This feature is unavailable at the moment.

We apologize, but the feature you are trying to access is currently unavailable. We are aware of this issue and our team is working hard to resolve the matter.

Please check back in a few minutes. We apologize for the inconvenience.

- LoopNet Team

You must register your contact information to view secure information on this listing.
You must register your contact information to view secure information on this listing.

Share This Listing

Please enter a valid email address.

Note: To send this property to multiple individuals, insert a semi-colon between each recipient's email address.

LoopNet has taken a strong stance against the practice of sending unsolicited commercial emails, also known as "spam." Please send these emails only to people you know who would be interested in this property. If someone asks you not to send these emails to them, please comply.

thank you

Your email has been sent!

Tesla 14010 Perry Hwy

18,400 SF Retail Building Wexford, PA 15090 £7,002,928 (£381/SF) 7.35% Net Initial Yield

Investment Highlights

  • Investment Grade Credit (S&P: BBB)
  • Nearby Interstate Accesss
  • Pittsburgh MSA
  • First Option Recently Exercised
  • Affluent Surrounding Area

Executive Summary

Forged Real Estate is pleased to exclusively offer the opportunity to acquire the fee simple interest in a single tenant property leased to Tesla, (the “Property”) in Wexford, PA, a community in Allegheny County, Pennsylvania. Tesla, Inc. is an investment credit rated tenant (S&P: BBB) with 1,306 locations at the close of Q3 2024, a 16% YoY increase. The company ranks #40 on the 2024 Fortune 500 list, moving up ten spots in one year. Q3-2024 revenue was $25.18 billion, a 7.8% YoY increase from their Q3-2023 revenue of $23.35 billion. The property is located along Perry Highway, a main thoroughfare boasting over 34,900 VPD, and benefits from ample visibility via local traffic. Tesla recently exercised their first option after commencing their corporately guaranteed lease in 2017. Tesla’s lease calls for ten percent (10%) rental increases in each of the remaining two option periods. Located just thirteen miles (13 mi.) north of Pittsburgh, Wexford is considered part of the Pittsburgh, PA MSA that is home to over 2.3 million residents and is the second (2nd) largest metro area in Pennsylvania. As a suburb of Pittsburgh, the five (5) mile area surrounding the property has seen excellent growth of 19% and 21% in the population and number of households since 2010, respectively. The same area boasts an average household income is $182,000. Within three (3) miles of the property there are over 100 companies located within a 925-acre business park, over half a million square feet of office space and three primary education institutions combining for over 2,000 students.
INVESTMENT GRADE CREDIT, RAPID GROWTH – Tesla, Inc. is an investment credit rated tenant (S&P: BBB) with 1,306 locations at the close of Q3 2024, a 16% YoY increase. Additionally, the number of Supercharger stations have increased to 6,706, a YoY increase of 20% from Q3 2023. The company ranks #40 on the 2024 Fortune 500 list, moving up ten spots in one year. Q3-2024 Revenue was $25.18 billion, a 7.8% YoY increase from their Q3-2023 revenue of $23.35 billion.
MULTIPLE DRIVING FACTORS – In the approximate 1-mile radius surrounding the property there are three primary education institutions combining for over 2,000 students. Additionally, within a 3-mile radius of the property there are multiple office parks which contribute to the growing area. The Keystone Summit Corporate Park consists of five (5) buildings totaling over 573,000 SF with an additional 150,000 SF proposed office building. Thorn Hill Industrial Park is a 925-acre business park that is home to over 100 companies and helped bring pharma and tech companies to the area.
AFFLUENT SURROUNDING AREA WITH GROWING POPULATION – The five (5) mile area surrounding the property has seen excellent growth in the population and number of households of 19% and 21% since 2010, respectively. The same area boasts an average household income is $184,000.
SUBSTANTIAL VISIBILITY FROM MAIN THOROUGHFARE – Tesla is located along Perry Highway, a main thoroughfare in the area boasting over 34,900 VPD, and benefits from ample visibility via local traffic.
NEARBY NEW CONSTRUCTION – Less than one (1) mile down Perry Highway is the Allegheny Health Network’s Wexford Hospital, a 160-bed facility that opened in June of 2021 and cost more than $25 million to construct.
METRO AREA LOCATION – Wexford is located within Allegheny County, just thirteen miles (13 mi.) north of Pittsburgh. Wexford is part of the Pittsburgh, PA MSA which is home to over 2.3 million residents and is the second (2nd) largest metro area in Pennsylvania.

Property Facts

Sale Type
Investment
Property Type
Retail
Property Subtype
Freestanding
Building Size
18,400 SF
Building Class
B
Year Built/Renovated
2001/2017
Price
£7,002,928
Price Per SF
£381
Net Initial Yield
7.35%
NOI
£514,696
Tenancy
Single
Number of Floors
1
Building FAR
0.17
Lot Size
2.48 AC

Amenities

  • Freeway Visibility

Nearby Major Retailers

CrossFit
Club Pilates
Community Bank
Atlantic Union Bank
First Commonwealth Bank
Goldfish Swim School
Dollar Bank
Hello Bistro
F45 Training
Citizens Bank

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
1824-C-00015-0000-00
Land Assessment
£391,225
Improvements Assessment
£3,912,250
Total Assessment
£4,303,475
  • Listing ID: 34061435

  • Date on Market: 03/12/2024

  • Last Updated:

  • Address: 14010 Perry Hwy, Wexford, PA 15090

Please Share Your Feedback

We welcome any feedback on how we can improve LoopNet to better serve your needs.
X
{{ getErrorText(feedbackForm.starRating, 'rating') }}
255 character limit ({{ remainingChars() }} characters remainingover)
{{ getErrorText(feedbackForm.msg, 'rating') }}
{{ getErrorText(feedbackForm.fname, 'first name') }}
{{ getErrorText(feedbackForm.lname, 'last name') }}
{{ getErrorText(feedbackForm.phone, 'phone number') }}
{{ getErrorText(feedbackForm.phonex, 'phone extension') }}
{{ getErrorText(feedbackForm.email, 'email address') }}