Jones Lang LaSalle (JLL) is pleased to present the exclusive opportunity to acquire Kennedy Square, a strategically positioned retail
center located at 1773 Pine Hollow Road, McKees Rocks, PA 15136. This 22,571 square foot multi-tenant retail property presents an
exceptional value-add investment opportunity anchored by the stability of a long-term investment-grade tenant and significant upside
potential through strategic lease restructuring.
Kennedy Square demonstrates exceptional tenant stability anchored by LabCorp, an investment-grade corporation that has
maintained uninterrupted operations at the center since 2004. LabCorp recently executed an early lease renewal, extending their
commitment through December 31, 2032. As the property's primary tenant, LabCorp constitutes 56.2% of the income stream,
establishing a foundation that substantially mitigates investor risk while guaranteeing predictable cash flow performance. The anchor
tenant's impressive 22-year operational tenure at this location exemplifies unwavering dedication to the site and reinforces confidence
in the market's enduring growth potential.
The property presents an immediate value-add opportunity with substantial upside potential. Currently, all non-anchor tenants
operate under month-to-month lease arrangements, creating the opportunity to convert these tenancies to triple net lease structures.
This conversion strategy would transfer property operating expenses to tenants, improving net operating income and overall property
performance. The month-to-month lease structure also provides flexibility to optimize the tenant mix and rental rates to current
market levels.
The center has an e-commerce resistant rent roll dominated by service-oriented and necessity-based tenants that require physical
locations to serve customers effectively