Property Listing No Longer Available for Sale

801 North Front Street, Philipsburg, PA

Retail for Sale - $1,681,818 - 7,380 Sq. Ft. on 0.86 acres


Property Info

CIMLS#431476
Location
  801 North Front Street
  Philipsburg PA 16866
UpdatedMarch 20th, 2012
TypeRetail
Price$1,681,818
Building7,380 Sq. Ft.
Land0.86 acres

Property Description

Philipsburg is located 25 miles northwest of State College, Pennsylvania, home to Penn State University. This small town is home to about 3,000 people, and is the epicenter of retail activity of a wide trade radius in which about 60,000 people reside. The town's population continues to grow, and, most recently, historic preservation efforts have gained strong momentum to revive the town’s Main Street. Low costs of living, tax incentives and convenient access to Interstates 80 and 99 make this location easily accessible from the New York City area, Pittsburgh, and Philadelphia. Each of the aforementioned cities are within a three to four hour drive.

This location is idea for the tenant’s business. "Blue Collar" demographics and the area’s more rural nature will make this location a strong performer for AutoZone. Its location, immediately next to a new CVS/pharmacy, has traffic counts in excess of 20,000 vehicles per day - the strongest in the town. The property is one pad site off of the signaled intersection. Nearby neighborhood retailers include Weis, BI-LO, Sheetz and Peebles Department store. The AutoZone is situated one parcel off the signaled corner. An additional pad user will draw additional traffic to the site, and is planned behind the AutoZone. Napa Auto Parts has a location which provided additional incentive for AutoZone to take this location. In addition, Advance Auto Parts has an inline store in the Peebles anchored shopping center nearby.


Financials

Marcus & Millichap is pleased to present this newly-constructed AutoZone facility in Philipsburg, Pennsylvania. This net lease offering boasts a strong investment grade “BBB” rated credit by Standard and Poor’s, a long term double net lease and a solid small-town location. The Tenant opened for business in July 2010 subject to a new twenty year double net lease with approximately 18 years of base term remaining. This location is ideal for the tenant's business and its location is in close proximity to the nearby neighborhood and other retail centers in the area. CVS/pharmacy recently opened a new free-standing location of which this offering is cross-eased. AutoZone’s business will benefit from the traffic generated by the CVS/pharmacy, and that the store is located at a “T” intersection that has the highest traffic counts in the trade radius. This investment is ideal for the 1031 buyer seeking a credit worthy net lease property in a solid location. For Full Offering Memorandum, Contact Listing Agent.