Phoenix Investors Expands in Pittsburgh
- Apr 02, 2020
An affiliate of Phoenix Investors has acquired a 625,000-square-foot industrial building and 53 acres of land in West Mifflin, Pa., that will be upgraded and marketed to new tenants seeking industrial space in the Pittsburgh market. The price and the seller were not released but the transaction did include approximately 14 acres of unused developable land.
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Senior mortgage financing was provided by AmeriServe Financial. The transaction was brokered by John Jackson and Evan Cicirello of Grant Street Associates Inc., an affiliate of Cushman & Wakefield.
Phoenix Investors, a national commercial real estate firm based in Milwaukee, Wis., specializes in revitalizing former manufacturing properties and large single-tenant industrial facilities that were owned by major corporate clients, REITs or financial institutions throughout the U.S. The property at 1200 Lebanon Road in West Mifflin was originally built for the Continental Can Co. and features a concrete/block foundation. The building has average clear heights of 24 feet, 57 overhead loading doors, varying column spacing and ample restrooms throughout the facility.
The building is currently 70 percent leased, with a diverse rent roll of more than 20 tenants. The vacant space will be marketed to new users for lease. Anthony Crivello, Phoenix executive vice president, said in a prepared statement the firm plans to undertake numerous capital and cosmetic improvements to the property to make it more functional and attractive to users.
Cicirello noted in prepared remarks the property is a sizable asset for the Pittsburgh industrial market and represents a value-add investment opportunity. The property is located in Allegheny County, about 8 miles southwest of Pittsburgh. It is approximately 6 miles to the Interstate-376 interchange, 2 miles to Route 51 and 3 miles from the future Mon Fayette Expressway Dravosburg interchange.
Previous Phoenix deals
Phoenix Investors’ affiliate companies hold interests in approximately 29 million square feet of industrial, retail, office and single-tenant net-leased properties across 23 states. In January, Phoenix acquired an approximately 1.4 million-square-foot distribution center in Memphis, Tenn., from Sears for 7.5 million. The two-story property was built in 1973 and expanded in 1981. In December, the firm purchased an 880,000-square-foot former Amazon fulfillment center on a 105-acre site in Coffeyville, Kan., for an undisclosed price. The industrial property has been largely vacant since Amazon left in 2014.