21878 US-119 Punxsutawney PA 15767-7921

CBRE is pleased to present the opportunity to acquire fee-simple interest in Punxsutawney Plaza, a 13,715 SF, Walmart shadow-anchored retail strip center.

Punxsutawney Plaza presents a unique, value-add Walmart shadow opportunity with significant upside through lease extensions, mark-to-market rents, lease structures, credit enhancements and the potential to development/redevelopment as a covered land play.

Punxsutawney Plaza (the “Property”) is located at 21878-21898 US-119, Punxsutawney, PA 15767. The Property is currently 100% occupied with an average in-place rental rate of $15.87/SF and a remaining weighted average lease term of 1.8 years. The Property is occupied by 8 different tenants that offer a wide variety of products and services, including Cricket Wireless, Verizon, Holiday Hair Salon, Cloud Factory Smoke Shop, Reeder’s Hoagies, LA Nails, Clownfish Studios, and China Wok, with no single tenant occupying more than 18.7% of Total GLA. In addition to the 180,000 SF Walmart shadow anchor, additional customer traffic is generated through neighboring outparcels including Dollar Tree, Aaron’s, Taco Bell, and Pizza Hut.

The Property is located approximately 1.5 miles south of Downtown Punxsutawney sits on a 2.08 acre parcel (Parcel ID: 42-565-0139-CB2) directly off of US Route 119 and Snyder Hill Road. US Route 119 provides access to other major roadways and interstates throughout the region, including PA Route 36. The Property is also located near local school districts, suburban communities, Punxsutawney Municipal Airport, retailers, restaurants, and local entertainment & tourist centers. Punxsutawney is home to The Gobbler’s Knob, where the popular holiday, Groundhog Day, is held and is an annual tradition that occurs on February 2nd and gathers almost 40,000 visitors each year.

Walmart Shadow Anchor

Punxsutawney Plaza is shadow anchored by a +/- 113,000 SF Walmart, which is the only Walmart within a 19-mile radius. Per Placer.AI data, this Walmart location saw an estimated 1.6M visits and did over $60.8MM in sales from May 2024 to April 2025. The draw of Walmart, and complimentary outparcels, drives customer traffic to the Property and a strong credit, national neighbor.

Potential Future Development

The Property presents an opportunity for redevelopment or repositioning. Potential options include a reconfiguration of the existing box or outparcels.

Value Add Upside

The average in-place rent at Punxsutawney Plaza is $15.87, and the leases are primarily gross in the customarily net market. And further, credit enhancements and all present excellent upside and future NOI growth.

Limited Competition

There is limited competitive space in the market, and Punxsutawney Plaza out positions it at the dominant Walmart anchored development in the area. The limited competition, and Walmart draw, present strong underlying fundamentals for the Property.

Home of the Iconic Punxsutawney Phil

Punxsutawney, PA is home to Ground Hog Day and the internationally renowned Ground Hog’s Day Festival. Originally started in 1993 after the movie of the same name, the festival draws 50,000+ visitors annually on February 2nd, in addition to the countless tourists throughout the calendar year.