NORTHGATE COMMONS

1700 Peach St, Erie, PA 16502
$23,000,000

Cap Rate
7.73%
Units
12
Gross SQFT
181,720
Year Built
1965
Occupancy
94.99%
Leasable Area
±162,487
Term Remaining
NNN
NOI
$1,778,447
Property Type
Shopping Centers

Broker of Record

  • Kyle Matthews
  • License No. RB068831 (PA)
  • (866) 889-0550
  • Matthews Real Estate Investment Services
  • 841 Apollo Street. Suite 150,
    El Segundo, CA 90245

INVESTMENT HIGHLIGHTS

Dominant Healthcare & Retail Center with an Incredible Tenant Lineup

  • Quest Diagnostics (Fortune 500 Company)
  • UPMC ($24 Billion World-Renowned Health Care Provider)
  • Octapharma Plasma (Largest Privately Owned Plasma Fractionator Globally)
  • DaVita Dialysis (Fortune 500 Company)
  • MedCare (Provides Medical Equipment to UPMC, Alleghany Health, & more)
  • Dollar General (Fortune 100 Company)
  • County of Erie, County of Venango

Deal Highlights

  • 95% Occupied Center with NNN Leases offered Free and Clear of Existing Financing
  • Located in between UPMC Hamot (1.5 miles away) and AHN St. Vincent Hospitals (0.5 miles away)
  • Long-Term Tenancy for 67.62% of GLA – Quest Diagnostics has been a tenant since 1983, DaVita has been a tenant since 1995, UPMC has been a tenant since 1995/2003, Dollar General has been a tenant since 2005, and County of Erie (ECCM) has been a tenant since 2007 which shows strong commitment to the location
  • Quest Diagnostics (28.5% of GLA) invested significant capital building out a lab in their space. Reach out to Broker for more information regarding their intention to stay at this location.
  • Diverse and Internet Proof Tenant Mix regionally serves Erie, PA; Cleveland, OH, Pittsburg, PA, and Buffalo, NY

Location Highlights

  • Erie, PA is the 4th largest city in the state of Pennsylvania serving a regional population of over 300,000 people
  • UPMC Hamot is located just 1.5-miles from the subject property, and they recently completed a new $111 million 7-story patient tower in 2021 with a 64-bed ICU, a morgue, and an expanded imaging department.
  • Erie Insurance Headquarters is located just 1-mile from the subject property. Erie Insurance is a Fortune 500 company, and in 2021 they completed a $147 million 364,000 square-foot addition to their campus.
  • Allegheny Health Network, St. Vincent Hospital is located 0.5-miles from the subject property. AHN St. Vincent just completed a $115 million dollar expansion of its emergency department and patient rooms in 2020.
  • Presque Island State Park in Erie, PA draws over 6.2 million people to the area annually