1186 Walnut Bottom Rd - Freestanding FOR SALE


Carlisle, PA 17015
$3,695,000 USD
717-421-1943
1186 Walnut Bottom Rd, Carlisle, PA for Sale
$3,695,000 USD
Freestanding - FOR SALE
1/13
null | Request Cap Rate

1186 Walnut Bottom Rd
Carlisle, PA 17015


HIGHLIGHTS

  • Excellent Investment opportunity for a NNN leased retail center anchored by Planet Fitness and UPMC Surgical Associates.
  • Excellent location on Walnut Bottom Rd adjacent to UPMC Carlisle Hospital Campus & new mixed-use Town Center development which is already underway.
  • Value-Add opportunity with rent increases & leasing remaining vacancies including a suite that UPMC has rights to expand into.
  • Planet Fitness executed new 5 year extension in 2022 confirming strength of location performance, lease includes 10% rent increases at renewals.
  • UPMC executed new 4 year lease that commences Q2 2023 and has annual $0.50/PSF rent increases.
  • Catalyst Site in the Township's Walnut Bottom Corridor Master Plan which is focused on sustainable growth with a mixed-use Town Center featuring a new

OVERVIEW

Landmark is pleased to present a rare opportunity to acquire a NNN leased retail center in Carlisle, PA. The tenants include Planet Fitness and UPMC Central PA Surgical Associates. The 24,584 SF retail center is a condo pad site in Walnut Bottom Towne Center which is located along the nationally recognized Interstate I-81 corridor. Planet Fitness recently completed a tenant-funded renovation of their +/- 18,000 SF fitness center and executed a new five (5) year extension in 2022 which confirms the strength of this locations performance. In addition, UPMC recently executed a new four (4) year lease that commences Q2 2023 for their 3,500 SF space which includes the right of first option to expand into the adjacent 2,252 SF vacant space. Planet Fitness, which has occupied the property since 2009, has 5 years of firm term remaining with an additional lease renewal option taking the expiration out until 2033. Founded in 1992, Planet Fitness (NYSE: PLNT) headquartered in Dover, NH is one of the largest and fastest growing franchisors and operators of fitness centers in the United States with over 10 million members and 2,039 locations in the United States, Canada, Dominican Republic, Panama, Mexico, and Australia. For more information visit www.planetfitness.com. The national franchisee operator of this location, National Fitness Partners (NFP), operates more than 105 clubs in Pennsylvania, Delaware, North Carolina, South Carolina, West Virginia, Virginia, Maryland, Washington DC, & Ohio, and has their headquarters in a neighboring Cumberland County submarket. NFP is backed by Argonne Capital, a private equity firm in Atlanta, GA. UPMC Central Pennsylvania Surgical Associates is a part of the University of Pittsburgh Schools of the Heath Sciences (UPMC). UPMC is a $24 billion world-renowned health care provider and insurer that is based in Pittsburgh, PA. They are the largest nongovernment employer in Pennsylvania and has over 92,000 staff members and 840 academic, community, hospital, specialty, and office locations. The subject property is strategically located adjacent to the UPMC Carlisle Hospital Campus which offers strong synergy for the tenants' practice.

FOR SALE DETAILS

PRICE

$3,695,000 USD

PRICE/SF

$157 USD /SF

CAP RATE

Request Cap Rate

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Freestanding

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1997

SPRINKLERS

-

PARKING SPACES

125

LAND DETAILS

LAND ACRES

0.7 AC

LAND SF

30,492 SF

ZONING

Commercial General

APN/PARCEL ID

40-23-0604-022-U2

ASK ABOUT THIS PROPERTY

W. Jason GraceLandmark Commercial RealtyMore Info
717-421-1943

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.

W. Jason GraceLandmark Commercial RealtyMore Info
717-421-1943

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.