137 W 2ND ST Erie PA 16507-1403

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  Investment Grade Credit Tenant: Commonwealth of Pennsylvania, Department of Corrections has a AA credit rating from Fitch and Aa3 credit rating from Moody’s.

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  Long-Term Occupancy: The tenant has operated at this facility for over 20 years and recently signed a long-term 15-year lease extension showing their strong commitment to this location.

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  Inflation Resistant: 2.50% annual rent increases provide a great hedge against inflation.

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  Additional Parking Lot Income: UPMC Hamot Medical Center leased and maintains a majority portion of the parking lot since 2004 and recently extended their lease through 2029.

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  Additional Laundry Income: The landlord receives income from laundry services at the property

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  State DOC Bureau: Bureau of Community Corrections (BCC) was established in the early 1970s to operate community corrections centers for actively serving inmates who are nearing their release from state prison.

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  State-Operated Facility: A state-operated correction facility aiming to provide a safe and disciplined environment while focusing on reformation programs to aid in the transition to life after incarceration.

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  Limited Competition: One of ±12 community correction centers in the state of Pennsylvania. The nearest CCC facility is over 77 miles away.

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  Dense Population: Over 140,000 people in a 5-mile radius — Located in downtown Erie, PA.

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  Budget Friendly: Studies have found that Pennsylvania’s Community Corrections Centers save the PA Department of Corrections money annually by reducing the number of repeat offenders.

OVERVIEW

• INVESTMENT GRADE CREDIT TENANT — Commonwealth of Pennsylvania, Department of Corrections has a AA credit rating from Fitch and Aa3 credit rating from Moody’s.

• LONG-TERM OCCUPANCY — The tenant has operated at this facility for over 20 years and recently signed a long-term 15-year lease extension showing their strong commitment to this location.

• INFLATION RESISTANT — 2.50% annual rent increases provide a great hedge against inflation.

• ADDITIONAL PARKING LOT INCOME — UPMC Hamot Medical Center leased and maintains a majority portion of the parking lot since 2004 and recently extended their lease through 2029.

• ADDITIONAL LAUNDRY INCOME — The landlord receives income from laundry services at the property

TENANT HIGHLIGHTS

• THE COMMONWEALTH OF PENNSYLVANIA DEPARTMENT OF CORRECTIONS (DOC) — Bureau of Community Corrections (BCC) was established in the early 1970s to operate community corrections centers for actively serving inmates who are nearing their release from state prison.

• ERIE COMMUNITY CORRECTIONS CENTER — A state-operated correction facility aiming to provide a safe and disciplined environment while focusing on reformation programs to aid in the transition to life after incarceration.

• ERIE COMMUNITY CORRECTIONS CENTER — One of 12 community correction centers in the state of Pennsylvania. The nearest CCC facility is over 77 miles away.

• OVER 140,000 PEOPLE IN A 5-MILE RADIUS — Located in downtown Erie, PA.

• BUDGET FRIENDLY — Studies have found that Pennsylvania’s Community Corrections Centers save the PA Department of Corrections money annually by reducing the number of repeat offenders.

LOCATION HIGHLIGHTS

• ERIE, PA IS THE 4TH LARGEST CITY IN THE STATE OF PENNSYLVANIA — Serving a regional population of over ±300,000 people.

• LOCATED IN DOWNTOWN ERIE, PA — With over ±140,000 people in a 5-mile radius and 3-minutes from The Warner Theatre, UPMC Park, and Erie Insurance Arena.

• LOCATED NEAR UPMC HAMOT HOSPITAL — With 445 beds, 650+ physicians, and over 4,000 employees. In 2021 UPMC Hamot completed a new $111 million 7-story patient tower with a 64-bed ICU, patient trauma facilities, and expanded imaging department.

• WALKING DISTANCE TO ERIE INSURANCE HEADQUARTERS — A Fortune 500 company employing 6,500+ employees with 3,400+ employees based in Erie Headquarters. In 2021 Erie Insurance completed a $147 million 364,000 square-foot addition to its campus.

• WALKING DISTANCE TO THE LAKE ERIE BAYFRONT — Which includes The Bayfront Convention Center, Three Upscale Hotels, The Erie Maritime Museum, Multiple Luxury Restaurants, and the Presque Isle Yacht Club.

• OVER 6.2 MILLION ANNUAL VISITORS — That are drawn annually to Presque Isle State Park located in Erie PA.