Anthony Crivello, EVP with Phoenix Investors
WEST MIFFLIN, PA—An affiliate of Phoenix Investors of Milwaukee has acquired the approximately 625,000-square-foot former Continental Can industrial facility here in this suburb of Pittsburgh.
The property, originally built for Continental Can Company, is currently 70% leased to more than 20 tenants. No financial terms of the transaction were disclosed. Senior mortgage financing was provided by AmeriServ Financial. The transaction was brokered by John Jackson and Evan Cicirello of Grant Street Associates, Inc., an affiliate of Cushman & Wakefield.
Anthony Crivello, EVP with Phoenix Investors, reports that the vacant space will be marketed to new users for lease. "We will implement numerous capital and cosmetic improvements to the property in short order. The property will be materially more attractive and functional to new users," he adds.
The property features a concrete/block foundation, average clear heights of 24-feet, 57 overhead loading doors, varying column spacing and ample restrooms throughout the premises.
West Mifflin Borough is located in Allegheny County, southwest of the City of Pittsburgh. It is located within eight miles to Downtown Pittsburgh, six miles to the I-376 Interchange, two miles to Route 51 and three miles from the future Mon Fayette Expressway Dravosburg Interchange.
In January, an affiliate of Phoenix Investors acquired an approximately 1.4-million square-foot industrial facility located at 3456 Meyers Road in Memphis. The property was vacant at the time of purchase. Originally built in 1973 with an addition in 1981, the facility is a Class B former distribution center for Sears.
In June 2019, Phoenix Investors increased its overall portfolio to 27 million square feet in 25 states with the purchase of three industrial properties in Galesburg and Decatur, IL totaling 1.8 million square feet.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
