3462 William Penn Hwy Pittsburgh, PA 15235

Property Details for 3462 William Penn Hwy

Property size

146,513 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

This exceptional investment opportunity presents The Shoppes at Penn Center East, a Class A, mixed-use property totaling 146,513 square feet in Pittsburgh, Pennsylvania. Situated on William Penn Highway (Route 22), this two-building, two-story shopping center boasts a strong tenancy mix including national brands like Starbucks, Rite Aid, Panera Bread, and Applebee's, alongside a diverse roster of office tenants. The property currently enjoys 82.2% occupancy with a weighted average lease term of 5.5 years and an average in-place rent of $20.18 per square foot. The retail component comprises 72,820 square feet (49.7% of the total gross leasable area), while the office space occupies 73,693 square feet (50.3%). The property benefits from a prime location within the highly amenitized Penn Center East campus, offering convenient access to Interstate 376 and Interstate 76, and is surrounded by a dense retail corridor with limited vacancy. The strong tenant base, including a recently expanded lease with Rizzo International, contributes to a Net Operating Income (NOI) of $1,778,183 and a 9.12% capitalization rate. This Core+ investment opportunity offers significant upside potential with 26,130 square feet of available space. The property features multiple points of ingress/egress and excellent visibility along William Penn Highway, providing unmatched convenience and accessibility. The asking price is $19,500,000.

Location Insight

City

Pittsburgh

County

Allegheny

State

Pennsylvania

Longitude

-79.8104

Latitude

40.4295