115 N Hermitage Rd
Hermitage, PA 16148
Kay Jewelers · Retail Property For Sale

Stan Johnson Company, on behalf of Ownership as its exclusive advisor, is pleased to offer for sale the opportunity to acquire the 100% fee simple interest in the commercial property located at 115 N Hermitage Rd, Hermitage, PA 16148 (the Property ). The Property is a freestanding building that was constructed in 2014. Kay Jewelers signed a brand new 11-year NNN lease with the option to extend for two (2) additional five (5) year periods. The initial lease term extends through 12/31/2025 with a 10% rental increase on 1/1/2021. Each option period also calls for a 10% rental increase. Kay Jewelers maintains their own common areas and is responsible for HVAC repairs and replacements. The only Landlord responsibility is roof and structure. The roof carries a new 15-year warranty. The lease is guaranteed by Sterling Jewelers Inc. ( Sterling ). Sterling most recently reported annual sales of $3.99 billion & is a wholly owned Subsidiary of Signet Jewelers (NYSE: SIG | S&P: BBB-), the Largest Diamond Jewelry Retailer in the World with annual sales of $6.55 billion. Hermitage is a city in Mercer County, Pennsylvania and is part of the Youngstown-Warren-Boardman, OH-PA MSA. Located in western Pennsylvania midway between Pittsburgh, Erie, Chicago, and New York City at the junction of Interstates 79 and 80, offering unique advantages for business development, Hermitage is a great place to work and invest. Hermitage has a labor force of 7,803 people with a job growth rate of 3.56% since 2014. Hermitage boasts a total of 1,057 businesses with the leading industries being wholesalers, retail, health care and social services, accommodation and food service.