittsburgh
» Prime location in Pittsburgh MSA, the largest population center in both the Ohio River Valley and Appalachia
» Located in a densely populated area – population of 168,108 within a five-mile radius

NEW 2017 CONSTRUCTION
» High-quality construction featuring the latest store designs and concepts
» Features Starbucks drive-thru, providing customer convenience and boosting sales

Click Here to Download Offering Memorandum


Property Description

SOLD

The property is strategically located at the signalized hard corner of Fred Fiore Drive and Clairton Boulevard, with excellent visibility and access to 31,023 vehicles per day. Clairton Boulevard is one of the major routes in and out of Pittsburgh and is a dense retail corridor. The property is surrounded by several national retailers and large shopping centers. Southland Four Seasons is across from the site. The shopping center features approximately 40 stores and over 300,000 square feet of retail space. Major tenants include LA Fitness, PetSmart, Harbor Freight Tools, Party City, Tuesday Morning, and many others. Century III Mall, anchored by JCPenney and Dick’s Sporting Goods, is directly across from the property, and Century III Plaza is less than half a mile northwest of the site. Century III Plaza is anchored by Home Depot, Giant Eagle, Kohl’s, and Marshalls. Other notable retailers in the nearby area include Walmart Supercenter, Target, Sam’s Club, Best Buy, Rite Aid, McDonald’s, Petco, Chipotle, Kmart, Toys “R” Us, Great Clips, Olive Garden, and many others.

The property is centrally located in the Pittsburgh metropolitan area, just ten miles outside of downtown Pittsburgh. The surrounding suburbs are densely populated, with a population of 168,108 within a five-mile radius of the site, providing a large customer base in the nearby area.

Collectively, the submarket has over five million square feet of retail and experiences an extremely low vacancy rate of 4.2%. Pittsburgh experiences natural barriers to entry for retail due to its topography, which includes numerous hills and valleys, oftentimes making it impossible to build new retail properties. As a result, infill retail, such as the subject property, is at a premium and is highly desirable.

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