99k sq ft neighbourhood retail centre
In Q1 2022, Warren Private acquired a membership interest in a 99k sq ft neighbourhood shopping centre c.10 miles from downtown Pittsburgh, Pennsylvania, USA in conjunction with our US operating partner Pearson Partners Inc.
The acquisition was Warren Private’s twenty-second US project and second joint venture with Pearson Partners Inc.
Built in 2006, the property is part of a larger retail complex, which also includes a Target outlet and a Sam’s Club (Walmart) warehouse store, on an overall site of 47 acres with 535 surface car parking spaces.
The property is in the affluent north-west suburbs of Pittsburgh in a highly visible hilltop location with very strong local demographics.
The property consists of 20 retail units. It is a long established trading location and is anchored by a 48k sq ft Anthropologie store, a 10k sq ft Dollar Tree convenience store and a 6,400 sq ft gym. The other tenants are a mix of national and regional tenants providing “needs must” retail services (e.g. hairdresser/barber, fast food, hardware, restaurant etc.)
The investment period is c.3 years, and projected returns are strong at a pre-tax IRR of c.13% and a pre-tax profit of c.50% of investors’ original investment amount.
|Investment Period:||c.3 years|
|Projected Annual Distributions:||c.7%|
|Projected Profit on Investment:||c.50%|