79 North Industrial Portfolio, Sewickley, PA
SEWICKLEY, PA—ASB Real Estate Investments and an affiliate of Endurance Real Estate Group acquired a 408,000-square-foot industrial complex ten miles northwest of downtown Pittsburgh in Sewickley, PA for $38 million. ASB made the acquisition on behalf of its Allegiance Real Estate Fund, a $7.5 billion core vehicle. The seller was Bentall Kennedy, a subsidiary of Sun Life Investment Management. CBRE represented the seller in the transaction.
The seven-building complex, the 79 North Industrial Portfolio, is 99% leased to 21 tenants including Amazon, Verizon, Chrysler, and Safelite Glass. The acquisition also includes three land parcels, suitable for future development. Buildings range in size from 10,000 to 80,000 square feet and are well-suited to major tenants serving the Pittsburgh metropolitan area. The location along Pittsburgh's primary north-south highway is just 20 minutes from downtown.
“This infill market's high barriers to entry and tight supply dynamics combined with the property's connectivity to downtown and the broader region make it highly desirable for regional tenants,” says Brodie Ruland, ASB managing director for the Northeast Region. “We see ongoing opportunities to take advantage of expanding e-commerce related distribution requirements in the Pittsburgh market.”
“Endurance is excited to have completed our third transaction with ASB and our first in the Pittsburgh market,” says Jared Newman, vice president of acquisitions at Endurance. “This transaction highlights our investment strategy of buying well located light industrial assets with the ability to unlock latent value via our development expertise.”
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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].
