Pittsfield, MA - O'Reilly Auto Parts Anchored Center

Description:

• The property is 100% occupied by O’Reilly Auto Parts (NASDAQ: ORLY) (S&P BBB), Berkshire Medicine, and Bottomless Bricks
• O’Reilly Auto Parts commenced their lease in January 2024 and currently has apx. 14 years remaining on their initial 15 year lease term
• O’Reilly has 4 (5-year) options to extend, demonstrating their commitment to the site
• The lease features 8% increases every 5 years and at the beginning of each option period
• The tenant Berkshire Medicine has been a tenant at the center since 2016 and currently has apx. 2 years remaining
• The lease features 3% annual increases
• Bottomless Bricks currently has 1 year remaining on their initial lease with 1 (1-year) option and 1 (5-year) option to extend, demonstrating their commitment to the site
• The lease features 3.5% increase in the first option, and 2% annual increases in the second option, growing NOI and hedging against inflation

• The subject property is located in a dense retail corridor, with numerous nearby national/credit tenants including Walgreens, Burger King, Family Dollar, Dunkin’, Subway, and many more
• Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site
• The asset is in close proximity to Berkshire Medical Center (302 beds), Pittsfield High School (724 students), and Morningside Community School
(376 students), further increasing consumer traffic to the immediate trade area