Mexican Investor Enters Pittsburgh Market

The Aztec Fund purchased a premier office building in Canonsburg, Penn., for $20.5 million. The asset is part of the only mixed-use campus in southwestern Pennsylvania.

501 Technology Drive, Canonsburg, Penn.
501 Technology Drive, Canonsburg, Penn.

Mexico-based The Aztec Fund has entered the Pittsburgh market with the acquisition of a 98,314-square-foot, Class A office building in Canonsburg, Penn. According to Yardi Matrix, the seller  Laurus Corp., received $20.5 million for the asset.

The three-story, 2000-built property sits on 8.5 acres at 501 Technology Drive and is part of the 589-acre Southpointe Office and Industrial Park, the only mixed-use campus in southwestern Pennsylvania. The nearby Interstate 79 provides easy access to downtown Pittsburgh, while Pittsburgh International Airport is situated 15 miles south. Multiple restaurants, hotels, a golf course, retailers, fitness centers and communities bound the park.

A roster of prestigious tenants including Primetals Technologies and Siemens occupy the entire building. HFF Senior Managing Director Mark Popovich and Associate Nick Unkovic represented the seller in the transaction. Popovich was also involved in the sale of a trophy office asset in downtown Pittsburgh

According to Yardi Matrix, the property previously traded in 2012, when Laurus acquired it from Maguire & Partners Property Group for $13.7 million.

Image courtesy of Yardi Matrix