Asking Price
NOI Net Operating Income
Cap Rate
Asking Price
NOI Net Operating Income
Cap Rate

Documents

Enter the "Deal room" for exclusive documents related to this property.

I accept the confidentiality agreement I accept the confidentiality agreement

Attributes

Lease Type Modified Gross
Lease Expiration 2024-12-31
Remaining Term 4 years, 3 months
Tenant Ollie's Bargain Outlet Holdings, Incorporated
Building Area

Property Description

JLL is pleased to exclusively offer the opportunity to acquire the fee simple interest in a single tenant property leased to Ollie’s Bargain Outlet (the “Property”) in Monaca, PA – a suburb of the growing Pittsburgh MSA. The Tenant is open, paying rent and has been operating at this location since 2012. In June 2020, the Tenant exercised their first five (5) year option and now has over 4 years remaining on their Lease, with two (2), five (5) year options still in place. At less than $5.00/SF this is a very attractive and replaceable net rent, should the Tenant ever vacate, creating flexibility and rental upside for the new owner. 


The Property is an outparcel to the the Beaver Valley Mall, which is home to roughly 70 stores and is situated on the main retail corridor in the area – Route 18 (17,000 VPD). The mall is surrounded by other shopping destinations such as Township Marketplace and Stone Quarry Commons that feature nationally recognized retailers such as Lowe’s, Target, Kohl’s, Marshalls and ROSS Dress For Less, driving consumers to the area. Further, the city of Monaca has been experiencing tremendous economic growth in large part due to the anticipated opening of the Shell Cracker Plant. The Plant, which is scheduled to open in the early part of 2021, is anticipated to provide more than 600 permanent jobs and 6,000 construction jobs.


Ollie’s is a highly differentiated and fast-growing, extreme value retailer of brand name merchandise at affordable prices. The company is known for their assortment of items offered as ‘Good Stuff Cheap.’ Despite the COVID-19 pandemic, Ollie’s posted Q1 2020 net sales of $349 million, an increase of 7.5% over the prior year. The company also opened 17 new stores which resulted in an overall increase in store count of 11% year over year. In 3 years time, total sales have increased from $760 million to $1.2 billion, a 58% increase.


Investment Highlights

  • Ollie’s Bargain Outlet is an outparcel to the Beaver Valley Mall; The mall is home to roughly 70 stores and is situated along Route 18 in the dominant retail trade area in Monaca, PA – there are more than 17,000 vehicles that pass the shopping mall daily.
  • Monaca, PA is just 30 miles from Pittsburgh, PA – a city that contains an MSA of more than 2.3 million people and was ranked #114 in the 2019 Forbes list: Best Places for Business and Careers.
  • A surplus of shopping destinations surrounds the Beaver Valley Mall – Township Marketplace and Stone Quarry Commons are just minutes away and are home to nationally recognized retailers such as Lowe’s, Target, Kohl’s, Marshalls, and ROSS Dress For Less.
  • The Shell Cracker Plant, a plastic-producing factory located just 2 miles away on a 386-acre property, is scheduled to open in the early part of 2021 and provide more than 600 permanent jobs.
  • Despite the COVID-19 pandemic, Ollie’s posted Q1 2020 net sales of $349 million, an increase of 7.5% over the prior year. 
  • Ollie’s Bargain Outlet is paying an attractive $4.99/SF net rent, which is below replacement cost and allows the 27,655 SF building to be offered just over $1.7 million, creating flexibility and rental upside to the new owner.  
Last Updated Date: 21 Aug 2020
Marc Mandel
Marc Mandel
Managing Director, Capital Markets
License details
PA - AB068236 DE - RS-0019936 NJ - 0894218
Steve Schrenk
Steve Schrenk
Director, Capital Markets
License details
NJ-1433421

There was an error submitting your request. Please try again, or submit you inquiry here.

 

PRIVACY NOTICE

Jones Lang LaSalle (JLL), together with its subsidiaries and affiliates, is a leading global provider of real estate and investment management services. We take our responsibility to protect the personal information provided to us seriously.

Generally the personal information we collect from you are for the purposes of dealing with your enquiry.

We endeavor to keep your personal information secure with appropriate level of security and keep for as long as we need it for legitimate business or legal reasons. We will then delete it safely and securely. For more information about how JLL processes your personal data, please view our privacy statement.

+358931583230
Last Updated Date: 21 Aug 2020

JLL  financing

JLL can help you finance and manage your portfolio.
Email us today to see how we can help achieve your ambitions.