Kennedy Square
Neighborhood Retail Center | 9.3 Cap | Pittsburgh, PA
Marketing description
Jones Lang LaSalle (JLL) is pleased to present the exclusive opportunity to acquire Kennedy Square, a strategically positioned retail center located at 1773 Pine Hollow Road, McKees Rocks, PA 15136. This 22,571 square foot multi-tenant retail property presents an exceptional value-add investment opportunity anchored by the stability of a long-term investment-grade tenant and significant upside potential through strategic lease restructuring
Investment highlights
Kennedy Square benefits from tenant stability through its anchor tenant, LabCorp, an investment-grade company that has maintained continuous operations at the center since 2004. LabCorp represents 56.2% of the property's income stream, providing a stable foundation that significantly reduces investor risk while ensuring consistent cash flow. The anchor tenant's 22-year operating history at the location demonstrates strong commitment to the site and confidence in the market's long-term viability.
The property presents an immediate value-add opportunity with substantial upside potential. Currently, all non-anchor tenants operate under month-to-month lease arrangements, creating the opportunity to convert these tenancies to triple net lease structures. This conversion strategy would transfer property operating expenses to tenants, improving net operating income and overall property performance. The month-to-month lease structure also provides flexibility to optimize the tenant mix and rental rates to current market levels.
The center has an e-commerce resistant rent roll dominated by service-oriented and necessity-based tenants that require physical locations to serve customers effectively
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