McCandless Corporate Center 4
A 100% Occupied Suburban Medical Office Building
Marketing description
CBRE, as exclusive agent for the Owner, is pleased to present the opportunity to acquire 5900 Corporate Drive (the “Property” or “Building 4”) in Pittsburgh, PA, located within the greater McCandless Corporate Center. 5900 Corporate Drive is a 27,879 SF, two-story, Class A medical office building and is currently 100.0% leased. The Property has an average in-place rental rate of $25.06/SF with a remaining weighted average lease term of 4.5-years.
Tri-State Orthopaedics & Sports Medicine (“Tri-State”), a premier multi-specialty orthopaedic practice of board-certified physicians, is the largest tenant at the Property, which occupies 18,531 SF (66.5% of GLA). Tri-State has been in occupancy at the Property since 1997 and recently renewed their lease for an additional 5-years through November 2030. Remaining tenants at the Property include EyeSouth Eye Care Services (6,360 SF – 22.8% of GLA), McCandless Dental Care (1,815 SF – 6.5% of GLA), and Ideal Wellness and Weight Loss (1,173 SF – 4.2% of GLA).
5900 Corporate Drive is part of the greater McCandless Corporate Center, which is comprised of 326,315 SF of office space across 4 buildings in a 36-acre wooded park-like campus. The Property is located directly off of Route 19 (McKnight Road), which is one of the region’s most popular retail corridors that connects major retail nodes including McCandless Crossing, Ross Township, Wexford, Warrendale, and Cranberry Township. Route 19 also provides direct access to Interstate 279, one of the region’s main thoroughfares, and local suburban communities.
The Property is directly adjacent to McCandless Crossing, a 135+/- acre development with over 1.2 million SF of retail, medical, hospitality, office, entertainment, residential and senior living. Retailers include Lowe’s, Cinemark Movie Theater, Trader Joes, Home Goods, Old Navy, Bonefish Grill, BJ’s Brewhouse, First Watch, and more. Additionally, the Property is located 2.5 miles from Ross Park Mall, Pittsburgh’s top regional mall with high-end retailers including Louis Vuitton, Gucci, Tiffany & Co, Apple, and is home to Pittsburgh’s only Nordstrom and first Dick’s Sporting Good House of Sport.
5900 Corporate Drive is located within minutes from the region’s top hospitals and medical providers, including UPMC Passavant, Hillman Cancer Center, and AHN’s new McCandless Neighborhood Hospital, which opened in 2020 and is one of AHN’s first “Neighborhood Hospital” concepts in the region. Within a 30-minute drive, the Property is easily accessible to 14 additional UPMC, AHN, Heritage Valley, and VA affiliated hospitals & care centers.
Investment highlights
Diversified Medical Tenancy
The Property is pure-play medical with a variety of practices and anchored by Tri-State Orthopaedics & Sports Medicine, a premier multi-specialty orthopedic practice of board-certified physicians, the largest tenant at the Property, which occupies 18,531 SF (66.5% of GLA). Tri-State has been in occupancy at the Property since 1997 and recently renewed their lease for an additional 5-years through November 2030. Remaining tenants at the Property include EyeSouth Eye Care Services (6,360 SF – 22.8% of GLA), McCandless Dental Care (1,815 SF – 6.5% of GLA), and Ideal Wellness and Weight Loss (1,173 SF – 4.2% of GLA).
Stable, Durable Cash Flow
At 100.0% occupied, the Property has a weighted-average lease term of 4.5 years and an average in-place rental rate of $25.06/SF. 95.8% of the current tenancy has been in occupancy since at least 2005, showing strong commitment to the space and a stickiness upon renewal. Given the strong operating history of the Property, and demand for medical space, the Property is well positioned to continue to generate a strong, durable income stream.
Proximity to Hospitals & Care Centers
Located in the North Hills of Pittsburgh, 5900 Corporate Drive benefits from immediate proximity to numerous care centers including UPMC Passavant Hospital-McCandless & Hillman Cancer Center (0.9 Miles – 5 Minute Drive) and AHN Neighborhood Hospital (1.0 Miles – 5 Minute Drive). Additionally, the Property is within a 30-minute drive and easily accessible to 14 additional UPMC, AHN, Heritage Valley, and Veteran’s Affairs affiliated hospitals and care centers.
Public Transit Access
McCandless Corporate Center is served by the Pittsburgh Rapid Transit Bus system, with a dedicated stop, via the McKnight Route. The route connects the Property to surrounding bedroom communities, in addition to Pittsburgh’s Central Business District. This provides patients, and employees, further accessibility for those that don’t drive or have access to private transportation
Ample Parking & Ingress/Egress
The Property has 143 parking spaces (5.1 Spaces/1,000 SF), providing ample parking, in addition to two drive-thru lanes for patient drop-off & pick-up. With dual lobbies, the building is thoughtfully configured to allow patients and practitioners easy access to the space and care they are seeking.
Park-Like Setting
As part of the broader McCandless Corporate Center, which is comprised of 317,072 SF of office space across 4 buildings in a 36-acre wooded park-like campus, the building benefits from easy accessibility and a serene setting. Further, the complementary office tenancy provide additional built in patient demand with ease of access to care providers while at the office.
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