Penn Hills Shopping Center_Property for Sale
Penn Hills Shopping Center_Property for Sale
230 Rodi Rd, Pittsburgh, PA, 15235-3337, US

Penn Hills Shopping Center

Asset description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to exclusively offer Penn Hills Shopping Center (the “Property”), a 273,805 square foot, open air shopping center located in Penn Hills Township, Pittsburgh, PA. The 89% leased Property features strong-performing anchor tenancy in Aldi and Big Lots alongside a highly complementary merchandising mix with contemporary retail uses that include financial services, F&B, medical, telecommunications, service-oriented and more.


Penn Hills Shopping Center ranks as the #1 most visited neighborhood shopping center within a 5-mile radius and is located in a densely populated suburban Pittsburgh submarket with +2.3 million annual visits. The center-of-gravity, open-air shopping center features a tenant lineup in which +63% of gross income is derived from credit & national tenancy with best-in-class pads that are separately parceled, further benefiting from high-performing shadow anchors in Giant Eagle and Planet Fitness.


The Property provides investors a value-add opportunity to lease-up +24,000 SF of remaining in-line retail vacancy to achieve +25.3% NOI growth and a +5.4% CAGR on a 5-year hold alongside the opportunity to spin off separately parceled free-standing pads with excellent roadway visibility and frontage along Rodi Road. The center offers investors a durable income stream ideally located along highly trafficked Rodi Road (+17,300 VPD) and Frankstown Road (+15,700 VPD).

...

Attributes

Building area net
157,274 sf
Occupancy
89%
Year built
1977
Land area net
37.00 acres

Media

Investment highlights

  • Best-in-Class National & Credit Tenant Lineup
  • High-Performing, Destination-Oriented Pad Tenancy
  • Strong Leasing Performance & Momentum Underlining Desirability of the Center
  • Value-Add Opportunity via Lease-Up of Remaining +24,000 SF of First-Floor, In-Line Retail & Spin-Off of Separately Parceled, Free-Standing Pads
  • Center-of-Gravity, Open-Air Shopping Center in Densely Populated, Infill Submarket with High Barriers to Entry
Penn Hills Shopping Center 4_Property for Sale
Penn Hills Shopping Center 4_Property for Sale

Contact brokers

Penn Hills Shopping Center (0 Properties)

Similar properties

View moreChevron Right
Do you have any questions? Visit our FAQ page
View FAQ PageArrow Right
JLL can help you finance and manage your portfolio. E-Mail us today to see how we can help achieve your ambitions.
Last updated
Mar 22, 2024