For Sale
$8,420,000

105 Brandt DrCranberry Township, PA 16066

Class A, NNN-leased surgery center. High-growth market.

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional investment opportunity presents a Class A, 20,650 square foot medical office building situated on 1.8 acres in Cranberry Township, Pennsylvania. The property is 100% occupied under an absolute triple-net (NNN) lease with EyeSouth Partners, a leading national eyecare provider, with a corporate guarantee. The 12-year lease, commencing March 1, 2021, and expiring February 28, 2033, has 8.3 years remaining, offering significant long-term stability. Rent escalates 2.0% annually, and the lease includes two five-year renewal options. The building, constructed in 2003, features two stories and provides 3.9 parking spaces per 1,000 square feet. The property boasts a strong net operating income (NOI) of $547,301, resulting in a 6.50% cap rate and a price per square foot of $407.75. Located in a thriving healthcare corridor, this single-tenant asset offers a secure and attractive investment with substantial upside potential due to the tenant's strong performance and the area's robust demographics. The property's strategic location within the Pittsburgh MSA, coupled with its proximity to major healthcare facilities, ensures continued high occupancy and strong rental income. The asking price is $8,420,000.

Highlights

  • Class A, 20,650 SF medical office building in Cranberry Township, PA, 100% occupied by EyeSouth Partners under a corporate-guaranteed NNN lease.
  • EyeSouth Partners, a leading national eyecare provider with 300+ physicians and 170+ locations, backed by premier private equity. Significant revenue growth (49% since 2018).
  • Building houses one of only three EyeSouth Surgery Centers in Pennsylvania, performing over 2,015 procedures annually; 20+ years of successful occupancy.
  • Strong healthcare market with 5% vacancy and $325M in medical spending in 2022; 22% population growth since 2010, with 21% of the population within a 1-mile radius being 65+.
  • 8.4 years remaining on a 12-year lease with 2.0% annual rent escalations and two 5-year renewal options; $8,420,000 asking price, $407.75/SF, 6.50% cap rate, $547,301 NOI.

Property Details for 105 Brandt Dr

Property type
Office properties, Medical offices
Square Feet
20,650 SF
Class
A
Year Built
2003
Buildings
1
Stories
2
Lot Size (sq. ft)
78,408 SF

Location Insight

City
Cranberry Township
County
Butler
State
Pennsylvania
Latitude
40.692556054858
Longitude
-80.105841051789
105 Brandt Dr, Cranberry Township, Pennsylvania

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105 Brandt Dr
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