PENN CROSSING

INVESTMENT HIGHLIGHTS

• Giant Eagle Anchored Neighborhood Center with Strong Sales | 43% Increase in Sales Since 2019 | 2024 Sales = ~$38.13M – 1.9% Occupancy Cost – $601 PSF | Market Dominant Grocer: Penn Crossing is anchored by Giant Eagle, the market dominant grocer in the Pittsburgh and Cleveland MSA’s, who reported very strong sales of $38,125,757 (1.9% Occupancy Cost) for their lease year ending 12/2024. This represents over a 43% increase in sales for Giant Eagle since 2019. Most recently, Giant Eagle extended their lease at this location in 2024 for an additional 5-years, taking their term out until 6/2030, highlighting their commitment to the site and desire to remain here long-term. Giant Eagle is a U.S. supermarket chain with stores in Pennsylvania, Ohio, West Virginia, Indiana, and Maryland. The company is the 42nd largest privately held corporation in the nation as determined by Forbes Magazine, and has annual sales over $11 billion. Giant Eagle was founded in 1931 in Pittsburgh, where they are headquartered today, and currently operates 211 supermarkets in addition to 274 fuel station/convenience store locations.
• Immediate Value-Add Opportunity | 91.4% Leased | 4 Vacant Units – 9,200 SF: The Property presents an investor with an immediate opportunity to add value and increase cash flow Day 1 via the lease-up of the 4 second generation vacant units that total 9,200 SF and are in readily leasable condition.
• Strong Leasing Momentum | 7 New Small-Shop Leases Executed Over The Past 2.5 Years: Penn Crossing has experienced strong recent leasing momentum with 7 new small-shop leases having been executed over the past 2.5 years totaling nearly 14,000 SF.
• Limited Retail Competition in the Surrounding Area | Nearest Traditional Grocer is ~5 Miles Away:  Given the topography of the surrounding area there is minimal retail competition. The nearest traditional grocer, which is another Giant Eagle, is about 5 miles (~12 min drive time) to the south in Irwin.
• $9.82 PSF Annual Base Rent | 4+ Years of Weighted Avg. Lease Term Remaining (WALT)
• Giant Eagle Comprises Nearly 55% of Rental Income | 20-Year Operating History at this Location
• Desirable Demographics | Avg. HHI Nearly $130,000 within 1-mile | Over $100,000 in 3-miles
• Ideally Located In the Heart of One of the Fastest Growing Communities in Western PA | 225+ New Homes At-or-Near Completion Less Than 2 Miles Away
• The Property is ideally located in the heart of Penn Township, which saw a 2.5% increase in population (~20,585 total residents) from April 2020 to July 2023 – ranking it in the top 20 Largest Municipal Population Increases in Southwestern PA during that time. Nearby Penn Borough led the way with a 42% increase in population over that same period of time. The growth in Penn Township is set to continue with the following developments nearing completion:
  • Wellington Court: a Ryan Homes development with 60 new homes set for completion in 2025 – located less than .25 miles from Penn Crossing.
  • Village on Kistler Ridge: construction has begun on an additional 44 single- family homes which will bring the total to 93 new homes upon completion of Phase III of this R.A. Snoznik custom home development less than 1.5 miles away.
  • Blackthorne Estates: a master planned Ryan Homes luxury golf course community less than 2 miles away with 77 new homes included in the final phases.
• Top 30 MSA in the U.S. | Nearly 2.5M People | #1 Most Affordable City in the U.S. (2024)
• Unencumbered Asset