Postal Realty Trust Completes $47M Industrial Acquisition
The company now owns a suburban Pittsburgh property primarily leased to the United States Postal Service.
51 Pennwood Place
Postal Realty Trust has finalized the purchase of a 431,000-square-foot industrial property in Warrendale, Pa. The company acquired the asset for $47 million, financing the deal through its senior revolving credit facility. The acquisition was announced a month ago. According to public records, Northwestern Mutual Life Insurance Co. sold the building. CommercialEdge data shows that Northwestern acquired the asset in 1997, at the time of its completion, for $2.6 million.
The property is 100 percent occupied by three tenants, with USPS occupying approximately 73 percent of the total square footage. The roster also includes Omnicell and DBC Real Estate Management. The building has a weighted average lease term of 5 years.
Located at 51 Pennwood Place, on approximately 40 acres, the facility is just off Interstate 76. The asset is within 21 miles of Pittsburgh International Airport and within 20 miles of the downtown area.
Postal Realty owns properties primarily leased to the United States Postal Service. In November, Colliers arranged a 118,000-square-foot lease at a 163,000-square-foot warehouse in Las Vegas, on behalf of the USPS.
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