Tesla 14010 Perry Hwy

Forged Real Estate is pleased to exclusively offer the opportunity to acquire the fee simple interest in a single tenant property leased to Tesla, (the “Property”) in Wexford, PA, a community in Allegheny County, Pennsylvania. Tesla, Inc. is an investment credit rated tenant (S&P: BBB) with 1,306 locations at the close of Q3 2024, a 16% YoY increase. The company ranks #40 on the 2024 Fortune 500 list, moving up ten spots in one year. Q3-2024 revenue was $25.18 billion, a 7.8% YoY increase from their Q3-2023 revenue of $23.35 billion. The property is located along Perry Highway, a main thoroughfare boasting over 34,900 VPD, and benefits from ample visibility via local traffic. Tesla recently exercised their first option after commencing their corporately guaranteed lease in 2017. Tesla’s lease calls for ten percent (10%) rental increases in each of the remaining two option periods. Located just thirteen miles (13 mi.) north of Pittsburgh, Wexford is considered part of the Pittsburgh, PA MSA that is home to over 2.3 million residents and is the second (2nd) largest metro area in Pennsylvania. As a suburb of Pittsburgh, the five (5) mile area surrounding the property has seen excellent growth of 19% and 21% in the population and number of households since 2010, respectively. The same area boasts an average household income is $182,000. Within three (3) miles of the property there are over 100 companies located within a 925-acre business park, over half a million square feet of office space and three primary education institutions combining for over 2,000 students.
INVESTMENT GRADE CREDIT, RAPID GROWTH – Tesla, Inc. is an investment credit rated tenant (S&P: BBB) with 1,306 locations at the close of Q3 2024, a 16% YoY increase. Additionally, the number of Supercharger stations have increased to 6,706, a YoY increase of 20% from Q3 2023. The company ranks #40 on the 2024 Fortune 500 list, moving up ten spots in one year. Q3-2024 Revenue was $25.18 billion, a 7.8% YoY increase from their Q3-2023 revenue of $23.35 billion.
MULTIPLE DRIVING FACTORS – In the approximate 1-mile radius surrounding the property there are three primary education institutions combining for over 2,000 students. Additionally, within a 3-mile radius of the property there are multiple office parks which contribute to the growing area. The Keystone Summit Corporate Park consists of five (5) buildings totaling over 573,000 SF with an additional 150,000 SF proposed office building. Thorn Hill Industrial Park is a 925-acre business park that is home to over 100 companies and helped bring pharma and tech companies to the area.
AFFLUENT SURROUNDING AREA WITH GROWING POPULATION – The five (5) mile area surrounding the property has seen excellent growth in the population and number of households of 19% and 21% since 2010, respectively. The same area boasts an average household income is $184,000.
SUBSTANTIAL VISIBILITY FROM MAIN THOROUGHFARE – Tesla is located along Perry Highway, a main thoroughfare in the area boasting over 34,900 VPD, and benefits from ample visibility via local traffic.
NEARBY NEW CONSTRUCTION – Less than one (1) mile down Perry Highway is the Allegheny Health Network’s Wexford Hospital, a 160-bed facility that opened in June of 2021 and cost more than $25 million to construct.
METRO AREA LOCATION – Wexford is located within Allegheny County, just thirteen miles (13 mi.) north of Pittsburgh. Wexford is part of the Pittsburgh, PA MSA which is home to over 2.3 million residents and is the second (2nd) largest metro area in Pennsylvania.