Sun Life Takes 407,000-SF Industrial Asset

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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.