126K SF Lowe's Trades for $14M in Hermitage, PA

Lowe’s, 3000 Glimcher Blvd., Hermitage , PA

HERMITAGE, PA— Marcus & Millichap arranged the sale of a 126,078-square-foot Lowe’s in Hermitage, PA for $14.042 million, or $111 per square foot. “The property was built-to-suit in 1997 and Lowe’s has extended the lease through 2026,” says Craig Fuller , vice president investments in Marcus & Millichap’s Cleveland office. “We utilized the networking power of the company’s unique inventory management system to market this asset throughout the United States and Canada. The result was that we were able to connect the Pennsylvania-based seller with an out-of-state real estate investment trust.” Fuller and Erin Patton and Scott Wiles , vice presidents of investments, represented the seller, a private real estate developer, and identified the buyer, a national real estate investment trust based in New York. The shopping center is located on nearly 14 acres at 3000 Glimcher Blvd. in Hermitage near a Tractor Supply and a Home Depot . Other national retailers in the area include Giant Eagle, Jo-Ann Fabrics, T.J. Maxx, Kmart, Pet Supplies Plus and Big Lots. Shenango Valley Mall, Shenango Valley Cinemas and Goodwill Industries are also nearby.