Former Bon Ton - Pittsburgh MSA - AUCTION DATES: JULY 19-21, 2021 | STARTING BID: $150,000
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Former Bon Ton - Pittsburgh MSA 550 Galleria Drive, Johnstown, PA 15904 AUCTION DATES: JULY 19-21, 2021 | STARTING BID: $150,000
CONFIDENTIALITY AGREEMENT AFFILIATED BUSINESS DISCLOUSURE
This brochure is intended solely for your limited use and benefit in determining whether you CBRE, Inc. operates within a global family of companies with many subsidiaries and/
desire to express further interest in the acquisition of the Property. This Brochure contains or related entities (each an “Affiliate”) engaging in a broad range of commercial
selected information pertaining to the Property and does not purport to be a representation real estate businesses including, but not limited to, brokerage services, property and
of the state of affairs of the Property or the owner of the Property (the “Owner”), to be facilities management, valuation, investment fund management and development.
all-inclusive or to contain all or part of the information which prospective investors may At times different Affiliates may represent various clients with competing interests in
require to evaluate a purchase of real property. All financial projections and information the same transaction. For example, this Brochure may be received by our Affiliates,
are provided for general reference purposes only and are based on assumptions relating including CBRE Investors, Inc. or Trammell Crow Company. Those, or other, Affiliates
to the general economy, market conditions, competition and other factors beyond the may express an interest in the property described in this Brochure (the “Property”) may
control of the Owner and CBRE, Inc. Therefore, all projections, assumptions and other submit an offer to purchase the Property and may be the successful bidder for the
information provided and made herein are subject to material variation. All references Property. You hereby acknowledge that possibility and agree that neither CBRE, Inc.
to acreages, square footages, and other measurements are approximations. Additional nor any involved Affiliate will have any obligation to disclose to you the involvement
information and an opportunity to inspect the Property will be made available to interested of any Affiliate in the sale or purchase of the Property. In all instances, however, CBRE,
and qualified prospective purchasers. In this Brochure, certain documents, including leases Inc. will act in the best interest of the client(s) it represents in the transaction described
and other materials, are described in summary form. These summaries do not purport in this Brochure and will not act in concert with or otherwise conduct its business in
to be complete nor necessarily accurate descriptions of the full agreements referenced. a way that benefits any Affiliate to the detriment of any other offeror or prospective
Interested parties are expected to review all such summaries and other documents of offeror, but rather will conduct its business in a manner consistent with the law and
whatever nature independently and not rely on the contents of this Brochure in any manner.
Neither the Owner or CBRE, Inc, nor any of their respective directors, officers, Affiliates DISCLAIMER
or representatives make any representation or warranty, expressed or implied, as to the
accuracy or completeness of this brochure or any of its contents, and no legal commitment © 2019 CBRE, Inc. The information contained in this document has been obtained
or obligation shall arise by reason of your receipt of this Brochure or use of its contents; and from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE,
you are to rely solely on your investigations and inspections of the Property in evaluating a Inc. has not verified it and makes no guarantee, warranty or representation about
possible purchase of the real property. it. It is your responsibility to independently confirm its accuracy and completeness.
Any projections, opinions, assumptions or estimates used are for example only and
The Owner expressly reserved the right, at its sole discretion, to reject any or all expressions do not represent the current or future performance of the property. The value of
of interest or offers to purchase the Property, and/or to terminate discussions with any entity this transaction to you depends on tax and other factors which should be evaluated
at any time with or without notice which may arise as a result of review of this Brochure. The by your tax, financial and legal advisors. You and your advisors should conduct a
Owner shall have no legal commitment or obligation to any entity reviewing this Brochure careful, independent investigation of the property to determine to your satisfaction the
or making an offer to purchase the Property unless and until written agreement(s) for the suitability of the property for your needs.
purchase of the Property have been fully executed, delivered and approved by the Owner
and any conditions to the Owner’s obligations therein have been satisfied or waived. By
receipt of this Brochure, you agree that this Brochure and its contents are of a confidential
nature, that you will hold and treat it in the strictest confidence and that you will not disclose
this Brochure or any of its contents to any other entity without the prior written authorization
of the Owner or CBRE, Inc. You also agree that you will not use this Brochure or any of
its contents in any manner detrimental to the interest of the Owner or CBRE, Inc. If after
reviewing this Brochure, you have no further interest in purchasing the Property, kindly return
this Brochure to CBRE, Inc.
FORMER BON TON - PITTSBURGH MSA
550 GALLERIA DRIVE | JOHNSTOWN, PA 15904
TABLE OF
CONTENTS
01 PROPERTY HIGHLIGHTS
02 EXECUTIVE SUMMARY
03 INVESTMENT HIGHLIGHTS
04 MARKET OVERVIEW
05 TERMS
AUCTION ADVISORS
PHIL KATES ADAM SKLAVER
FIRST VICE PRESIDENT FIRST VICE PRESIDENT
P: 954-745-7468 P: 954-745-7467
C: 305-206-1286 C: 301-706-4619
E: philip.kates@cbre.com E: adam.sklaver@cbre.com
BROKER OF RECORD
MATTHEW GORMAN
PA LICENSE: RS287470
01| PROPERTY HIGHLIGHTS
550 GALLERIA DRIVE | JOHNSTOWN, PA 15904
O N LIN E AU C TION: J ULY 19-21, 2021 | $150,000 STAR TI N G BI D
±80,884 SF redevelopment
opportunity at Johnstown
Galleria Mall, a ±900K SF
regional shopping center
PROPERTY TYPE: Retail 50-004-160.002 ±26 MI FROM I-76
OCCUPANCY: 0% 6.63 Acres ±90-MIN FROM PITTSBURGH
80,884 SF
2-STORIES
Zoned C-2, General
Commercial allows for
adaptive reuses including
office, restaurant, medical,
among others
Excellent accessibility with
high traffic of ±25K VPD
along US-219 & ±6,089 VPD
on Galleria Drive
FORMER BON TON - PITTSBURGH MSA
550 GALLERIA DRIVE | JOHNSTOWN, PA 15904
02| EXECUTIVE SUMMARY
EXECUTIVE SUMMARY FORMER BON TON - PITTSBURGH MSA 550 GALLERIA DRIVE, JOHNSTOWN, PA 15904 CBRE and RealINSIGHT Marketplace are pleased to offer for sale the Former Bon Ton – Pittsburgh MSA (the “Property”) located at 550 Galleria Drive at the Johnstown Galleria Mall in Johnstown, Pennsylvania. The Property offers inves- tors an opportunity to acquire a well-situated retail asset adjacent to numerous national tenants. Built in 1992, the Property consists of a two-story building totaling ±80,884 SF and sits on ±6.63 acres with an expansive parking lot containing ±609 spac- es. The property is strategically located just off US-219 with high traffic counts of ±25,000 vehicles per day. The Property is zoned C-2, General Commercial which is intended to accommodate the shopping needs for the wider communi- ty. Permitted uses include office, restaurant, medical, and many others. The Property adjoins The Johnstown Galleria, a ±900,000 SF regional shopping center located in the market’s primary commercial corridor servicing multiple counties. The mall is occupied by numerous national retailers including Trac- tor Supply Company, Staples, Primanti Bros., JC Penney, Lowe’s, Home Depot, Dunham’s Sports, Aldi, Ashley Homestore, and many more.
FORMER BON TON - PITTSBURGH MSA
550 GALLERIA DRIVE | JOHNSTOWN, PA 15904
Galleria Mall is a +800K SF
two-level shopping mall anchored by
Boscov’s and JCPenney.
Neighboring national tenants
include Home Depot, Lowe’s,
Planet Fitness, Tractor Supply, Aldi,
and numerous restaurants
03| INVESTMENT HIGHLIGHTS
INVESTMENT HIGHLIGHTS Strategic positioning near area demand drivers and located within three miles of University of Pittsburgh at Johnstown and regional airport Dense market with 2021 population of 47,529 and average household income of $58,214 within 5-miles
AERIAL VIEW 550 GALLERIA DRIVE | JOHNSTOWN, PA 15904
FORMER BON TON - PITTSBURGH MSA
550 GALLERIA DRIVE | JOHNSTOWN, PA 15904
04| MARKET OVERVIEWJOHNSTOWN, PA Johnstown is a city in Cambria County, Pennsylvania and approximately 56 miles east of Pittsburgh. The Property is strategically positioned within the market’s primary commercial corridor and less than three miles from University of Pittsburgh at Johnstown and John Murtha Johnstown-Cambria County Airport. Within a five-mile radius, the Property has a 2021 population of ±47,529 and average household income of $58,214. JOHNSTOWN INCLINED PLANE Listed on the National Register of Historic Places, the Johnstown Inclined Plane is billed as the “world’s steepest vehicular inclined plane”, and can carry automobiles and passengers, up or down a slope with a 70% grade. The travel time between stations is 90 seconds. Currently under renovation, the incline has become one of the main tourist attractions in Johnstown and takes 90 seconds to travel between stations – the same trip takes 10 minutes by car. HIGHER EDUCATION The University of Pittsburgh at Johnstown was found- ed in 1927 and is the first and largest regional campus of the University of Pittsburgh. The current student enrollment is approximately 3,000 and 70 undergraduate majors are offered. The campus is located on 655 picturesque acres, 70 miles from Pittsburgh and a few hours from Philadelphia, Wash- ington, Baltimore, and Cleveland.
STREET MAP & 5-MILE DEMOGRAPHICS
550 GALLERIA DRIVE | JOHNSTOWN, PA 15904
KEY FACTS INCOME
$42,548 MEDIAN HOUSEHOLD
38,917 P O P U L A T I O N INCOME
1.07% ANNUAL INCOME GROWTH
2.2 AV G . H O U S E H O L D S I Z E
$58,214 AV G HOUSEHOLD INCOME
46.5 M E D I A N AV G . A G E
EDUCATION
-0.74% 2010-20 ANNUAL
G R O W T H R AT E
8.9% NO HIGH SCHOOL DIPLOMA
BUSINESS 41% H I G H S C H O O L G R A D U AT E
2,153 T O TA L B U S I N E S S E S 24.6% S O M E COLLEGE
25.5% A S S O C I AT E / B A C H E L O R /
38,917 T O TA L E M P L O Y E E S
G R A D U AT E D E G R E E
ANNUAL HOUSEHOLD EMPLOYMENT
$1,327 A P PA R E L & S E RV I C E S
59.2% WHITE COLLAR
$3,510 G R O C E R I E S
24.3% BLUE COLLAR
$2,343 E AT I N G OUT
16.5% S E R V I C E S
$3,987 H E A LT H CAREFORMER BON TON - PITTSBURGH MSA
550 GALLERIA DRIVE | JOHNSTOWN, PA 15904
05| TERMSB U Y E R Q U A L I F I C AT I O N DUE DILIGENCE
Prospective bidders will be required to register with RealINSIGHT Due diligence materials are available to qualified prospective
Marketplace to bid. Each bidder will be required to provide current bidders via an electronic data room hosted by RealINSIGHT
contact information, submit proof of funds up to the full amount Marketplace. Prospective bidders will be required to electronically
they plan to bid, and agree to the Auction Terms and Conditions. execute a confidentiality agreement prior to being allowed access
In order to participate in an auction, the Seller requires bidders to the materials. All due diligence must be conducted prior to
to provide proof of their liquidity in an amount of at least their signing the purchase and sale agreement. You may contact the
anticipated maximum bid for those assets they wish to bid on. Such sales advisors with any due diligence questions.
liquidity must be in the form of cash, or cash equivalents, and must
be available immediately without restriction.
Generally, recent bank statements, brokerage account statements, RESERVE AUCTION
or bank letters are acceptable. A line of credit statement may be
acceptable only if it is already closed and in place, has undrawn This will be a reserve auction and the Property will have a reserve
capacity, and may be funded immediately without bank approval. price (“Reserve Price”). The starting bid is not the Reserve Price. The
Loan pre-approval letters, term sheets, and the like, where seller can accept or reject any bid. All bidders agree to execute the
the loan would be collateralized by the property up for auction non-negotiable purchase and sale agreement, which will be posted
and funded at escrow closing, are NOT acceptable. Capital to the electronic data room prior to bidding commencement,
call agreements, investor equity commitments, and the like, are should they be awarded the deal. For further information about
evaluated on a case-by-case basis. The acceptance of any proof how to bid, please visit the Bidding page (https://marketplace.
of funds documents are made at the sole and absolute discretion realinsight.com/faq-bidding).
of RealINSIGHT Marketplace. For further information, please visit
the Bidder Registration FAQ (https://marketplace.realinsight.com/
faq-bid-registration).
CLOSING
Following the auction, the winning bidder will be contacted by
THE OFFERING PROCESS phone and email to go over specifics of the sale, including the
execution of the purchase agreement and all documentation
An online auction event will be conducted on RealINSIGHT involved in the purchase. The winning bidder must be available by
Marketplace in accordance with the Sale Event Terms and telephone within two hours of the sale. More information can be
Conditions (https://marketplace.realinsight.com/legal-sale- found on the RealINSIGHT Marketplace website.
terms).
AUCTION ADVISERS BROKER OF RECORD
PHIL KATES ADAM SKLAVER MATTHEW GORMAN
FIRST VICE PRESIDENT FIRST VICE PRESIDENT PA LICENSE: RS287470 ONLINE
P: 954-745-7468
C: 305-206-1286
P: 954-745-7467
C: 301-706-4619
AU C T I O N
E: philip.kates@cbre.com E: adam.sklaver@cbre.com July 19-21, 2021You can also read
