385 and 395 East Waterfront Drive, Homestead, PA
HOMESTEAD AND DUBOIS, PA—Fremont Group, a West-Hartford, CT-based private investment group, has acquired a portfolio of three class A office buildings in western Pennsylvania that are net leased to GAI Consultants, a planning, engineering & environmental consulting firm serving clients in the energy, transportation, development, government & industrial markets.
The 113,300 square-foot, three-building portfolio is located at 385 & 395 East Waterfront Drive in Homestead and 203 West Weber Avenue in DuBois. The two Homestead buildings account for $18 million of the purchase price, and the DuBois property accounts for $5.7 million, according to Real Capital Analytics, a proprietary research database that tracks commercial real estate sales data.
The lease is structured as an absolute triple net lease with less than 15 years remaining. Phil DiGennaro, Ryan Smeele, Jordan Shtulman, and Jonathan Wolfe of Chicago-based STREAM Capital Partners represented the seller on the transaction.
“The GAI Office Portfolio sale was driven by a long-term absolute triple-net lease,” says DiGennaro. “The private buyer was in a large 1031 exchange and was drawn to the company's headquarters location outside of Pittsburgh.”
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
