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JLL is pleased to exclusively offer the opportunity to acquire the fee simple interest in a single tenant property leased to Boscov’s (the “Property”) in Monaca, PA – a growing suburb of Pittsburgh. The Tenant is open, paying rent and has been operating at this location for more than 20 years and has experienced a 2.70% average increase in sales over the past 3 years. In July 2020, the Tenant negotiated an extension early and now has 8.5 years remaining on their Lease, with one (1), five (5) year option to renew. This offering presents the unique opportunity to acquire a big box space leased to an anchor tenant in one of the premier shopping destinations in the city of Monaca.
The Property is located within 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 6,000 construction jobs.
- Boscov’s has been an anchor tenant at the Beaver Valley Mall since 1998; The mall is home to roughly 70 stores and is situated along Route 18 in the dominant retail trade area in Monaca, PA – there is more than 17,000 vehicles that pass the shopping mall daily.
- Boscov’s, currently with 8.5 years of term remaining, recently renegotiated their Lease and renewed early, showing commitment to the area.
- 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.
- 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.