Pittsburgh Industrial Portfolio Trades for $38M
CBRE represented the seller, Bentall Kennedy, in the sale of the seven-building industrial portfolio. The properties include approximately 408,000 square feet of space located near the city's downtown.
ASB Real Estate Investments, on behalf of its Allegiance Real Estate Fund, has acquired the 79 North Industrial, a portfolio totaling 408,000 square feet of industrial space located in Sewickley, Pa. The company, in partnership with an affiliate of Endurance Real Estate Group LLC, paid $38 million or $93.14 per square foot. CBRE worked on behalf of the seller, Bentall Kennedy, a subsidiary of Sun Life Investment Management, which acquired the portfolio in 2007 for $22.6 million, according to Yardi Matrix. Three parcels ready for future development were included in the deal.
Located along the Interstate 79, approximately 14 miles from downtown Pittsburgh, the properties feature seven buildings ranging from 10,000 to 80,000 square feet. The portfolio is 99 percent leased to tenants including Amazon, Verizon, Chrysler and Safelite Glass.
“This infill market’s high barriers to entry and tight supply dynamics, combined with the property’s connectivity to downtown and the broader region, make it highly desirable for regional tenants” Brodie Ruland, managing director of ASB, said in a prepared statement. “We see ongoing opportunities to take advantage of expanding e-commerce-related distribution requirements in the Pittsburgh market.”
