1186 Walnut Bottom RdCarlisle, PA 17015

For Sale
$3,695,000

NNN Leased Shopping Center, Strong Tenants

Overview

Added:
Dec 11, 2024
Days on market:
94
This exceptional investment opportunity presents a 24,584 square foot, single-story shopping center in Carlisle, Pennsylvania. The property, built in 1997 and renovated in 2015, boasts a prime location on Walnut Bottom Road, directly adjacent to the UPMC Carlisle Hospital Campus and a new mixed-use Town Center development. Currently 86% occupied, the center features Planet Fitness, occupying approximately 18,000 square feet, and UPMC Central Pennsylvania Surgical Associates, leasing 3,500 square feet. Planet Fitness recently signed a five-year lease extension with built-in rent increases, extending their tenancy to 2033. UPMC also signed a new four-year lease commencing in Q2 2023, including annual rent increases and a right of first option to expand into an adjacent 2,252 square foot vacant space. The property benefits from its strategic location along the Interstate I-81 corridor, a major East Coast logistics artery. The asking price is $3,695,000, translating to $150.30 per square foot. This NNN leased property offers a compelling value-add opportunity with potential for increased rental income through leasing the remaining vacant space and future rent escalations. The property is situated within the Township's Walnut Bottom Corridor Master Plan, a catalyst site focused on sustainable growth and mixed-use development. This plan includes a new WellSpan anchored medical campus and a new housing community. The strong tenant mix, prime location, and significant upside potential make this a highly attractive investment.

Highlights

  • NNN-leased retail center anchored by Planet Fitness and UPMC Surgical Associates.
  • Prime Walnut Bottom Road location, adjacent to UPMC Carlisle Hospital and a new mixed-use Town Center.
  • Value-add opportunity with existing rent increases and leasable vacancies, including potential UPMC expansion.
  • Excellent I-81 visibility, a major East Coast logistics corridor.
  • Planet Fitness recently signed a 5-year lease extension with 10% annual rent increases.
  • UPMC signed a new 4-year lease with $0.50/SF annual rent increases.

Property Details for 1186 Walnut Bottom Rd

Property type
Lifestyle centers, Power centers
Square Feet
24,584 SF
Year Built/Renovated
1997/2015
Buildings
1
Stories
1

Location Insight

City
Carlisle
County
Cumberland
State
Pennsylvania
Latitude
40.178030030857
Longitude
-77.219238382114
1186 Walnut Bottom Rd, Carlisle, Pennsylvania

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1186 Walnut Bottom Rd
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