BUTLER, PA GOODWILL PORTFOLIO€¦ · Holliday Fenoglio Fowler, L.P. (“HFF”) Net Lease Advisory...

GOODWILLPORTFOLIOTHREE LONG TERM ABSOLUTE NNNSINGLE TENANT GOODWILL RETAILBUILDINGS LOCATED IN THE PITTSBURGH MSA

C L I C K T O V I E WP R O P E R T Y V I D E O

ROBINSON TOWNSHIP, PA

BUTLER, PA

HEIDELBERG, PA

https://vimeo.com/321777357

INVESTMENT ADVISORS

MARC MANDELManaging Director

[email protected]

STEVE SCHRENKDirector

[email protected]

FINANCING

TOM RIECKSenior Associate

[email protected]

HEIDELBERG, PA

Holliday Fenoglio Fowler, L.P. (Collectively “HFF”)

This Offering Memorandum has been prepared by HFF for use by a limited number of recipients. All information contained herein has been obtained from sources other than HFF, and neither Owner nor HFF, nor their respective equity holders, officers, employees and agents makes any representations or warranties, expressed or implied, as to the accuracy or completeness of the information contained herein. Further, the Offering Memorandum does not constitute a representation that no change in the business or affairs of the property or the Owner has occurred since the date of the preparation of the Offering Memorandum. All analysis and verification of the information contained in the Offering Memorandum is solely the responsibility of the recipient. HFF and Owner and their respective officers, directors, employees, equity holders and agents expressly disclaim any and all liability that may be based upon or relate to the use of the information contained in this Offering Memorandum.

Additional information and an opportunity to inspect the property will be made available upon written request to interested and qualified prospective investors.

Owner and HFF each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the property and/or terminate discussions with any entity at any time with or without notice. Owner shall have no legal commitment or obligations to any recipient reviewing this Offering Memorandum or making an offer to purchase the property unless and until such offer is approved by Owner, a written agreement for the purchase of the property has been fully executed, delivered and approved by Owner and its legal counsel, and any obligations set by Owner thereunder have been satisfied or waived.

The recipient (“Recipient”) agrees that (a) the Offering Memorandum and its contents are confidential information, except for such information contained in the Offering Memorandum, which is a matter of public record, or is provided from sources available to the public (b) the Recipient, the Recipient’s employees, agents and consultants (collectively, the “need to know parties”) will hold and treat it in the strictest of confidence, and the Recipient and the need to know parties will not, directly or indirectly, disclose or permit anyone else to disclose its contents to any other person, firm, or entity without the prior written authorization of HFF and the Owner, and (c) the Recipient and the need to know parties will not use or permit to be used this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Owner or HFF or for any purpose other than use in considering whether to purchase the property. The Recipient and the need to know parties agree to keep this Offering Memorandum and all confidential information contained herein permanently confidential and further agree to use this Offering Memorandum for the purpose set forth above. If the Recipient has no interest in the property, or if in the future the Recipient or owner discontinue such negotiations, the Recipient will return this Offering Memorandum to HFF.

BUTLER, PA

InvesTmenT summaRyGOODWILL PORTFOLIO | PITTSBURGH MSA

Holliday Fenoglio Fowler, L.P. (“HFF”) Net Lease Advisory is pleased to exclusively offer a premier net lease opportunity to acquire three single tenant, absolute NNN Goodwill Retail Buildings (the “Properties”) located in the Pittsburgh MSA. The Properties are fully leased to Goodwill of Southwestern PA; which has over 1,200 employees and annual revenues of nearly $50 million, and ranks as one of the largest Goodwill organizations in the U.S. Goodwill of Southwestern Pennsylvania is under a franchise-like agreement with Goodwill Industries International, and operates 33 locations which serve eight counties in southwestern Pennsylvania and nine counties in north central West Virginia.

Over the past three decades, the Pittsburgh region has undergone a dramatic renaissance and it now stands as one of our nation’s largest and most appealing locations to live, do business and own real estate. The region supports an exceptionally strong market for all types of commercial real estate. The foundation of the real estate market is Pittsburgh’s central location, highly developed transportation system providing excellent connectivity, diverse and balanced economy, excellent universities, world renowned health care, and resurgence as an energy center.

· · ·

GOODWILL PORTFOLIO | PITTSBURGH MSA |InveSTMenT SUMMARy4

I N V E S T M E N T S U M M A R Y

LOCATIONS LEASE INFORMATION PROPERTY INFORMATION 3-MILE DEMOGRAPHICS

Address City, ST NOI Rent/SF LeaseExpiration

RentalIncreases

Building Size (SF) Acreage Year

Built Population HouseholdIncome

3 Urbano Way Robinson Township, PA $333,250 $21.50 12/31/2031 Increases every5 years 15,500 2.30 2011 25,001 $118,005

1905 Washington St Heidelberg, PA $286,553 $18.50 6/30/2034 Increases every5 years 14,695 1.65 2013 85,747 $103,590

370 New Castle Rd Butler, PA $204,126 $15.53 2/16/2032 Annual Increases 13,144 2.45 1999 19,096 $78,353

TOTAL $823,929

ROBINSON TOWNSHIP, PA HEIDELBERG, PA BUTLER, PA

3 Single Tenant Goodwill Properties featuring rental increases annually and every 5 years located throughout the Pittsburgh MSA

Goodwill’s business model is an “internet and recession proof” type of company

Goodwill of Southwestern PA operates 33 retail locations and has over 1,200 employees, annual revenues of nearly $50 million, and is one of the largest Goodwill organizations in the U.S.

Full NNN Lease with an Average remaining lease term of 14 years for the entire portfolio

The Pittsburgh Region now stands as one of the nation’s largest and most appealing locations to live, do business and own real estate

I N V E S T M E N T H I G H L I G H T S

· · ·

| GOODWILL PORTFOLIO | PITTSBURGH MSA InveSTMenT SUMMARy 5


BUTLER, PA

HEIDELBERG, PA

PITTSBURGH INTERNATIONALAIRPORT

MOON

IMPERIAL-ENLOW

McDONALD

OAKDALE

STURGEON-NOBLESTOWN

KENNEDYTOWNSHIP

CORAPOLISGLENFIELD

BRIGHTONHEIGHTS

ROSSTOWNSHIP

SHALERTOWNSHIP

MOON

IMPERIAL-ENLOW

McDONALD

OAKDALE

STURGEON-NOBLESTOWN

ROBINSONTOWNSHIP

KENNEDYTOWNSHIP

CORAPOLISGLENFIELD

BRIGHTONHEIGHTS

ROSSTOWNSHIP

SHALERTOWNSHIP

PITTSBURGHCBD

LAWRENCEVILLE

SQUIRRELHILL

SOUTHSIDE

CARRICK

BEECHVIEWGREENTREE

MT LEBANON

BETHEL PARKWHITEHALL

BALDWIN

MILLVALE

SEWICKLEY

HOMEWOOD

SWISSVALE

BRADDOCK

WILKINSTOWNSHIP

MONROEVILLE

PITCAIN

NORTHVERSAILLES

WEST MIFFLIN

MUNHALL

LINCOLNPLACE

BRENTWOOD

GLENSHAW

O’HARATOWNSHIP FOX CHAPEL

CHAPELDOWNS

HARMARTOWNSHIP

ALLSION PARK

McCANDLESSTOWNSHIP

HAMPTONTOWNSHIP

BELLEVUE

AVALON

EMSWORTH

OSBORNE

EDGEWORTH

PERRYNORTH

MARSHALL-SHADELAND

CENTRALNORTHSIDE

CRAFTON

FAIRYWOOD

ELLIOTT

OAKWOOD

SHERADEN

CARNEGIE

PENNSBURYVILLAGE

BANKSVILLE

DORMONTSOUTHHILLS

PLEASANTHILLS

McKEESPORTDRAVOSBURG

LIBERTYGLASSPORT

WHITE OAKNORTH

HUNTINGDON

ARDARA

TRAFFORD

LARIMER

MURRYSVILLE

HOLIDAY PARK

REGENCYPARK

PLUM RENTON

IRWIN

PENN HILLS

ALCOMA

SEWICKLEYHEIGHTS

BELL ACRES

HARMONYTOWNSHIP

AMBRIDGEFRANKLIN

PARK

ROLLINGRIDGE

BRADFORDWOODS

WARRENDALE

SEVEN FIELDS

FOX RUN

CRANBERRYTOWNSHIP

MARS

VALENCIA

GIBSONIA

BAKERSTOWN

INDIANOLA

CHESWICK

ORRVILLE

BARKING

CHURCHILLVALLEY

HARRISONCITY

NEWKENSINGTON

LOWERBURRELL

BRACKENRIDGE

TARENTUM

CREIGHTON

HARRISONTOWNSHIP

CURTISVILLE

RUSSELLTON

WEXFORD

ECONOMY

CONWAY

ALIQUIPPA

FREEDOM

ROCHESTER

PULASKI

EVANS CITY

BURGETTSTOWN

SLOVAN

MIDWAY

MONACA

NEWBRIGHTON

CECIL-BISHOP

NATIONAL HILL

BULGER

ATLASBURG

CLINTON

CARMOT-MOON

ZELIENOPLE

HARMONY

BEAVERFALLS

WESTMAYFIELD

BIG BEAVER

KOPPEL

ELLWOODCITY

NEWBEAVER

ELLPORT

NIXON

OAK HILLS

MEADOWOOD

MERIDIAN

SAXONBURG

FREEPORT

WORTHINGTON

WEST HILLS

McGRANN

FORD CITY

LEECHBURG

VANDERGRIFT

APOLLO

JEANNETTEPENN

MOON

IMPERIAL-ENLOW

McDONALD

OAKDALE

STURGEON-NOBLESTOWN

KENNEDYTOWNSHIP

CORAPOLISGLENFIELD

BRIGHTONHEIGHTS

ROSSTOWNSHIP

SHALERTOWNSHIP

MOON

IMPERIAL-ENLOW

McDONALD

OAKDALE

STURGEON-NOBLESTOWN

KENNEDYTOWNSHIP

CORAPOLISGLENFIELD

BRIGHTONHEIGHTS

ROSSTOWNSHIP

SHALERTOWNSHIP

PITTSBURGHCBD

LAWRENCEVILLE

SQUIRRELHILL

SOUTHSIDE

CARRICK

BEECHVIEWGREENTREE

MT LEBANON

BETHEL PARKWHITEHALL

BALDWIN

MILLVALE

SEWICKLEY

HOMEWOOD

SWISSVALE

BRADDOCK

WILKINSTOWNSHIP

MONROEVILLE

PITCAIN

NORTHVERSAILLES

WEST MIFFLIN

MUNHALL

LINCOLNPLACE

BRENTWOOD

GLENSHAW


CHAPELDOWNS

HARMARTOWNSHIP

ALLSION PARK

McCANDLESSTOWNSHIP

HAMPTONTOWNSHIP

BELLEVUE

AVALON

EMSWORTH

OSBORNE

EDGEWORTH

PERRYNORTH

MARSHALL-SHADELAND

CENTRALNORTHSIDE

CRAFTON

FAIRYWOOD

ELLIOTT

OAKWOOD

SHERADEN

CARNEGIE

PENNSBURYVILLAGE

BANKSVILLE

DORMONTSOUTHHILLS

PLEASANTHILLS


LIBERTYGLASSPORT

WHITE OAKNORTH

HUNTINGDON

ARDARA

TRAFFORD

LARIMER

MURRYSVILLE

HOLIDAY PARK

REGENCYPARK

PLUM RENTON

IRWIN

PENN HILLS

ALCOMA

SEWICKLEYHEIGHTS

BELL ACRES

HARMONYTOWNSHIP

AMBRIDGEFRANKLIN

PARK

ROLLINGRIDGE

BRADFORDWOODS

WARRENDALE

SEVEN FIELDS

FOX RUN

CRANBERRYTOWNSHIP

MARS

VALENCIA

GIBSONIA

BAKERSTOWN

INDIANOLA

CHESWICK

ORRVILLE

BARKING

CHURCHILLVALLEY

HARRISONCITY

NEWKENSINGTON

LOWERBURRELL

BRACKENRIDGE

TARENTUM

CREIGHTON

HARRISONTOWNSHIP

CURTISVILLE

RUSSELLTON

WEXFORD

ECONOMY

CONWAY

ALIQUIPPA

FREEDOM

ROCHESTER

PULASKI

EVANS CITY

BURGETTSTOWN

SLOVAN

MIDWAY

MONACA

NEWBRIGHTON

CECIL-BISHOP

NATIONAL HILL

BRIDGEVILLE

4430400044619041

BRIDGEVILLE

BULGER

ATLASBURG

CLINTON

CARMOT-MOON

ZELIENOPLE

HARMONY

BEAVERFALLS

WESTMAYFIELD

BIG BEAVER

KOPPEL

ELLWOODCITY

NEWBEAVER

ELLPORT

NIXON

OAK HILLS

MEADOWOOD

MERIDIAN

SAXONBURG

FREEPORT

WORTHINGTON

WEST HILLS

McGRANN

FORD CITY

LEECHBURG

VANDERGRIFT

APOLLO

JEANNETTEPENN

BUTLERBUTLER

ROBINSONTOWNSHIP

HEIDELBERGHEIDELBERG

7.8 MILES

8.8 MILES

43 M

ILES

· · ·

GOODWILL PORTFOLIO | PITTSBURGH MSA |InveSTMenT SUMMARy6

HEIDELBERG, PA

TenanT OveRvIeWGOODWILL PORTFOLIO | PITTSBURGH MSA

· · ·

GOODWILL PORTFOLIO | PITTSBURGH MSA |TenAnT OveRvIeW8

Goodwill was founded in 1902 in Boston by Rev. Edgar J. Helms, a Methodist minister and early social innovator. Helms collected used household goods and clothing in wealthier areas of the city, then trained and hired those who were poor to mend and repair the used goods. The goods were then resold or were given to the people who repaired them. The system worked, and the Goodwill philosophy of “Not Charity, but a Chance” was born.

Goodwill’s network of 162 independent, local Goodwills in the United States and Canada offers customized training and services for individuals who want to find a job, pursue a credential or degree, and strengthen their finances. Each Goodwill must be accredited, apply for membership and meet certain criteria established by Goodwill Industries International (GII).

The GII Member Services center, located in Rockville, MD, offers local Goodwills a number of benefits to enhance their programs and services, and grow their Goodwills.

Goodwill of Southwestern Pennsylvania is a human service agency and network of not-for-profit businesses whose mission is to help people overcome barriers to employment and enjoy the dignity and benefits of work and improved quality of life. The Company has over 1,200 employees and annual revenues of nearly $50 million, which ranks as one of the largest Goodwill organizations in the U.S.

Goodwill of Southwestern Pennsylvania is under a franchise-like agreement with Goodwill Industries International, and serves eight counties in southwestern Pennsylvania (Allegheny, Armstrong, Butler, Beaver, Fayette, Greene, Washington and Westmoreland) and nine counties in north central West Virginia (Barbour, Harrison, Lewis, Marion, Monongalia, Preston, Randolph, Taylor and Upshur).

www.goodwillswpa.com

CORPORATE OVERVIEW

Headquarters Rockville, MD

Number of Organizations 162

Number of Goodwill of SWPA Locations 33

Number of Goodwill of SWPA Employees 1,200

BENJAMIN FRANKLIN HWY - 25,176 VPDBUTLER, PA

NEW CASTLE RD - 7,417 VPD

GOODWILL PORTFOLIO | PITTSBURGH MSA

FInanCIaL anaLysIs

· · ·

GOODWILL PORTFOLIO | PITTSBURGH MSA |FInAncIAL AnALySIS10

L E A S E A B S T R A C T - R O B I N S O N T O W N S H I P , P A

LEASE DETAIL

Address 3 Urbano Way Robinson Township, PA 15205

Tenant Goodwill of Southwestern Pennsylvania

Branded As Goodwill

Lot Area 2.3 Acres

Size 15,500 SF

Year Built 2011

Annual Rent $333,250

Lease Type Fee Simple: NNN

Rent Commencement 1/1/2012

Lease Expiration 12/31/2031

Remaining Lease Term 12 Years

Remaining Options None

RENT SCHEDULE

Description Dates Annual Rent Rent Increase

Base Term: Years 6 - 10 1/1/2018 - 12/31/2022 $333,250 4.88%

Base Term: Years 11 - 15 1/1/2023 - 12/31/2026 $348,750 4.65%

Base Term: Years 16 - 20 1/1/2027 - 12/31/2031 $364,250 4.44%

LANDLORD RESPONSIBILITY DETAIL

NONE

TENANT RESPONSIBILITY DETAIL

Maintenance and Repairs

Lessee, at its expense, shall perform and pay for all maintenance, repairs and replacements necessary to keep the Leased Premises in good condition and repair, including without limitation all repairs and replacements to the interior and exterior of the building, the foundation and all columns, beams, ceiling, and floor slabs, the roof, all mechanical, plumbing, heating, air conditioning,and electrical systems, all parking lots, sidewalks and other paved areas, the surrounding grounds and landscaping and all other improvements

InsuranceLessee will reimburse landlord for its cost of insurance premiums for the demised premises and will obtain and maintain during the term at its sole cost all insurance required under the lease

Taxes Lessee will pay landlord, as additional rent, an amount equal to 100% of the taxes levied on the demised premises for each tax year

UtilitiesLessee at its expense will arrange for and pay all costs of the charges for all utilities and services provided or used in or at the Demised Premises

· · ·

| GOODWILL PORTFOLIO | PITTSBURGH MSA FInAncIAL AnALySIS 11

M A R K E T A E R I A L - R O B I N S O N T O W N S H I P , P A

376

376

22

60

GREATERPITTSBURGH

INTERNATIONAL AIRPORT

GROUNDPACKAGE

WE LIVE OUTDOORS

THE MALL AT ROBINSON

ROBINSON TOWN CENTREROBINSON TWP, PA

· · ·


L E A S E A B S T R A C T - H E I D E L B E R G , P A

LEASE DETAIL

Address 1905 Washington StreetHeidelberg, PA 15106


Branded As Goodwill

Lot Area 1.65 Acres

Size 14,695 SF

Year Built 2013





Remaining Lease Term 15.5 Years


RENT SCHEDULE


Base Term: Years 1 - 5 12/27/2013 - 6/30/2019 $271,857 5.13%

Base Term: Years 6 - 10 7/1/2019 - 6/30/2024 $286,553 5.41%

Base Term: Years 11 - 15 7/1/2024 - 6/30/2029 $301,248 5.13%

Base Term: Years 16 - 20 7/1/2029 - 6/30/2034 $315,943 4.88%


NONE



Lessee, at its expense, shall perform and pay for all maintenance, repairs and replacements necessary to keep the Leased Premises in good condition and repair, including without limitation all repairs and replacements to the interior and exterior of the building, the foundation and all columns, beams, ceiling, and floor slabs, the roof, all mechanical, plumbing, heating, air conditioning,and electrical systems, all parking lots, sidewalks and other paved areas, the surrounding grounds and landscaping and all other improvements




· · ·


M A R K E T A E R I A L - H E I D E L B E R G , P A

79

79

GREENTREE ROAD

WASHINGTON PIKE

CHARTIERS VALLEYMIDDLE SCHOOL

SCOTT TOWNSHIPMUNICIPAL PARK

®

HEIDELBERG, PA

· · ·


L E A S E A B S T R A C T - B U T L E R , P A

LEASE DETAIL

Address370 New Castle RoadButler, PA 16001


Branded As Goodwill

Lot Area 2.45 Acres

Size 13,144 SF

Year Built 1999





Remaining Lease Term 13 Years


RENT SCHEDULE


Base Term: Year 3 2/17/2019 - 2/16/2020 $204,126 1.77%

Base Term: Year 4 2/17/2020 - 2/16/2021 $207,675 1.74%

Base Term: Year 5 2/17/2021 - 2/16/2022 $211,356 1.77%

Base Term: Year 6 2/17/2022 - 2/16/2023 $215,036 1.74%

Base Term: Year 7 2/17/2023 - 2/16/2024 $218,848 1.77%

Base Term: Year 8 2/17/2024 - 2/16/2025 $222,659 1.74%

Base Term: Year 9 2/17/2025 - 2/16/2026 $226,603 1.77%

Base Term: Year 10 2/17/2026 - 2/16/2027 $230,546 1.74%

Base Term: Year 11 2/17/2027 - 2/16/2028 $234,620 1.77%

Base Term: Year 12 2/17/2028 - 2/16/2029 $238,695 1.74%

Base Term: Year 13 2/17/2029 - 2/16/2030 $242,901 1.76%

Base Term: Year 14 2/17/2030 - 2/16/2031 $247,107 1.73%

Base Term: Year 15 2/17/2031 - 2/16/2032 $251,445 1.76%


NONE



Lessee, at its expense, shall perform and pay for all maintenance, repairs and replacements necessary to keep the Leased Premises in good condition and repair, including without limitation all repairs and replacements to the interior and exterior of the building, the foundation and all columns, beams, ceiling, and floor slabs, the roof, all mechanical, plumbing, heating, air conditioning, and electrical systems, all parking lots, sidewalks and other paved areas, the surrounding grounds and landscaping and all other improvements




· · ·


M A R K E T A E R I A L - B U T L E R , P A

422 BENJAMIN FRANKLIN HWY

68

422

356

NEW CASTLE ROAD

356

EBER

HART

ROA

D

DUFF

Y RO

AD

BUTLERHIGH SCHOOL

KRENDALEGOLF COURSE

MORAINE POINTE PLAZA

®

BUTLER CROSSING

US ARMYRESERVE

BUTLER, PA


GOODWILL PORTFOLIO | PITTSBURGH MSA

maRkeT OveRvIeW

P I T T S B U R G H F O R T U N E5 0 0 C O M P A N I E S

171

182

153

244

357 365(Suburban)

PITTSBURGH OVERVIEWOver the past three decades, the Pittsburgh region has undergone a dramatic renaissance and it now stands as one of our nation’s largest and most appealing locations to live, do business and own real estate. The region supports an exceptionally strong market for all types of commercial real estate. The foundation of the real estate market is Pittsburgh’s central location, highly developed transportation system providing excellent connectivity, diverse and balanced economy, excellent universities, world renowned health care, resurgence as an energy center, and progressive leadership. This leadership has been instrumental in stimulating an unparalleled building boom including the $320 million CONSOL Energy Center arena, the $450 million Rivers Casino and the $400 million Tower at PNC Plaza that is the world’s greenest skyscraper.

M A J O R M E T R O P O L I TA N A R E ALocated at the confluence of the Allegheny, Ohio and Monongahela Rivers, Pittsburgh is the largest inland port in the U.S., providing access to the nation’s 9,000 mile inland waterway system. The City of Pittsburgh has a population of over 300,000 people in its 55.6 square mile area. Located in Allegheny County (population 1.23 million people), Pittsburgh is the second largest city in Pennsylvania and the 26th Largest MSA in the nation. The Pittsburgh metropolitan statistical area is comprised of seven counties: Allegheny County, whose seat is Pittsburgh, Armstrong, Beaver, Butler, Fayette, Washington and Westmoreland.

● With a population of 2.5 million, it ranks as the 26th largest metropolitan statistical area in the United States.

● The city itself is the second largest in the state. It acts as the county seat and is the governmental, economic and cultural focus of the region.

· · ·

| GOODWILL PORTFOLIO | PITTSBURGH MSA 17MARkeT OveRvIeW

P I T T S B U R G H A C C O L A D E S D E M O G R A P H I C S H I F T S : Y O U N G E R P O P U L A T I O N A N D G R O W I N G W O R K F O R C EIn recent years, the Pittsburgh region has experienced positive demographic developments which include a growing workforce and a younger population. The labor force of the 10-county region surrounding Pittsburgh is approximately 1.4 million. Historically, the population of Pittsburgh has been heavily weighted toward older generations, resulting in more people retiring than those entering the workforce. However, the Pittsburgh region has increasingly retained its college graduates while attracting new talent from around the country and the world. People are attracted to the region by the diverse opportunities to start or advance a career, and by the cost of living which allows for a higher standard of living that many other metros cannot match. This has resulted in a population increase of 22% among young people ages 20-24 living in the city of Pittsburgh. Today, Downtown Pittsburgh population has 29% under the age of 30 and 52% under the age of 40, compared to 26% and 44%, respectively, in 2012. The biggest decline is in the 40-49 age range with 9% compared to 17% in 2012. Today, the median age of Pittsburgh is 33 years old.

22.1%Population Increase

2000-2016 for Ages 20-24

35.6Median Age

in the Year 2000

33Median Age

in the Year 2017

· · ·

GOODWILL PORTFOLIO | PITTSBURGH MSA |18 MARkeT OveRvIeW

T R A N S P O R TAT I O NPittsburgh is one of the most accessible areas on the east coast featuring an international passenger airport, a constantly improving highway system and a viable public mass transit system.

● Pittsburgh International Airport (PIA) is one of the largest and best airports in the world. The airport served nearly 9 million people in 2017, which was an 8% increase over 2016. The airport services 74 non-stop destinations.

● Highway infrastructure includes the following: U.S. Interstate and Federal highways I-70, I-76 (PA Turnpike), I-79, I-279, I-376, I-576, US 19, US 23, US 30 and US 40.

● The Port Authority Transit (PAT) provides public transportation. With a fleet of buses and light rail vehicles, PAT travels throughout Allegheny County. The East (dedicated) Busway provides convenient access from the eastern suburbs including Monroeville. The West (dedicated) Busway offers unimpeded access from the CBD to the airport. In 2012, the city completed another major transportation improvement–the extension of the subterranean LRT (Light Rail Transit) serving the Pittsburgh CBD from the Gateway Center Station under the Allegheny River to the North Shore (PNC Park, Heinz Field and Rivers Casino).

NEW YORKCONN.

MASS.

VTNH

RI

MAINE

NEW JERSEY

DEMD

VIRGINIA

WESTVIRGINIA

OHIO

MICHIGAN

KENTUCKY

NORTH CAROLINA

ILLINOISINDIANA

WISCONSIN

MISSOURI

CHICAGO460 MILESCHICAGO460 MILES

NEW YORK386 MILES

NEW YORK386 MILES

CINCINNATI293 MILES

CINCINNATI293 MILES

PHILADELPHIA311 MILES

PHILADELPHIA311 MILES

PITTSBURGH

CLEVELAND143 MILES

CLEVELAND143 MILES

WASHINGTON D.C.245 MILES

WASHINGTON D.C.245 MILES

PENNSYLVANIA

· · ·


E C O N O M YOnce known solely for its steel mills, Pittsburgh now boasts of a diverse economy which includes a significant high tech presence, robotics, and financial services plus world class universities, health care facilities and research groups, which all impact the real estate market in a positive way. There have been many new developments and improvements in and about the City of Pittsburgh, including a new casino, light rail expansion, and new venues for all four major sports teams.

In recent years, the Pittsburgh MSA has experienced an unprecedented amount of eco-nomic growth as oil & gas companies move into the region, including Shell Oil, Exxon Mobil, Range Resources, Halliburton, and Chevron due to the presence of Marcellus Shale natural gas. In total, the Marcellus Shale contains nearly 500 trillion cubic feet of natural gas, twice the amount of Texas’s Barnett Shale. Reportedly, the development of Marcellus Shale exploration and support will add nearly $13.5 billion and 1,750,000 new jobs to Pennsylvania’s economy by 2020.

Shell recently started construction on a multi-billion dollar petrochemical complex along the Ohio River in Beaver County, just 30 miles from downtown Pittsburgh. The project, expected to require 6,000 construction workers, will be the largest “from-the-ground-up” facility investment in the Pittsburgh region in a generation and first major U.S. project of its type to be built outside the Gulf Coast region in 20 years. The complex, estimated to be completed early next decade, will create 600 permanent jobs and bring economic growth to the region now and for generations to come.

In addition, Pittsburgh still maintains a significant Fortune 500 presence with six Fortune 500 companies headquartered in downtown Pittsburgh, and three additional Fortune 500 companies located in nearby suburbs.

Pittsburgh is recognized internationally as a medical center as well as a center of higher education and high technology. It is also a financial center. This is clearly illustrated by the region’s ten largest employers.

53,000Employees

Healthcare & Insurance

UPMC Health System

21,251Employees

Healthcare & Insurance

Highmark

16,573Employees

StateGovernment

Commonwealth of Pennsylvania

13,000Employees

Financial Services& Banking

PNC Financial Services Group

18,358Employees Federal Government

U.S. Government

12,338Employees

HigherEducation

University of Pittsburgh

7,236Employees

Civil Service & Government Administration

Allegheny County

7,000Employees

Diverse Financial Services

BNY Mellon

9,000Employees

Department/Grocery Store Retailer

Wal-Mart Stores Inc.

9,764Employees

Giant Eagle Inc.Food, Fuel & Pharmacy Retailer

P I T T S B U R G H ’ S T O P E M P L O Y E R S

· · ·

GOODWILL PORTFOLIO | PITTSBURGH MSA |20 MARkeT OveRvIeW

H I G H T E C H I N D U S T R YIn recent years Pittsburgh has attracted an abundance of high-tech companies to the city, which offer a diverse set of products and services. These companies benefit from Pittsburgh’s low cost of doing business as well as its renowned universities including Carnegie Mellon University and the University of Pittsburgh. In turn the city benefits from a well-educated workforce in a growing industry and the high paying jobs that come with it. Over the last year, the two cities in the US with the biggest tech salary gains were St. Louis and Pittsburgh with a 16.8% increase. Today, Pittsburgh tech jobs pay an average of $79,600.

High-tech companies in Pittsburgh are primarily located in the Central Business District, Oakland and the East End, and Cranberry. They span a broad range of submarkets including advanced manufacturing, energy, life sciences, and information technology. Google is the most prominent high-tech company to operate in Pittsburgh. In fact, they recently expanded their office space in East Liberty to a total of 280,000 SF. Additionally, Apple, Facebook, and Uber have all opened offices in Pittsburgh to capitalize on the city’s infrastructure and intellectual capital. Other significant high-tech companies in Pittsburgh include Computer Sciences Corporation, 4moms, Aquion, ALung, and RDX.

In aggregate, there are approximately 29,000 high-tech employees in Pittsburgh that lend to the innovation and growth of the city.

ComputerSystems Design

44%

SoftwarePublishers

5%

DataProcessing3%

Other InformationServices7%

Computer/Electronic Product Manufacturing

30%

Electrical EquipmentManufacturing11%

M A J O R T E C H E M P L O Y E R SI N P I T T S B U R G H

· · ·



MOON

IMPERIAL-ENLOW

McDONALD

OAKDALE

STURGEON-NOBLESTOWN

KENNEDYTOWNSHIP

CORAPOLISGLENFIELD

BRIGHTONHEIGHTS

ROSSTOWNSHIP

SHALERTOWNSHIP

MOON

IMPERIAL-ENLOW

McDONALD

OAKDALE

STURGEON-NOBLESTOWN

ROBINSONTOWNSHIP

KENNEDYTOWNSHIP

CORAPOLISGLENFIELD

BRIGHTONHEIGHTS

ROSSTOWNSHIP

SHALERTOWNSHIP

PITTSBURGHCBD

LAWRENCEVILLE

SQUIRRELHILL

SHADYSIDE

OAKLAND

SOUTHSIDE

CARRICK

BEECHVIEWGREENTREE

MT LEBANON

BETHEL PARK

WHITEHALL

BALDWIN

MILLVALE

SEWICKLEY

HOMEWOOD

SWISSVALE

MUNHALL

LINCOLNPLACE

BRENTWOOD

GLENSHAW

O’HARATOWNSHIP

ALLSION PARK

McCANDLESSTOWNSHIP

HAMPTONTOWNSHIP

BELLEVUE

AVALON

EMSWORTH

OSBORNE

EDGEWORTH

PERRYNORTH

MARSHALL-SHADELAND

CENTRALNORTHSIDE

CRAFTON

FAIRYWOOD

ELLIOTT

OAKWOOD

SHERADEN

CARNEGIE

PENNSBURYVILLAGE

BANKSVILLE

DORMONTSOUTHHILLS

SOUTH PARKTOWNSHIP

PLEASANTHILLS

DRAVOSBURG

GLASSPORT

JEFFERSONHILLS

SEWICKLEYHEIGHTS

BELL ACRES

HARMONYTOWNSHIP

AMBRIDGEFRANKLIN

PARK

ROLLINGRIDGE

BRADFORDWOODS

GIBSONIAWEXFORD

ALIQUIPPA

BURGETTSTOWN

SLOVAN

MIDWAY

CECIL-BISHOP

NATIONAL HILL

THOMPSONVILLE

McMURRAY

HICKORY

BULGER

ATLASBURG

CLINTON

CARMOT-MOON

MOON

IMPERIAL-ENLOW

McDONALD

OAKDALE

STURGEON-NOBLESTOWN

KENNEDYTOWNSHIP

CORAPOLISGLENFIELD

BRIGHTONHEIGHTS

ROSSTOWNSHIP

SHALERTOWNSHIP

MOON

IMPERIAL-ENLOW

McDONALD

OAKDALE

STURGEON-NOBLESTOWN

KENNEDYTOWNSHIP

CORAPOLISGLENFIELD

BRIGHTONHEIGHTS

ROSSTOWNSHIP

SHALERTOWNSHIP

PITTSBURGHCBD

LAWRENCEVILLE

SQUIRRELHILL

SHADYSIDE

OAKLAND

SOUTHSIDE

CARRICK

BEECHVIEWGREENTREE

MT LEBANON

BETHEL PARK

WHITEHALL

BALDWIN

MILLVALE

SEWICKLEY

HOMEWOOD

MUNHALL

LINCOLNPLACE

BRENTWOOD

GLENSHAW

O’HARATOWNSHIP

ALLSION PARK

McCANDLESSTOWNSHIP

HAMPTONTOWNSHIP

BELLEVUE

AVALON

EMSWORTH

OSBORNE

EDGEWORTH

PERRYNORTH

MARSHALL-SHADELAND

CENTRALNORTHSIDE

CRAFTON

FAIRYWOOD

ELLIOTT

OAKWOOD

SHERADEN

CARNEGIE

PENNSBURYVILLAGE

BANKSVILLE

DORMONTSOUTHHILLS

SOUTH PARKTOWNSHIP

PLEASANTHILLS

DRAVOSBURG

GLASSPORT

JEFFERSONHILLS

SEWICKLEYHEIGHTS

BELL ACRES

HARMONYTOWNSHIP

AMBRIDGEFRANKLIN

PARK

ROLLINGRIDGE

BRADFORDWOODS

GIBSONIAWEXFORD

ALIQUIPPA

BURGETTSTOWN

SLOVAN

MIDWAY

CECIL-BISHOP

NATIONAL HILL

BRIDGEVILLEBRIDGEVILLE

THOMPSONVILLE

McMURRAY

HICKORY

BULGER

ATLASBURG

CLINTON

CARMOT-MOON

ROBINSONTOWNSHIP

3 MILES

5 MILES

7 MILES

· · ·

GOODWILL PORTFOLIO | PITTSBURGH MSA |MARkeT OveRvIeW22

R O B I N S O N T O W N S H I P , P A

D E M O G R A P H I C S

POPULATION

3 MILES 5 MILES 7 MILES

2010 Census 23,818 72,771 185,635

2019 Estimate 25,001 75,250 189,222

2024 Projection 25,531 76,331 190,772

POPULATION GROWTH

Historical Growth: 2010 to 2019 4.97% 3.41% 1.93%

Projected Growth: 2019 to 2024 2.12% 1.44% 0.82%

HOUSEHOLDS


2010 Census 9,847 31,368 80,981

2019 Estimate 10,458 33,085 84,191

2024 Projection 10,721 33,782 85,434

2019 Est. Average Household Income $118,005 $97,687 $88,767

2019 Est. Median Household Income $92,036 $72,419 $63,968

HOUSEHOLD GROWTH




MOON

IMPERIAL-ENLOW

McDONALD

OAKDALE

STURGEON-NOBLESTOWN

KENNEDYTOWNSHIP

CORAPOLISGLENFIELD

BRIGHTONHEIGHTS

ROSSTOWNSHIP

SHALERTOWNSHIP

MOON

IMPERIAL-ENLOW

McDONALD

OAKDALE

STURGEON-NOBLESTOWN

ROBINSONTOWNSHIP

KENNEDYTOWNSHIP

CORAPOLISGLENFIELD

BRIGHTONHEIGHTS

ROSSTOWNSHIP

SHALERTOWNSHIP

PITTSBURGHCBD

LAWRENCEVILLE

SQUIRRELHILL

SHADYSIDE

OAKLAND

SOUTHSIDE

CARRICK

BEECHVIEWGREENTREE

MT LEBANON

BETHEL PARK

WHITEHALL

BALDWIN

MILLVALE

SEWICKLEY

HOMEWOOD

BRADDOCK

WILKINSTOWNSHIP

MONROEVILLE

PITCAIN

NORTHVERSAILLES

WEST MIFFLIN

LINCOLNPLACE

BRENTWOOD

GLENSHAW


CHAPELDOWNS

HARMARTOWNSHIP

ALLSION PARK

McCANDLESSTOWNSHIP

HAMPTONTOWNSHIP

BELLEVUE

AVALON

EMSWORTH

OSBORNE

EDGEWORTH

PERRYNORTH

MARSHALL-SHADELAND

CENTRALNORTHSIDE

CRAFTON

FAIRYWOOD

ELLIOTT

OAKWOOD

SHERADEN

CARNEGIE

PENNSBURYVILLAGE

BANKSVILLE

DORMONTSOUTHHILLS

SOUTH PARKTOWNSHIP

PLEASANTHILLS


LIBERTYGLASSPORT

WHITE OAK

VERSAILLES

LINCOLNCLARITONJEFFERSONHILLS

COULTER

LINCOLN HILLS

NORTHHUNTINGDON

ARDARA

TRAFFORD

LARIMER

MURRYSVILLE

HOLIDAY PARK

REGENCYPARK

PLUM RENTON

IRWIN

PENN HILLS

ALCOMA

SEWICKLEYHEIGHTS

BELL ACRES

HARMONYTOWNSHIP

AMBRIDGEFRANKLIN

PARK

ROLLINGRIDGE

BRADFORDWOODS

WARRENDALE

VALENCIA

GIBSONIA

BAKERSTOWN

INDIANOLA

CHESWICK

ORRVILLE

BARKING

CHURCHILLVALLEY

NEWKENSINGTON

LOWERBURRELL

BRACKENRIDGE

TARENTUM

CREIGHTON

HARRISONTOWNSHIP

RUSSELLTON

WEXFORD

ECONOMY

CONWAY

ALIQUIPPA

FREEDOM

BURGETTSTOWN

SLOVAN

MIDWAY

CECIL-BISHOP

NATIONAL HILL

CANONSBURG

McGOVERN

HOUSTON

MEADOWLANDS

THOMPSONVILLE

McMURRAY

GASTONVILLE

FINLEYVILLE

FLOREFFE

ELRAMA

ELIZABETH

BUENAVISTA

HICKORY

BULGER

ATLASBURG

CLINTON

CARMOT-MOON

FREEPORT

MADISON

HERMINIE

SUTERSVILLE

WESTNEWTON

MOON

IMPERIAL-ENLOW

McDONALD

OAKDALE

STURGEON-NOBLESTOWN

KENNEDYTOWNSHIP

CORAPOLISGLENFIELD

BRIGHTONHEIGHTS

ROSSTOWNSHIP

SHALERTOWNSHIP

MOON

IMPERIAL-ENLOW

McDONALD

OAKDALE

STURGEON-NOBLESTOWN

CORAPOLISGLENFIELD

BRIGHTONHEIGHTS

ROSSTOWNSHIP

SHALERTOWNSHIP

PITTSBURGHCBD

LAWRENCEVILLE

SQUIRRELHILL

SHADYSIDE

OAKLAND

SOUTHSIDE

CARRICK

BEECHVIEWGREENTREE

MT LEBANON

BETHEL PARK

WHITEHALL

BALDWIN

MILLVALE

SEWICKLEY

HOMEWOOD

BRADDOCK

WILKINSTOWNSHIP

MONROEVILLE

PITCAIN

NORTHVERSAILLES

WEST MIFFLIN

LINCOLNPLACE

BRENTWOOD

GLENSHAW


CHAPELDOWNS

HARMARTOWNSHIP

ALLSION PARK

McCANDLESSTOWNSHIP

HAMPTONTOWNSHIP

BELLEVUE

AVALON

EMSWORTH

OSBORNE

EDGEWORTH

PERRYNORTH

MARSHALL-SHADELAND

CENTRALNORTHSIDE

CRAFTON

FAIRYWOOD

ELLIOTT

OAKWOOD

SHERADEN

CARNEGIE

PENNSBURYVILLAGE

BANKSVILLE

DORMONTSOUTHHILLS

SOUTH PARKTOWNSHIP

PLEASANTHILLS


LIBERTYGLASSPORT

WHITE OAK

VERSAILLES

LINCOLNCLARITONJEFFERSONHILLS

COULTER

LINCOLN HILLS

NORTHHUNTINGDON

ARDARA

TRAFFORD

LARIMER

MURRYSVILLE

HOLIDAY PARK

REGENCYPARK

PLUM RENTON

IRWIN

PENN HILLS

ALCOMA

SEWICKLEYHEIGHTS

BELL ACRES

HARMONYTOWNSHIP

AMBRIDGEFRANKLIN

PARK

ROLLINGRIDGE

BRADFORDWOODS

WARRENDALE

VALENCIA

GIBSONIA

BAKERSTOWN

INDIANOLA

CHESWICK

ORRVILLE

BARKING

CHURCHILLVALLEY

NEWKENSINGTON

LOWERBURRELL

BRACKENRIDGE

TARENTUM

CREIGHTON

HARRISONTOWNSHIP

RUSSELLTON

WEXFORD

ECONOMY

CONWAY

ALIQUIPPA

FREEDOM

BURGETTSTOWN

SLOVAN

MIDWAY

CECIL-BISHOP

NATIONAL HILL

BRIDGEVILLEBRIDGEVILLE

CANONSBURG

McGOVERN

HOUSTON

MEADOWLANDS

THOMPSONVILLE

McMURRAY

GASTONVILLE

FINLEYVILLE

FLOREFFE

ELRAMA

ELIZABETH

BUENAVISTA

HICKORY

BULGER

ATLASBURG

CLINTON

CARMOT-MOON

FREEPORT

MADISON

HERMINIE

SUTERSVILLE

WESTNEWTON

HEIDELBERGHEIDELBERG

ROBINSONTOWNSHIP

7 MILES

3 MILES

5 MILES

· · ·

| GOODWILL PORTFOLIO | PITTSBURGH MSA MARkeT OveRvIeW 23

H E I D E L B E R G , P A


POPULATION


2010 Census 86,007 207,390 387,778

2019 Estimate 85,747 206,162 386,754

2024 Projection 85,669 205,662 386,408

POPULATION GROWTH

Historical Growth: 2010 to 2019 -0.30% -0.59% -0.26%

Projected Growth: 2019 to 2024 -0.09% -0.24% -0.09%

HOUSEHOLDS


2010 Census 38,676 92,257 168,934

2019 Estimate 39,329 93,859 172,746

2024 Projection 39,552 94,374 174,045



HOUSEHOLD GROWTH



B U T L E R , P A


POPULATION


2010 Census 19,348 45,134 56,733

2019 Estimate 19,096 44,372 55,817

2024 Projection 19,101 44,338 55,781

POPULATION GROWTH

Historical Growth: 2010 to 2019 -1.30% -1.69% -1.61

Projected Growth: 2019 to 2024 0.03% -0.08% -0.06

HOUSEHOLDS


2010 Census 8,395 19,479 24,077

2019 Estimate 8,521 19,729 24,385

2024 Projection 8,608 19,924 24,623



HOUSEHOLD GROWTH



79

376

BUTLER

FORD CITY

CRANBERRY

FOXBURG

3 MILES

5 MILES

7 MILES

· · ·

GOODWILL PORTFOLIO | PITTSBURGH MSA |MARkeT OveRvIeW24

HFF1700 Market Street

Suite 3232Philadelphia, PA 19103

hfflp.com

HFF301 Grant Street

Suite 1100Pittsburgh, PA 15219

GO

OD

WILL P

OR

TFOLIO

INVESTMENT ADVISORS

MARC MANDELManaging Director

[email protected]

STEVE SCHRENKDirector

[email protected]

FINANCING

TOM RIECKSenior Associate

[email protected]

BUTLER, PA GOODWILL PORTFOLIO€¦ · Holliday Fenoglio Fowler, L.P. (“HFF”) Net Lease Advisory...

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