137 W 2 St, Erie, PA

This property is located in downtown Erie, Pennsylvania, the fourth largest city in the state, serving a regional population of over 300,000 people. The property is situated within a 5-mile radius of over 140,000 people and is a short distance from the Warner Theatre, UPMC Park, and Erie Insurance Arena. It is also near UPMC Hamot Hospital, which has 445 beds, over 650 physicians, and more than 4,000 employees. In 2021, UPMC Hamot completed a new $111 million 7-story patient tower. The property is within walking distance of Erie Insurance Headquarters, a Fortune 500 company employing over 6,500 employees, with over 3,400 based in Erie. In 2021, Erie Insurance completed a $147 million 364,000 square-foot addition to its campus. The property is also within walking distance of the Lake Erie Bayfront, which includes the Bayfront Convention Center, three upscale hotels, the Erie Maritime Museum, multiple luxury restaurants, and the Presque Isle Yacht Club. Over 6.2 million annual visitors are drawn to Presque Isle State Park, also located in Erie, Pennsylvania. The Commonwealth of Pennsylvania, Department of Corrections, operates at this location and has a long-term 15-year lease extension. The tenant has operated at this facility for over 20 years. The Commonwealth of Pennsylvania Department of Corrections (DOC) — Bureau of Community Corrections (BCC) was established in the early 1970s to operate Community Corrections Centers for actively serving inmates who are nearing their release from state prison. Erie Community Corrections Center is one of 12 community correction centers in the State of Pennsylvania. The nearest CCC facility is over 77 miles away. The landlord receives income from laundry services at the property. UPMC Hamot Medical Center has leased and maintained a majority portion of the parking lot since 2004 and recently extended their lease through 2029. The property offers 2.50% annual rent increases.