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PITTSBURGH-The US division of Sun Life Financial has acquired the 407,000-sf industrial park on 31 acres at 79 N. Industrial Park along with 26 adjacent acres. The sale price is undisclosed, but, on condition of anonymity, a broker familiar with the transaction tells GlobeSt.com the price was $22.5 million.
The property encompasses seven buildings, which were constructed between 1985 and 1990. A Sun Life spokesman tells GlobeSt.com that the park was 91% occupied at the time of the sale. Rents rate vary, but the average, he says, is approximately $6 per sf. There are no immediate plans for the developable 26 acres.
John Mulvihill, managing director of Sun Life's US division, which is based in Wellesley, MA, negotiated for the buyer. The seller is Harrisburg-based Pennsylvania State Employees' Retirement System, which is advised by Grosvenor Investment Management US, a Philadelphia-based real estate advisory. John Lisowski of locally based Grant Street Associates Inc., which is affiliated with Cushman & Wakefield, marketed the property in conjunction with brokers in C&W's Philadelphia office.
The acquisitions are part of Toronto-based Sun Life's $1.2-billion US real estate investment portfolio, which encompasses 115 buildings. It owns two additional properties in the Greater Pittsburgh market. They are a 207,000-sf warehouse building in the Fairywood section of the city and the 59,000-sf Eat'n Park Hospitality Group headquarters at the Waterfront in Homestead.
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