Enter the "Deal room" for exclusive documents related to this property.
|Lease Type||Modified Gross|
|Remaining Term||4 years, 1 month|
|Tenant||Ollie's Bargain Outlet Holdings, Incorporated|
JLL is pleased to exclusively offer the opportunity to acquire the fee simple interest in a single tenant property leased to Ollie’s Bargain Outlet (the “Property”) in Monaca, PA – a suburb of the growing Pittsburgh MSA. The Tenant is open, paying rent and has been operating at this location since 2012. In June 2020, the Tenant exercised their first five (5) year option and now has over 4 years remaining on their Lease, with two (2), five (5) year options still in place. At less than $5.00/SF this is a very attractive and replaceable net rent, should the Tenant ever vacate, creating flexibility and rental upside for the new owner.
The Property is an outparcel to the 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 600 permanent jobs and 6,000 construction jobs.
Ollie’s is a highly differentiated and fast-growing, extreme value retailer of brand name merchandise at affordable prices. The company is known for their assortment of items offered as ‘Good Stuff Cheap.’ Despite the COVID-19 pandemic, Ollie’s posted Q1 2020 net sales of $349 million, an increase of 7.5% over the prior year. The company also opened 17 new stores which resulted in an overall increase in store count of 11% year over year. In 3 years time, total sales have increased from $760 million to $1.2 billion, a 58% increase.
- Ollie’s Bargain Outlet is an outparcel to the Beaver Valley Mall; The mall is home to roughly 70 stores and is situated along Route 18 in the dominant retail trade area in Monaca, PA – there are more than 17,000 vehicles that pass the shopping mall daily.
- 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.
- 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.
- Despite the COVID-19 pandemic, Ollie’s posted Q1 2020 net sales of $349 million, an increase of 7.5% over the prior year.
- Ollie’s Bargain Outlet is paying an attractive $4.99/SF net rent, which is below replacement cost and allows the 27,655 SF building to be offered just over $1.7 million, creating flexibility and rental upside to the new owner.