660 Pittsburgh St Greensburg, PA 15601

Property Details for 660 Pittsburgh St

Lot size

8.70 lot acres

Property size

115,468 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

This exceptional core-plus shopping center investment opportunity in Greensburg, Pennsylvania, presents a compelling combination of strong tenancy, high occupancy, and significant upside potential. The 115,468 square foot property comprises three buildings situated on 8.7 acres of land and features 10 tenants, boasting 99% occupancy. The center is anchored by a Shop 'n Save supermarket (43% of gross leasable area, GLA) under a triple-net (NNN) lease extending to June 2028, and co-anchored by Ollie's Bargain Outlet (35% of GLA) with a lease extending to 2029. Additional key tenants include Dollar Tree and several long-term occupants such as Subway and Fantastic Sam's. The property benefits from a recently signed 10-year NNN lease with Papa John's. The current net operating income (NOI) is $669,725, yielding a 7.90% cap rate at an asking price of $8,475,000. The property features low operating expenses of $2.13 per square foot and cheap/replaceable rents of $6.25 per square foot NNN ($8.03 all-in). 83% of landlord operating expenses are recaptured through pro-rata NNN leases. The property enjoys a prime location on East Pittsburgh Street, with high traffic counts (17,900 vehicles per day), and is situated near a new Sheetz development. The center serves a strong demographic area, with a significant population within a five-mile radius and a high average household income. Built in 1972 and 1995, with renovations completed in 2004, this property offers a rare opportunity to acquire a well-established, high-performing retail center in a desirable location.

Location Insight

City

Greensburg

County

Westmoreland

State

Pennsylvania

Longitude

-79.5294

Latitude

40.3017