Route 50 / Washington Pike
Heidelberg, PA 15106 ·
68,651 SF · Retail For Sale
Collier Town Square
|Gross Leasable Area||68,651 SF||No. Stories||1|
|Property Sub-type||Strip Center||Year Built||2004|
|Property Use Type||Investment||Lot Size||6.50 AC|
|Cap Rate||7.93%||Parking Ratio||5 / 1,000 SF|
|Listing ID: 13856303||Date Created: 02/12/2004||Last Updated: 06/16/2006|
Collier Town Square's development was long over due for such an established and under served market with very little competition. The property's location is ideal for the retail resurgence that is well underway. Collier Town Square is situated on Route 50 which will be widened to 5 lanes in the next year.
The neighboring Raceway Plaza was partially razed in order to develop of a new 137,000 SF Wal-Mart which openned in November 2004 and Lowe's Home Improvement Center has been approved to replace Ames. Collier Town Square also benefits from the grocer Shop-n-Save at Raceway Plaza. Shop-n-Save expanded an additional 8,000 square feet.
The property is surrounded by demographics that are perfect for a property of this caliber. In addition, new sewer lines and improved highway accessibility has paved the way for 2,200 new homes which are in the development process for the immediate area over the next 3-5 years. These homes will range from $250,000 to over $5 million.
High Barriers to Entry due to Low Availablity of Flat Land
Immediate Ingress & Egress
Two Signalized Intersections
High Retail Growth Area
Large Trade Area Due to Proximity to I-79 and Centrality of Location with regards to Pittsburgh
Collier Crossing, a super regional upscale lifestyle center is planned and zoned B1A on the interchange of Kirwan Heights, which is the same interchange for Collier Town Square.
On the eastside of Collier Town Square, there are established neighborhoods with residences paying low or no mortgage payments. This equates to households with more disposable income.
Allegheny county unemployment rate is 4.4% which is below the national average.
New interchange approved and budgeted for Settlers Cabin off Highway 60 will further open up the western side of Collier Township for new development.
New Wal-Mart Adjacent to Property
Proposed Lowe's Home Improvement
8,000 SF Expansion Shop-n-Save
High Growth Single Family Residence
Proposed Collier Crossing Development (1.1M SF Lifestyle Center)
McDonald's at Raceway Plaza Expanded
- High Retail Store Sales, New High End Construction
- Yearly Rent Increase in most leases
- 2,200 Approved New Homes in immediate area
- High Barriers to Entry due to Low Availability of Flat Land
- New Wal-Mart adjacent to the property
- Approved Lowes Home Improvement, Shop N Save is Expanded by 8,000 sqft.
Route 50 / Washington Pike, Heidelberg, PA 15106 (Allegheny County)
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