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24229846
24229847

201 W Wheeling St, Washington, PA 15301

KP
PA PA RS305573
CBRE - Pittsburgh
EG
PA RS318989
CBRE - Pittsburgh
BB
PA PA RS329393, WV WVS220302245
CBRE - Pittsburgh
AC
PA PA RS353077
CBRE - Pittsburgh
Listed by CBRE - Pittsburgh
$11,636,000
1041 days on market
Updated 80 days ago

Pennsylvania State Agency Portfolio

Details
Property Type Office
Sub Type Traditional Office
Square Footage 147,427
Cap Rate 12%
NOI $1,396,287
Occupancy 100%
Tenancy Multi
Price per SqFt $79
Buildings 9
Investment Type Stabilized
Tenant Credit Credit Rated

9 Property Portfolio, 100% Leased to Commonwealth of Pennsylvania

Marketing description

CBRE has been exclusively retained to sell the Pennsylvania State Agency Portfolio (“The Portfolio”), an outstanding opportunity to own a strategically positioned 9-building portfolio located throughout Western and Central Pennsylvania. The Portfolio consists of a total of 147,427 SF and is 100% leased to the Commonwealth of Pennsylvania, through the Pennsylvania Department of General Services (“DGS”) with tenants including Department of Human Services, Department of Revenue, Department of Labor & Industry, and Pennsylvania State Police. The Pennsylvania Department of General Services is an independent agency of the Commonwealth of Pennsylvania, established in 1975 to help government operate more efficiently, effectively, and safely while delivering exceptional value for Pennsylvania citizens. With over 900 dedicated professionals, DGS provides shared services to support the business operations of all government agencies of the Commonwealth of Pennsylvania. The DGS continues to show longterm commitment to established locations for their agencies and exercises most lease renewals.

The properties within the Portfolio are strategically located through Western and Central Pennsylvania in cities including Uniontown, Meadville, Harrisburg, Erie, Woodland, Girard, Lewistown, and Washington. The tenants continue to renew their leases and show commitment to these locations, with an in-place weighted average length of tenancy of 34.4 years.

Investment highlights

100% Leased Portfolio to the Commonwealth of Pennsylvania

High Grade Credit Rated Tenant (Fitch: AA-, Moody’s: Aa2)

Long-Term Commitment to Locations with 34.4 Years In-Place Average Length of Tenancy

Highly Diversified Tenants by Different State Agencies

Portfolio Offered at $79/SF; Below Replacement Cost

Strong In-Place Cash Flow with High Probability of Lease Renewals

Listing Contacts

KP
PA PA RS305573
CBRE - Pittsburgh
EG
PA RS318989
CBRE - Pittsburgh
BB
PA PA RS329393, WV WVS220302245
CBRE - Pittsburgh
AC
PA PA RS353077
CBRE - Pittsburgh
Listed by CBRE - Pittsburgh

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$
$
%
Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$1,396,287.00
$116,357.25/mo

Valuation Metrics

0
DSCR
12%
Cap Rate
12%
ROI

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Additional Information

Name
Kyle Prawdzik
License
PA RS305573
Brokerage Phone
(412) 471-9500
Name
Eric Greenfield
License
RS318989
Brokerage
CBRE, Inc.
Brokerage Phone
412-471-9500
Title
Salesperson
Brokerage Address
301 Grant Street
Name
Brendan Bash
License
PA RS329393
Name
Alex Caro
License
PA RS353077
Brokerage Phone
(412) 471-9500
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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