The Pittsburgh office of Los Angeles-based CB Richard Ellis is marketing the property, including leasing of the remaining 230,000 sf of flex office/general manufacturing space at the Robertshaw facility.
CC Realty president Rich Erenberg declined to provide construction cost estimates for GlobeSt.com. "Municipal approvals won't be obtained for about 12 months," he says, "and we honestly don't know what our costs will be." He would not disclose the price paid for the land and existing building.
"We will put in all the infrastructure and sell off each phase," he says, adding his company may also attract some build-to-suit clients. "The clear, competitive advantage…on this property is its location," he says.
Initial plans call for the development of approximately 20 acres that front the Pennsylvania Turnpike and approximately 130 acres immediately behind the existing building. Approximately 43 additional acres across the proposed park will be sold for residential construction.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
