Net Leased Industrial Oil & Gas Service Operation with 11 Years Remaining on Double-Net Lease in Uniontown, PA
Tenant Just Exercised Early 10-Year Lease Extension thru May 2034 with Scheduled Rent Increases
Tenant is a Wholly-Owned Subsidiary of Patterson-UTI Energy, Inc. (NASDAQ: PTEN); $2.8B Market Cap Onshore Oil & Gas Contract Drilling Services Company in Business Since 1978
Tenant’s Parent Company Patterson-UTI Energy, Inc. Carries Moody’s “Baa3” Investment-Grade Credit Rating
Universal Pressure Pumping, Inc. (UPP) Operates Pressure Pumping, Fracking & Well Drilling Services throughout the Area’s Prominent Marcellus & Utica Shale Formations
UPP Has Been in Business for Over 40 Years and has Operations throughout 8 Oil Field Regions in 6 States (OH/PA/WV & TX/OK/NM)
Substantial Building Fixtures & Equipment – Multiple Overhead & Jib Cranes, Compressed Air Systems, Water Filtration, Fume Extractors, Paint Shop/Blast Booth Equipment, etc.
Tenant Fully Indemnifies Landlord for Any/All Issues Relating to Hazardous Materials & Environmental Laws in Regards to the Property; Indemnification Survives Lease Expiration
Minimal Landlord Responsibilities: Roof/Structure Replacement & Some Mechanical
Entire Building 1 Roof (Approx. 144,000 SF, 71% of RBA) Replaced or Coated in 2014; Under 12-Year Warranty into 2026
Low Rent Factor of $3.05/SF on the 201,325 SF Total Building RBA; Rent Equates to Approx. $16K Annually Per Acre of Total Leased Land Area
39.26 Acres of Total Land Included in Sale Across Two Adjacent Parcels
Situated Along Route 119 Directly Between Uniontown and Connellsville Providing Strong Workforce Base; 10-Mile Population of 75,000
Located Just 1 Hour South of Pittsburgh; Part of the Pittsburgh CSA which is Home to a Population of 2.7 Million