Tesla's New Property Up For Sale In Bucks County

WARMINSTER, PA —Less than three months after opening its first store in Bucks County, Tesla's York Road property is up for sale.

The old Pathmark property at 700 York Road has been put on the market, according to the real estate broker LoopNet. Tesla opened its showroom and service center in early February.

The 56,651-square-foot property, built over the past year, is being listed for $18.9 million.

Investment highlights include a brand-new, 12-year lease, options to extend, new construction, annual 2 percent rental increases, and an established and well-known tenant.

Other highlights include strong national/credit tenants, a heavily-traveled corridor, a fee simple ownership, limited landlord responsibilities, strong demographics in 5-mile trade area, and affluent incomes.

The business is the largest Tesla in Pennsylvania. Tesla has stores in King of Prussia, Devon, and Lawrence, N.J.

The cost to build the Tesla store was between $6-8 million.

An executive summary was provided stating that Tesla is strategically located near the signalized, hard corner intersection of York Road and State Highway 132, which serves more than 64,000 vehicles per day.

State Highway 132 (Street Road) is the primary retail thoroughfare serving Warminster, featuring nearby national/credit tenants including Costco, Walmart Supercenter, Target, Lowe’s, BJ’s Wholesale, and Aldi.

The new owner will benefit from its position adjacent to Warminster Towne Center, a 320,000 SF power center with major retailers including Kohl’s, Ross, Petsmart, and Harbor Freight Tools.

Strong tenant synergy increases consumer draw to the immediate subject trade area and promotes crossover tenant exposure to the site.

Warminster is an affluent suburb of Philadelphia, with a dense, direct residential consumer base from which to draw.

The location represents an ideal setting for Tesla Motors.

The 5-mile subject trade area is supported by more than 166,000 residents and 98,000 employees with an average household income of $141,725.

The 56,000-square-foot building sits on nine acres across the street from Archbishop Wood High School and near Street Road. It had been considered by Lidl for another grocery store.

Tesla's operating hours would be 9 a.m. to 8 p.m. Monday through Friday, 9 a.m. to 5 p.m. on Saturday, and closed Sunday.

Tesla, the car company led by CEO Elon Musk, models itself on clean energy and designs and manufactures electric vehicles, battery energy storage from home to grid-scale, solar panels, and solar roof tiles.

Tesla has a service area with space for two rows of parking, an alignment center, a storage area for tires, windshield wipers, fluids, and other auto supplies.

The front features a waiting area and showroom featuring two Tesla vehicles people can examine, a car wash area, and two loading areas for deliveries.

Service and repairs happen in the building by appointment only. The repair area has 18 lifts. Vehicles are purchased online with appointments made for pickup.