Dollar Tree | Pittsburgh, PA
Corp. Guaranty | Scheduled Rental Increases | 26k VPD Retail Corridor
Marketing description
CBRE is pleased to exclusively present for sale this 10,132 square foot Dollar Tree located on approximately 0.48 acres in Pittsburgh, Pennsylvania. The property is subject to a NN+ lease with Dollar Tree Stores, Inc., an investment grade tenant rated BBB by Standard & Poor's. The lease includes more than five years remaining on the current term, with two five-year renewal options and approximately 4% rental increases in each option period, offering embedded long-term income growth. The subject property also benefits from a recently renovated interior and electrical system completed in 2021, helping minimize near-term capital expenditure requirements and reducing deferred maintenance risk.
Strategically positioned along Banksville Road (Route 19), the property offers exceptional visibility and exposure to more than 26,000 vehicles per day. The site is also located less than four miles from Downtown Pittsburgh, providing direct access to one of the region's largest employment and economic centers. Additionally, the property benefits from proximity to I-376 (70,000 VPD), offering regional connectivity throughout the Pittsburgh MSA and convenient access to Pittsburgh International Airport.
The property is located within a dense and established infill trade area, supported by more than 20,000 residents within 1 mile, 140,000 residents within 3 miles, and over 316,000 residents within 5 miles. The surrounding area is characterized by strong retail synergy and continued investment, including a newly developed ALDI nearby and a proposed Sheetz redevelopment of the former Rite Aid site. Additional national retailers in the corridor include Starbucks, PNC Bank, Firestone Complete Auto Care, Wingstop, Fresenius Medical Care, and Jiffy Lube, among others.
Investment highlights
- Investment Grade Credit Tenant with Stable Lease Term - Dollar Tree, Inc. guarantees the lease and is an investment grade credit tenant, rated BBB by Standard & Poor's, providing investors with strong corporate credit backing. The lease has approximately five years remaining on the current term, with two 5-year renewal options available, and features approximately 4% rental increases in each option period.
- Attractive Rental Rate & Recently Renovated Building - The lease rate of approximately $12.25 PSF remains highly replaceable within the Pittsburgh market. Additionally, the interior and electrical systems were completely renovated in 2021, helping minimize near-term capital expenditure requirements and reducing deferred maintenance concerns.
- Dense Infill Pittsburgh Location with Significant Daytime Population - The property serves a densely populated urban trade area with more than 20,000 residents within 1 mile, 140,000 residents within 3 miles, and over 316,000 residents within 5 miles. The location is further supported by a daytime population exceeding 403,000 people within a 5-mile radius.
- Exceptional Visibility with Close Proximity to Downtown Pittsburgh - The property enjoys outstanding visibility along Banksville Road, which carries more than 26,000 vehicles per day, and is located less than four miles from Downtown Pittsburgh, providing convenient access to one of the region's largest employment and commercial centers.
- Strong Retail Corridor with Continued Investment - The surrounding retail corridor continues to attract investment, highlighted by a new ALDI nearby and a proposed Sheetz redevelopment of the former Rite Aid site. The area is also home to numerous national retailers including Starbucks, PNC Bank, Firestone Complete Auto Care, Wingstop, Fresenius Medical Care, Jiffy Lube, and other established daily-needs retailers.
- Affluent Demographics - Average household incomes exceed $102,000 within the 1-mile, 3-mile, and 5-mile trade areas, providing strong demographic support for long-term retail demand.
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