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Net Lease

Westinghouse R&D Facility | Mission Critical | Absolute NNN

1332 Beulah Rd, Pittsburgh, PA 15235

Listing Price: $18,744,442

Cap Rate
7.00%
Gross SF
56,903
Price/Gross SF
$329.41
Lot Size
12.93 acres
Year Built
1964
Rentable SF
56,903

Investment Overview

Marcus & Millichap is pleased to present for sale this rare trophy single
tenant industrial (R&D) facility located at 1332 Beulah Road in Pittsburgh,
Pennsylvania. The subject property consists of two buildings comprised
of 56,903 square feet of industrial (R&D) space and situated on a large
12.93-acre parcel of land approximately 10 miles East of Downtown
Pittsburgh. The property is fully occupied by Westinghouse, a multibillion-
dollar corporation with a multitude of products, specialties, and
services including but not limited to consumer goods, home goods,
electronics, lighting, power, military equipment, government services,
and nuclear research. Westinghouse is the worlds leading supplier of
nuclear technology and is shaping the future of carbon-free energy
solutions.
This mission critical location is the companys only nuclear testing
and repair facility and is the only privately-owned facility of its kind
in the U.S. Due to the unique nature of the property, build-out, on
site operations, and complex equipment, the facility is critical to the
companys business which is reflected in Westinghouses continued
occupancy since the propertys construction in 1964. With more than
55 years of occupancy, $8M in recent capital expenditures (2012), and
recent lease extension, Westinghouse continues to demonstrate their
long-term commitment to this site.
The lease features attractive 3 percent annual increases through the
Primary Term and in both of the Option Periods. In 2016, Westinghouse
extended their lease until April 30, 2031 and currently have around
10 years of initial term remaining in the Absolute NNN lease which
provides zero landlord responsibility.
The property is adjacent to Westinghouses Technology Center which
consists of primarily office usage and developments and just 9 miles
from their Global Headquarters. It is also located just minutes from
Pittsburghs CBD and is easily accessible via both Lincoln Highway and
Interstate 376. Pittsburgh is the second largest city in Pennsylvania and
the 22nd largest metropolitan area in the U.S. The city has a diverse
economy with particularly robust healthcare, education, and energy
industries.

Investment Highlights

  • Rare Trophy Asset | Unique Investment Opportunity
  • Westinghouse Corporate Guarantee | Estimated $2.1B Annual Revenue
  • Attractive 3% Annual Rent Increases
  • Long Term Committed Tenant | $8M into Capital Expenditures in 2012
  • Prime Location | 10 Miles from Downtown Pittsburgh
  • Just a Few Miles from Tenants Global Headquarters

Broker of Record

  • Sean Beuche

    Regional Manager

    (215) 531-7000

    License(s) PA: RM424190

    Pennsylvania

Net Lease

Westinghouse R&D Facility | Mission Critical | Absolute NNN

Listing Price: $18,744,442

Cap Rate
7.00%
Gross SF
56,903
Price/Gross SF
$329.41
Lot Size
12.93 acres
Year Built
1964
Rentable SF
56,903

Investment Highlights

  • Rare Trophy Asset | Unique Investment Opportunity
  • Westinghouse Corporate Guarantee | Estimated $2.1B Annual Revenue
  • Attractive 3% Annual Rent Increases
  • Long Term Committed Tenant | $8M into Capital Expenditures in 2012
  • Prime Location | 10 Miles from Downtown Pittsburgh
  • Just a Few Miles from Tenants Global Headquarters

Investment Overview

Marcus & Millichap is pleased to present for sale this rare trophy single
tenant industrial (R&D) facility located at 1332 Beulah Road in Pittsburgh,
Pennsylvania. The subject property consists of two buildings comprised
of 56,903 square feet of industrial (R&D) space and situated on a large
12.93-acre parcel of land approximately 10 miles East of Downtown
Pittsburgh. The property is fully occupied by Westinghouse, a multibillion-
dollar corporation with a multitude of products, specialties, and
services including but not limited to consumer goods, home goods,
electronics, lighting, power, military equipment, government services,
and nuclear research. Westinghouse is the worlds leading supplier of
nuclear technology and is shaping the future of carbon-free energy
solutions.
This mission critical location is the companys only nuclear testing
and repair facility and is the only privately-owned facility of its kind
in the U.S. Due to the unique nature of the property, build-out, on
site operations, and complex equipment, the facility is critical to the
companys business which is reflected in Westinghouses continued
occupancy since the propertys construction in 1964. With more than
55 years of occupancy, $8M in recent capital expenditures (2012), and
recent lease extension, Westinghouse continues to demonstrate their
long-term commitment to this site.
The lease features attractive 3 percent annual increases through the
Primary Term and in both of the Option Periods. In 2016, Westinghouse
extended their lease until April 30, 2031 and currently have around
10 years of initial term remaining in the Absolute NNN lease which
provides zero landlord responsibility.
The property is adjacent to Westinghouses Technology Center which
consists of primarily office usage and developments and just 9 miles
from their Global Headquarters. It is also located just minutes from
Pittsburghs CBD and is easily accessible via both Lincoln Highway and
Interstate 376. Pittsburgh is the second largest city in Pennsylvania and
the 22nd largest metropolitan area in the U.S. The city has a diverse
economy with particularly robust healthcare, education, and energy
industries.

Broker of Record

  • Sean Beuche

    Regional Manager

    (215) 531-7000

    License(s): PA: RM424190

    Pennsylvania

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