A quick look at recent retail, commercial and industrial projects, sales and leases of note in Western Pennsylvania
Property sold: 2055 Washington Pike, Heidelberg
Seller: BRL Orangeburg Properties LLC, Pittsburgh
Buyer: MMWG Heidelberg LLC, Pittsburgh
Details: A 14,580-square-foot Walgreen's store
Comment: “Given several prevailing market factors, we were presented with the opportunity to execute this transaction in which we were able to sell a high quality asset at a hefty profit, and reposition our capital into another high quality property,” said Daniel N. Farber, principal at H. Lipsitz Companies, Pittsburgh.
Properties sold: 4326 Northern Pike Road for $920,001 and 4328 Northern Pike Rd. $850,001, both in Monroeville
Seller: Monroeville Hospice Center Inc.. Monroeville
Buyer: First Commonwealth Bank, Indiana, Pa.
Details: Contains single-story and two-story medical office buildings with one or two other medical-style offices within them
Comment: “We are in the process of marketing the properties for sale, with the goal of identifying an appropriate investor or developer,” said Rich Stimel, First Commonwealth's vice president of corporate communications.
Property leased: 3800 block of South Water Street, South Side
Owner: Rivertech Office Works, Pittsburgh
Tenant: University of Pittsburgh Department of Sports Medicine and Nutrition
Details: Ten-year lease of 11,667 square feet of office and lab space, beginning Jan. 1, 2015. The department leases 7,790 square feet in two buildings there.
Comment: “The increased space reflects the continued growth in research funding that the department has experienced. The department currently receives $44.2 million in research funding and additional growth is expected,” according to a news release from the University of Pittsburgh.