Davis Center

Greensburg | Pennsylvania

Offering Summary

  • Status: just listed
  • Price: $8,475,000
  • Cap Rate: 7.90%
  • GLA: 115,468 SF
  • Net Operating Income: $669,725
  • Price/SF: $73
  • Year(s) Built: 1972 | 1995 | 2004
  • Lot Size (Acres): 8.7
  • Major Tenants: Shop'n Save, Ollie's Bargain Outlet, Dollar Tree, Papa John's Pizza, Subway
  • 99% Occupied, 115,468 SF Grocery-Anchored Community Shopping Center in Greensburg, PA
  • Anchored by Shop ‘n Save Supermarket (43% of GLA) – Leased to NNN Terms Thru June 2028
  • Shop ‘n Save is a Privately-Held Grocery Chain Supplied by SuperValu; Based in Pittsburgh with 76 Locations Throughout Western PA, West Virginia, New York, Ohio, and Maryland
  • Co-Anchored by Ollie’s Bargain Outlet (35% of GLA) – Tenant Since 2004; Recent 5-Year Extension into 2029
  • Dollar Tree (9% of GLA) – In-Place Since 2012 with Recent Extension into 2027
  • Above-Mentioned Three Major Tenants Occupy 87% of GLA and Contribute 77.8% of Gross Revenue
  • 23% of GLA is Easy-to-Lease Small-Shop Units (7 of 8 Occupied) Ranging from 950 to 3,000 SF
  • Subway & Fantastic Sam’s have both been In-Place Since 1990/1991 with Histories of Numerous Renewals
  • Pittsburgh Street Beverage & Szechuan Garden In-Place for 15 Years & 23 Years, Respectively
  • New 10-Year NNN Lease with Papa John’s – 2,364 SF at $19.75/SF NNN
  • Offered Well-Below Replacement Cost at $73/SF
  • Cheap/Replaceable Rents of $6.25/SF NNN ($8.03/SF All-in) and Low Operating Expenses of Only $2.13/SF
  • Majority of Tenants are Subject to Pro-Rata NNN Leases – 83% Recapture of Landlord Operating Expenses
  • Offering Consists of 3 Individual Retail Buildings Situated on 2 Parcels Totaling 8.7 Acres
  • Immediately Adjacent to Site of New Sheetz with Anticipated Delivery in 2025
  • Located Along E Pittsburgh Street with Strong Traffic Counts of 17,900 VPD, Just West of the Primary Retail Corridor Serving the Eastern Side of Greensburg
  • Located Near the Center Mass of Greensburg’s Population with Infill Demographics – 9,473 Residents within 1-Mi
  • Middle-Income Demographics: 5-Mile Population of 68,922 with AHHI of $76K
  • Greensburg, PA – County Seat of Westmoreland County, Part of the Pittsburgh MSA which is Home to a Population of more than 2.3 Million, Less than 15 Miles East of Pittsburgh Suburbs
EXCLUSIVELY LISTED BY:

Scott Wiles

Senior Managing Director