North Atherton Shoppes
North Atherton Shoppes
Cushman & Wakefield is pleased to present North Atherton Shoppes, 1614-1668 N Atherton Street (the “Property”), a 60,156 sf retail plaza located in supply constrained State College, PA, home of Penn State University (Main Campus). The property features national tenants Best Buy, Staples and Sherwin Williams. It is also home to the region’s largest health system, Geisinger, who operates an urgent care clinic.
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Mike is a member of the Pittsburgh Capital Markets team concentrating on industrial, office and retail assets. A creative real estate practitioner with 15 years of experience in brokerage, development, and banking, Mike’s proven expertise includes investment sales and tenant representation; financial structuring and syndication; and real estate development for commercial, residential and vacation/tourism properties. His diverse skillset and broad background in the industry add unique insight to his assignments and creates value for his clients.
Among Mike’s more notable assignments is the 250,000 square foot, 15-year lease transaction on behalf of the Pittsburgh Post-Gazette, a transaction that earned him the SIOR Industrial Lease of the Year award. He is also the recipient of the 2022 SIOR Office Sale of the Year award.
Mike is a Certified Commercial Investment Member (CCIM) as well as a former adjunct real estate instructor at the Community College of Allegheny County (CCAC). He has coached rugby at Fox Chapel High School, Central Catholic High School and remains an active member of the Penn State Rugby Alumni Association.
- Property Type
- Retail
- Deal Type
- Acquisition
- Risk Profile
- Core Plus
North Atherton Shoppes location is considered ‘main and main’ of retail in State College, PA. Sitting on a prime corner lot at a signalized intersection, the site enjoys 36,500 cars + per day in traffic counts, features 284 surface spaces on 5.24 total acres, and is the recipient of numerous calls monthly from national retailers like Harbor Freight, DGx, national grocery store chains and many more, all inquiring about lease rollover. The property was first constructed in 2002 for Best Buy, and added onto in 2007 to house Staples, Sherwin Williams and Geisinger.
The Penn State University location has historically been a supply constrained marketplace due to topographical challenges, limited availability of raw land, control of the marketplace from a select few owners, and lack of national investor awareness of properties that come for sale. In addition, most large, arterial retail plazas were built and held by the developer due to the steady inflow of national, credit tenants looking to penetrate the affluent household demographics as well as the 60,000+ undergraduate and graduate population. As such, a retail plaza of this size, with respected national credit tenants, is a rarity in the capital markets sales world.
This retail plaza is being offered for the first time since construction in 2002, and represents the rare chance to penetrate a Big 10 collegiate marketplace with an asset in the most desirable retail location in the area.