Single Tenant Tesla

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.