1332 Beulah Road, Pittsburgh, PA 15235
Fully Occupied NNN Property – The current tenant has occupied the entire property since its construction in 1964. The most recent lease extension was signed in May 2016 for a 15-year term expiring in April 2031 (with two 5-year extension options). Based on the terms of the lease, rent is currently $1,236,791.01 per year with annual increases of 3.0%. The tenant is currently rated B2 by Moody’s.
Long Term Committed Tenant – The build-to-suit facility underwent extensive renovations in 2012, and the tenant has shown a long-term commitment to the facility by investing approximately $8mm into capital expenditures over the past several years.
Unique Investment Opportunity – The property represents the tenant’s only testing and repair facility and is the only privately owned facility of its type in the United Sates. The property is critical to the tenant’s core business and is the main reason for the continued occupancy since construction.
RealINSIGHT Marketplace and Mission Capital Advisors are pleased to offer the opportunity to acquire the fee simple interest in 1332 Beulah Road, a fully-occupied NNN-leased industrial (R&D) facility in Pittsburgh, PA. The tenant, Westinghouse Electric Company, LLC (Moody’s: B2), is currently leasing the entire property through April 2031 on an absolute triple-net lease basis. Two 5-year renewal options remain. Westinghouse has been a tenant at the facility since 1964.
The industrial property was built in 1964 and consists of two buildings containing a total area of approximately 56,903 square feet on a 12.93-acre site zoned C-1. Extensive renovations occurred in 2012, with the tenant investing approximately $8mm into capital expenditures over the past several years. Building 301 contains 30,625 sf of leasable space with clear heights ranging from 10 to 44 feet. Building 302 contains 26,278 sf of leasable space with clear heights of 10 feet. The property also contains 4 grade level and 1 dock high door. 120 parking spaces service the improvements.
The property is conveniently located off I-376 approximately 10 miles east of the Pittsburgh CBD. With Carnegie Mellon University and the University of Pittsburgh nearby, the tenant has access to global research hubs and a strong engineering community.
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Fisher Auction Company Inc.