DTLR - Penn Avenue
Retail | 7.47% CAP | 4,480 SqFt
Marketing description
CBRE is pleased to present the opportunity to acquire 6113 Penn Avenue, Pittsburgh, PA (the "Property"), which is occupied by DTLR on a long term, net lease. A tenant since 2016, DTLR just extended their lease for an additional 10-year term through May 2036, representing a significant commitment to the location.
DTLR is a is a prominent lifestyle retailer specializing in streetwear, sportswear, and sneakers. Founded in 1982 in Baltimore, Maryland, the company initially focused on performance running gear and athletic apparel. This transformation resonated deeply with a new generation of style leaders, solidifying its place in urban culture. DTLR expanded its footprint significantly by merging with Sneaker Villa in 2017, forming one of the nation's largest fashion chains. In March 2021, DTLR was acquired by JD Sports Fashion Plc, a leading international retailer of sports, fashion, and outdoor brands, gaining access to global resources while maintaining its authentic, homegrown identity. Today, DTLR operates over 400 stores across 26 states, predominantly on the east coast of the United States.
The Property is located in the East End submarket of Pittsburgh, PA, which has experienced rapid growth in recent years. The East End is home to Bakery Square, a 1.2 MSF live-work-play destination that is home to Google's Pittsburgh headquarters. Additionally, the Property is adjacent to a Target, the East Side Bond mixed-use project and the new Meridian mixed use development home to a Giant Eagle Market District grocery store and Ophelia, a 231-unit multifamily project developed by Greystar. Further, the East End is home to the new Liberty East development, home to Duolingo's headquarters and the new Whole Foods market. Due to Pittsburgh's challenging topography, and mature submarkets, 6113 Penn Avenue represents an irreplaceable in-fill location.
Investment highlights
Rapidly Expanding Neighborhood
The East End of Pittsburgh continues to evolve and redevelop itself into a true live-work-play environments. Mixed use projects including Bakery Square, The Meridian, Eastside Bond and Liberty East have transformed the neighborhood to a regional destination and economic hub.
Commitment to the Location
A tenant since 2016, DTLR recently agreed to a 10-year extension with a 14% +/- increase in base rent, extending their term through May 2036. This shows exceptional commitment to the location, and represents the demand for quality located space in the continually expanding East End submarket.
Long Term, Net Lease Structure
The recent lease extension, combined with the net lease structure, offers investors a stable, long-term investment opportunity with limited landlord responsibility, and predictable cash flow stream.
Covered Land Play
The site presents a unique opportunity to acquire a property in a rapidly evolving submarket, with stable cash flow, covering the land and offering the potential for future redevelopment in the future in the unlikely event the tenant should vacate.
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