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For Sale: Former Restaurant in Great Location List Price: $1,795,000

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For Sale: Former Restaurant in Great Location List Price: $1,795,000 FOR SALE: FORMER RESTAURANT IN GREAT LOCATION LIST PRICE: $1,795,000 OFFERING MEMORANDUM SALES AGENT: ADDITIONAL CONTACT: 315 S. ALLEN ST., STE. 325A MICHAEL R. BAKER CHRISTIAN T. AUMILLER STATE COLLEGE, PA 16801 717 994 7232 717 348 8016 814.571.3440 [email protected] [email protected] www.pkarealty.com CONFIDENTIALITY & DISCLAIMER CONFIDENTIALITY AND DISCLAIMER STATEMENT Intended solely for your own limited use to determine whether you wish to express any further interest in the Property. This confidential memorandum contains brief, selected information pertaining to the business and affairs of the Property and has been prepared by PKA Realty Advisors & Brokerage, primarily from information supplied by the Owner. Although this confidential memorandum has been reviewed by representatives of the Owner, it does not propose to be all-inclusive, nor does it contain all the information which a prospective purchaser may require or desire. Neither the Owner, nor any of its officers, directors, employees or agents, nor PKA Realty Advisors & Brokerage, makes any representation or warranty, expressed or implied, as to the accuracy or completeness of this confidential memorandum or any of its contents, and no legal liability is assumed or is to be implied by any of the aforementioned with respect thereto. Prospective offers are advised to verify the information independently. The Owner reserves the right to change the price or any information in this Memorandum, or to withdraw the Property from the market at any time, without notice. This confidential memorandum shall not be deemed an indication of the state of affairs of the Property or the Owner, nor shall it constitute an indication that there has been no change in the business or affairs of the Property or the Owner since the date of preparation of this memorandum. By your receipt of this confidential memorandum, you agree that the information contained herein is of a confidential nature and you will not disclose this memorandum or any part of the contents to any other person, firm or entity without prior authorization from PKA Realty Advisors & Brokerage. SALES AGENT: ADDITIONAL CONTACT: 315 S. ALLEN ST., STE. 325A MICHAEL R. BAKER CHRISTIAN T. AUMILLER STATE COLLEGE, PA 16801 717 994 7232 717 348 8016 814.571.3440 [email protected] [email protected] www.pkarealty.com POOLE, KARCH & AUMILLER PAGE 2 TABLE OF CONTENTS > EXECUTIVE SUMMARY ............................................................4 > PROPERTY OVERVIEW PROPERTY DETAILS ...................................................................6 INTERIOR PHOTOS .....................................................................7 LOCATION OVERVIEW .............................................................. 15 STREET VIEWS ......................................................................... 16 > MARKET OVERVIEW AREA OVERVIEW ...................................................................... 18 DEMOGRAPHIC OVERVIEW ..................................................... 20 > ZONING OVERVIEW ZONING MAP ............................................................................ 23 EXECUTIVE SUMMARY PKA Realty Advisors & Brokerage is pleased to present for sale a recently renovated restaurant and separate, additional lot located in College Township, Centre County, Pennsylvania (“the Property”). The Property is located along East College Avenue, within walking distance INVESTMENT HIGHLIGHTS of Beaver Stadium, Medlar Field (home > LIQUOR LICENSE INCLUDED IN SALE! of the State College Spikes), and the > Two (2) separate bars - one (1) in the recently renovated first-floor Bryce Jordan Center. The restaurant with direct access to patio seating and one (1) in the large, expansive basement seating area has multiple levels, with a separate > Over 14,000 SF of multi-level restaurant space, including a separate bar on each of the first and basement dining section for private parties, a large, fully-functioning kitchen with levels. walk-in freezer and walk-in refrigerator . > 60+ dedicated parking spots over two (2) parcels, with additional parking in the shared parking lot of the Hampton Inn > Great location along heavily-traveled East College Avenue CALL FOR MORE INFORMATION POOLE, KARCH & AUMILLER PAGE 4 PROPERTY OVERVIEW 1031 EAST COLLEGE AVENUE STATE COLLEGE, PA PROPERTY DETAILS PROPERTY DETAILS 1031 East College Avenue Legal Address State College, PA 16801 Parcel 1: 19-012-,010E,0000- Tax ID Number Parcel 2: 19-012-,011-,0000- Parcel 1: 0.69 acre (30,056 SF) Acreage Parcel 2: 0.66 acre (28,750 SF) Zoning Gateway Commercial District (GC) Parcel 1: $32,508.19 Annual Taxes (2020) Parcel 2: $943.10 14,460 SF Building Space (7,320 SF - First Floor) (7,320 SF - Lower Level) Parcel 1: 32 on-site parking spaces Parcel 2: 35 on-side parking spaces Parking Spaces Note: Additionally, there is a shared parking agreement with adjacent hotel (Hampton Inn) for use of entire parking lot POOLE, KARCH & AUMILLER PAGE 6 FIRST FLOOR BAR AREA POOLE, KARCH & AUMILLER PAGE 7 FIRST FLOOR DINING ROOM POOLE, KARCH & AUMILLER PAGE 8 KITCHEN AREA POOLE, KARCH & AUMILLER PAGE 9 KITCHEN AREA POOLE, KARCH & AUMILLER PAGE 10 WAITING AREA & PRIVATE DINING AREA POOLE, KARCH & AUMILLER PAGE 11 BASEMENT DINING AREA & BAR AREA POOLE, KARCH & AUMILLER PAGE 12 BASEMENT AND UTILITY AREAS POOLE, KARCH & AUMILLER PAGE 13 BATHROOMS & COMMON AREAS POOLE, KARCH & AUMILLER PAGE 14 LOCATION OVERVIEW The Property is located in College Township along East College Avenue, northeast of Downtown State College and Pennsylvania State University. The asset offers a fully remodeled restaurant with overflow parking on two (2) separate parcels, within walking distance of Beaver Stadium, Penn State University, and Downtown State College. The area is served by Interstate 99, University Park Airport, and 12/1/2020 Google Earth the Centre Area Transportation Authority (“CATA”). The site is between Pittsburgh and Philadelphia markets and their corresponding international airports. 100% Camera: 4,358 ft 40°48'33"N 77°50'33"W 1,075 ft https://earth.google.com/web/search/1031+east+college+avenue+State+College,+PA/@40.80642082,-77.83836104,297.38627555a,1030.96205544d,35y,0h,0t,0r/data=CigiJgokCV4Ji1bAdDxAEat6K-ZZbirAGU5q5BHa9… 1/1 NEARBY CITIES DISTANCE DRIVING TIME Philadelphia 192 miles 3 h 20 min Pittsburgh 139 miles 2 h 27 min Harrisburg 86 miles 1 h 27 min New York City 236 miles 3 h 55 min POOLE, KARCH & AUMILLER PAGE 15 STREET VIEWS POOLE, KARCH & AUMILLER PAGE 16 MARKET OVERVIEW CENTRE COUNTY, PA AREA OVERVIEW ABOUT CENTRE COUNTY, PENNSYLVANIA Centre County is a growing area in the State of Pennsylvania and centers primarily around Penn State University, one of the largest universities in the country; Penn State boasts an overall enrollment of just shy of 100,000 students, with over 45,000 students calling Main Campus in State College their home. Penn State combines the academics of a top-tier research university CENTRE COUNTY LARGEST EMPLOYERS with the athletic programs for mens and womens sports that rival any other university, most famously their Blue COMPANY PRODUCT/SERVICE & White Nittany Lion Football Team that draws over The Pennsylvania State University University 100,000 fans to Beaver Stadium, making State College the third most populated city in the state on home- Mount Nittany Medical Center Medical game Saturdays in the fall. State Government Government State College Area School District School District Glenn O. Hawbaker, Inc. Industrial Wal-Mart Associates, Inc. Retail Services County of Centre Government Mount Nittany Medical Center Health Services Medical Weis Markets, Inc. Food Services Geisinger Clinic Medical Federal Government Government Bellefonte Area School District School District Wegman’s Food Markets, Inc. Food Services AccuWeather, Inc. Commercial Shaner Operating Corporation Hospitality Restek Corporation Manufacturing POOLE, KARCH & AUMILLER PAGE 18 AREA OVERVIEW CENTRE COUNTY ECONOMY The economy of Centre County was originally built around Penn State University. However, State College has grown to be more than simply a “college town,” but instead as developed into one of the densest cities of its population size in the entire U.S. Newly constructed high rises continue to be sandwiched between College Avenue and Beaver Avenue, adding to the population center that drives Centre County. Over the last ten years, the area has seen a construction boom, with several mixed-use towers being developed, including the 12-story Metropolitan building in 2017 and the 12-story mixed-use building The Rise in 2018. Penn State University continues to be the largest employer in the area, providing significant academic and technological research for private firms, government agencies, and the public. Additionally, Centre County has seen employment and population growth of 9% and 13.9%, respectively, with each barometer outpacing the rest of the State of Pennsylvania by roughly 4%. Such robust growth continues to increase the economic outlook for State College and Centre County for years to come. Other industries include government and government related enterprises, health care and social assistance, retail trade, hospitality and food services, professional, scientific and technical services, manufacturing, and construction. DEMOGRAPHIC SNAPSHOT (2018 Estimates) LOCAL AMENITIES 1. Penn State University Campus 9. Tussey Mountain Ski Resort 2. Downtown State College Nightlife 10. Penn State Berkey Creamery 3. Mount Nittany 11. Pennsylvania Military Museum
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