Pittsburgh, PA - (March 23, 2010) -
NAI Pittsburgh Commercial has been engaged to lease Northpointe Technology Center II, a 30,000 square foot new construction flex project with a target delivery date of Fall 2010. Northpointe is located along Route 28 at Exit 18. The space will be ideal for office start-ups or larger office users, and for those in need of light manufacturing space.
NAI Pittsburgh Commercial will also be responsible for the leasing efforts at Northpointe Technology Center I, an existing 30,000 SF Flex/Light Manufacturing building.
John Bilyak, Principal & Director of Industrial Brokerage and Jessica L. Jarosz, Associate, of NAI Pittsburgh Commercial, are representing the Armstrong County Industrial Development Authority in this exciting new project. Feel free to contact John or Jessica at 412.321.4200 for more information or to schedule a tour.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region CLICK HERE.
Tuesday, March 23, 2010
Friday, March 19, 2010
Pittsburgh region tops nation in new office tenants
By Sam Spatter, FOR THE PITTSBURGH TRIBUNE-REVIEW
Wednesday, March 17, 2010
Pittsburgh led the nation during 2009 in the amount of office space leased or occupied by new tenants, the chief economist for Grubb & Ellis, a national commercial real estate company, said Tuesday.
"The region did remarkably well versus other markets," said Bob Bach, during the firm's 2010 Commercial Real Estate Forecast Update at the Duquesne Club, Downtown.
The region filled 693,276 square feet of office space -- equal to about 40 football fields -- which helped reduce the office vacancy rate to about 15 percent -- from about 16 percent -- while other cities, such as Philadelphia, had 2 million square feet vacated last year, increasing office vacancy to 16.8 percent, Bach said.
The overall increase in occupancy was fueled by Westinghouse Electric Co.'s move to about 500,000 square feet of space at its new world headquarters in Cranberry, and Dick's Sporting Goods occupancy of its new 670,000-square-foot headquarters in Findlay, at Pittsburgh International Airport.
Other gains included K&L Gates law firm occupying 251,000 square feet of space in K&L Gates Center, formerly One Oliver Plaza Building, Downtown, and the state's leasing of space in three Downtown buildings, now that the State Office Building, Downtown, has been sold to Millcraft Industries Inc. Because the state owned the building, the office space was not included in previous office inventories.
Offsetting losses included about 387,000 square feet of space at Westinghouse's former Monroeville campus and 289,000 square feet of space K&L Gates is vacating at the Henry W. Oliver building, Downtown. But BNY Mellon Corp. already has leased 100,000 square feet of space at the Monroeville site.
Bach said class A rental rates Downtown are predicted to increase to $22.75 this year from $21.75 per square foot last year, while suburban office rates could increase to about $20.85 from about $20.40 per square foot of space.
"Dwindling class A space will force tenants to consider second generation space, and the limited availability of larger blocks of space will provide upward pressure on class A rates," he said.
Wednesday, March 17, 2010
Pittsburgh led the nation during 2009 in the amount of office space leased or occupied by new tenants, the chief economist for Grubb & Ellis, a national commercial real estate company, said Tuesday.
"The region did remarkably well versus other markets," said Bob Bach, during the firm's 2010 Commercial Real Estate Forecast Update at the Duquesne Club, Downtown.
The region filled 693,276 square feet of office space -- equal to about 40 football fields -- which helped reduce the office vacancy rate to about 15 percent -- from about 16 percent -- while other cities, such as Philadelphia, had 2 million square feet vacated last year, increasing office vacancy to 16.8 percent, Bach said.
The overall increase in occupancy was fueled by Westinghouse Electric Co.'s move to about 500,000 square feet of space at its new world headquarters in Cranberry, and Dick's Sporting Goods occupancy of its new 670,000-square-foot headquarters in Findlay, at Pittsburgh International Airport.
Other gains included K&L Gates law firm occupying 251,000 square feet of space in K&L Gates Center, formerly One Oliver Plaza Building, Downtown, and the state's leasing of space in three Downtown buildings, now that the State Office Building, Downtown, has been sold to Millcraft Industries Inc. Because the state owned the building, the office space was not included in previous office inventories.
Offsetting losses included about 387,000 square feet of space at Westinghouse's former Monroeville campus and 289,000 square feet of space K&L Gates is vacating at the Henry W. Oliver building, Downtown. But BNY Mellon Corp. already has leased 100,000 square feet of space at the Monroeville site.
Bach said class A rental rates Downtown are predicted to increase to $22.75 this year from $21.75 per square foot last year, while suburban office rates could increase to about $20.85 from about $20.40 per square foot of space.
"Dwindling class A space will force tenants to consider second generation space, and the limited availability of larger blocks of space will provide upward pressure on class A rates," he said.
Thursday, March 18, 2010
NAI Pittsburgh Commercial Leases 3,500 SF at 125 Hillvue Lane, Pittsburgh, PA 5237
Pittsburgh, PA - (March 17, 2010) -
NAI Pittsburgh Commercial is pleased to announce the 3,500 SF lease signing of Nine10 Interactive, Inc at 125 Hillvue Lane in Pittsburgh, PA 15237.
Edward R. Lawrence, of NAI Pittsburgh Commercial represented the landlord in the transaction. Gail Beek of ACRES represented Nine10 Interactive, Inc.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region CLICK HERE.
NAI Pittsburgh Commercial is pleased to announce the 3,500 SF lease signing of Nine10 Interactive, Inc at 125 Hillvue Lane in Pittsburgh, PA 15237.
Edward R. Lawrence, of NAI Pittsburgh Commercial represented the landlord in the transaction. Gail Beek of ACRES represented Nine10 Interactive, Inc.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region CLICK HERE.
Thursday, March 11, 2010
NAI Global Named Global Broker of the Year
The readers of Private Equity Real Estate (PERE) magazine named NAI Global the Global Broker of the Year in the PERE Awards 2009.
“Each year, the readers of PERE magazine and PERENews.com nominate and choose the firms, individuals and deals they believe stood out from the crowd the previous year,” said Zoe Hughes, Senior Editor, Real Estate. “2009 was a year in which the private real estate investing world experienced a tremendous amount of turmoil, so to be selected in this year’s awards is a tremendous accolade from our readers and a vote of confidence in what lies ahead for NAI Global.”
“This award is a testament to the quality and commitment of NAI Global and its professionals around the world in serving the private equity and financial sectors,” said Jeffrey M. Finn, NAI Global President & CEO. “Looking ahead, we will continue to innovate and add value with focused service offerings like our Special Asset Solutions group or the Commercial Property PowerSale™ program, to deliver exceptional results for clients around the globe.”
NAI Global offers a wide range of services for the commercial real estate investment sector, including asset management, acquisition/disposition, property management, leasing/agency services, valuation and advisory, market analytics, auction and portfolio optimization. The Global Broker of the Year award from PERE serves as recognition that NAI Global is the best at identifying and anticipating a client’s investment and brokerage needs.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region CLICK HERE
“Each year, the readers of PERE magazine and PERENews.com nominate and choose the firms, individuals and deals they believe stood out from the crowd the previous year,” said Zoe Hughes, Senior Editor, Real Estate. “2009 was a year in which the private real estate investing world experienced a tremendous amount of turmoil, so to be selected in this year’s awards is a tremendous accolade from our readers and a vote of confidence in what lies ahead for NAI Global.”
“This award is a testament to the quality and commitment of NAI Global and its professionals around the world in serving the private equity and financial sectors,” said Jeffrey M. Finn, NAI Global President & CEO. “Looking ahead, we will continue to innovate and add value with focused service offerings like our Special Asset Solutions group or the Commercial Property PowerSale™ program, to deliver exceptional results for clients around the globe.”
NAI Global offers a wide range of services for the commercial real estate investment sector, including asset management, acquisition/disposition, property management, leasing/agency services, valuation and advisory, market analytics, auction and portfolio optimization. The Global Broker of the Year award from PERE serves as recognition that NAI Global is the best at identifying and anticipating a client’s investment and brokerage needs.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region CLICK HERE
NAI Pittsburgh Commercial Represents National Association of EMS Educators
Pittsburgh, PA - (March 10, 2010)
NAI Pittsburgh Commercial is pleased to announce the 3,600 square foot lease signing of National Association of EMS Educators at 250 Mt. Lebanon Boulevard, Pittsburgh, Pennsylvania.
The National Association of EMS Educators was established in 1995 as a membership organization designed to promote and provide a voice for EMS Education. Today, it is a national professional association comprised of educators, instructors, teachers, training officers, directors and advisors in EMS in both the private and public sectors.
Ralph Egerman, Principal of NAI Pittsburgh Commercial, represented EMS Educators in this transaction.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region CLICK HERE
NAI Pittsburgh Commercial is pleased to announce the 3,600 square foot lease signing of National Association of EMS Educators at 250 Mt. Lebanon Boulevard, Pittsburgh, Pennsylvania.
The National Association of EMS Educators was established in 1995 as a membership organization designed to promote and provide a voice for EMS Education. Today, it is a national professional association comprised of educators, instructors, teachers, training officers, directors and advisors in EMS in both the private and public sectors.
Ralph Egerman, Principal of NAI Pittsburgh Commercial, represented EMS Educators in this transaction.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region CLICK HERE
Wednesday, March 10, 2010
Pittsburgh, Buncher set to develop Allegheny riverfront
Tuesday, March 09, 2010
By Timothy McNulty, Pittsburgh Post-Gazette
Longtime dreams of new Allegheny riverfront housing, commercial spaces, bike paths and other recreational amenities are a step closer to reality, Mayor Luke Ravenstahl is set to announce today.
The city plans to join forces with the Buncher Co. real estate firm to redevelop some 80 acres of riverfront land, starting in the Strip District and going north 6.5 miles to the foot of Highland Park. The city would combine parcels it owns -- including the historic Produce Terminal on Smallman Street and the 22-acre former Tippins International site at 62nd Street -- with industrial properties Buncher owns in Lawrenceville and the Strip District to create the redevelopment site.
Construction could kick off in the Strip District in 2013, in the 40 undeveloped acres behind the terminal building on the south bank of the Allegheny River. The city and the Urban Redevelopment Authority will spend some $20 million in capital funds to remediate the site and prepare it for redevelopment. Buncher will then follow master plans for that site -- and other parcels dotting the riverfront up through Lawrenceville -- that architects Perkins Eastman have been compiling for the URA over the past year.
The hope is to follow the city's 1990s success in using public-private partnerships to redevelop the former LTV site into the bustling SouthSide Works development.
"This historic development partnership will allow us to reconnect our neighborhoods to the rivers," Mr. Ravenstahl said in a statement. The plans will "unlock the true potential of this portion of the riverfront."
Perkins Eastman has been working for more than a year on the Allegheny Riverfront Vision plan, under a $350,000 contract from the URA. It drew on similar plans from the city's Riverlife Task Force and used input from community meetings the last several months, and is set to deliver the plan next month.
Officials stressed that the developments could take years, or even decades, to complete. The URA bought the 123-acre LTV site in 1993 and the first buildings from the Soffer Organization weren't completed for 11 years. Unlike that project, the 80 acres in the current plan are spread over miles and not completely contiguous.
"It's a dream come true, but a work in progress," said state Sen. Jim Ferlo, D-Highland Park, who has been pushing redevelopment of the Allegheny riverfront since joining Pittsburgh City Council 23 years ago.
The first formal step is a URA board vote Thursday on an agreement with Buncher. The URA will agree to adding infrastructure such as streets, parks and trails to the parcels behind the terminal building on Smallman Street, which Mr. Ferlo said Buncher will likely use for residential construction. (The Strip has experienced the largest increase in housing sales prices and demand in the city, Perkins Eastman found.)
The estimated $20.5 million cost of those upgrades would likely be paid through local, state and federal capital funds and tax increment financing (TIF). By city estimates, the work would create the equivalent of 5,000 new jobs and $6 million in new tax revenue.
After that project, developers would work up the river, possibly relocating some industrial firms in Buncher-controlled properties from 43rd to 48th streets in Lawrenceville up to the Tippins site less than 20 blocks north. That would create space for riverfront access for Lawrenceville residents -- access, parks and other riverfront amenities are major parts of the master plan. Traffic studies for Butler Street and surrounding roadways would be included.
"It's a progressive domino effect of land uses, for higher and better uses of the corridor," Mr. Ferlo said.
The city plans to honor leases through 2012 for those currently within the produce terminal building and then relocate them. The adjacent construction in the first phase of the project could start in 2013. The Neighbors in the Strip community group already has plans -- partially funded by the URA -- for a public market in portions of the terminal building.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region CLICK HERE
By Timothy McNulty, Pittsburgh Post-Gazette
Longtime dreams of new Allegheny riverfront housing, commercial spaces, bike paths and other recreational amenities are a step closer to reality, Mayor Luke Ravenstahl is set to announce today.
The city plans to join forces with the Buncher Co. real estate firm to redevelop some 80 acres of riverfront land, starting in the Strip District and going north 6.5 miles to the foot of Highland Park. The city would combine parcels it owns -- including the historic Produce Terminal on Smallman Street and the 22-acre former Tippins International site at 62nd Street -- with industrial properties Buncher owns in Lawrenceville and the Strip District to create the redevelopment site.
Construction could kick off in the Strip District in 2013, in the 40 undeveloped acres behind the terminal building on the south bank of the Allegheny River. The city and the Urban Redevelopment Authority will spend some $20 million in capital funds to remediate the site and prepare it for redevelopment. Buncher will then follow master plans for that site -- and other parcels dotting the riverfront up through Lawrenceville -- that architects Perkins Eastman have been compiling for the URA over the past year.
The hope is to follow the city's 1990s success in using public-private partnerships to redevelop the former LTV site into the bustling SouthSide Works development.
"This historic development partnership will allow us to reconnect our neighborhoods to the rivers," Mr. Ravenstahl said in a statement. The plans will "unlock the true potential of this portion of the riverfront."
Perkins Eastman has been working for more than a year on the Allegheny Riverfront Vision plan, under a $350,000 contract from the URA. It drew on similar plans from the city's Riverlife Task Force and used input from community meetings the last several months, and is set to deliver the plan next month.
Officials stressed that the developments could take years, or even decades, to complete. The URA bought the 123-acre LTV site in 1993 and the first buildings from the Soffer Organization weren't completed for 11 years. Unlike that project, the 80 acres in the current plan are spread over miles and not completely contiguous.
"It's a dream come true, but a work in progress," said state Sen. Jim Ferlo, D-Highland Park, who has been pushing redevelopment of the Allegheny riverfront since joining Pittsburgh City Council 23 years ago.
The first formal step is a URA board vote Thursday on an agreement with Buncher. The URA will agree to adding infrastructure such as streets, parks and trails to the parcels behind the terminal building on Smallman Street, which Mr. Ferlo said Buncher will likely use for residential construction. (The Strip has experienced the largest increase in housing sales prices and demand in the city, Perkins Eastman found.)
The estimated $20.5 million cost of those upgrades would likely be paid through local, state and federal capital funds and tax increment financing (TIF). By city estimates, the work would create the equivalent of 5,000 new jobs and $6 million in new tax revenue.
After that project, developers would work up the river, possibly relocating some industrial firms in Buncher-controlled properties from 43rd to 48th streets in Lawrenceville up to the Tippins site less than 20 blocks north. That would create space for riverfront access for Lawrenceville residents -- access, parks and other riverfront amenities are major parts of the master plan. Traffic studies for Butler Street and surrounding roadways would be included.
"It's a progressive domino effect of land uses, for higher and better uses of the corridor," Mr. Ferlo said.
The city plans to honor leases through 2012 for those currently within the produce terminal building and then relocate them. The adjacent construction in the first phase of the project could start in 2013. The Neighbors in the Strip community group already has plans -- partially funded by the URA -- for a public market in portions of the terminal building.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region CLICK HERE
Tuesday, March 9, 2010
Pittsburgh's apartment market No. 1
By Sam Spatter, FOR THE PITTSBURGH TRIBUNE-REVIEW
Saturday, March 6, 2010
Apartment buildings are hot properties in the Pittsburgh market, and at least five major projects are in the works to satisfy demand from renters and investors, local real estate experts said.
One of the projects is a proposal for 220 apartments in the former State Office Building, Downtown, according to experts and the developer.
Millcraft Industries Inc. completed the purchase of the 16-story building on Monday, paying $4.6 million. Millcraft officials had delayed announcing how they would use the building, saying only that they would begin work by late summer on anything from residential condos to apartments to retail space.
The state moved 800 employees out of the building over the past few months into other Downtown buildings.
"We are considering the 220 apartments for the building, but we also would consider an office tenant who offers to occupy the entire building," said Lucas Piatt, Millcraft Industries' executive vice president. He said there are no plans to convert the building into a hotel.
Other projects under development include the conversion of the former Goodwill Industries headquarters building into 64 apartments in the South Side; the former South Side Vo-Tech School into 71 units; 100 units in an apartment in the Oakland Portal project in Oakland; and 112 units in the Highland Building in East Liberty.
Apartment buildings are holding their value during difficult economic times, said Paul D. Griffith, managing director for Integra Realty Resources in Pittsburgh.
"What's driving the demand for apartments is the low vacancy rates, with Pittsburgh having among the lowest in the nation," said Griffith, who spoke this week at a meeting of the local chapter of the National Association of Industrial and Office Properties.
Pittsburgh's apartment occupancy rate of 96.6 percent is ranked No. 1 in the nation, according to a mid-year 2009 survey by M/PF Research, a Texas firm that tracks rental markets.
The occupancy rate is the best in the nation by a fairly sizable margin, said Greg Willett, M/PF vice president, research and analysis.
Federal aid is available to help finance apartment projects. All of the projects mentioned are considering using the Department of Housing and Urban Development's 221(d)4 mortgage insurance program, said Cheryl Campbell, field office director of the Pittsburgh office.
"The South Side Vo-Tech project has received a firm commitment, and the other four have expressed interest but not submitted an application," she said. The program offers longer financing and lower-interest rates, she said.
Two area apartment complexes -- the Morrowfield in Squirrel Hill with 156 units and the Waterford in Collier with 315 units -- are on the market and have attracted interest from investors, said Cynthia Kamin, senior vice president, CB Richard Ellis.
"About 70 percent of the inquiries, including some offers, have come from out-of-town investors," she said. Recently, out-of-town buyers are getting more competition from local buyers, she said.
In the past, 70 percent of the buyers were from out of town. Recently, they consist of 50 percent, she said.
Out-of-town buyers bought three major apartment complexes within the past 12 months.
Brookview Associates, an affiliate of St. Louis-based developer Brookview Group Ltd., paid $10.2 million for the 241-unit Penn Towers in Wilkins; Morgan Management LLC of Pittsford, N.Y., paid $11.6 million for the 291-unit Westpointe Apartments in Robinson; and Morgan Communities of Pittsford purchased the 232-unit Lincoln at North Shore. No sales price was released.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region CLICK HERE
Saturday, March 6, 2010
Apartment buildings are hot properties in the Pittsburgh market, and at least five major projects are in the works to satisfy demand from renters and investors, local real estate experts said.
One of the projects is a proposal for 220 apartments in the former State Office Building, Downtown, according to experts and the developer.
Millcraft Industries Inc. completed the purchase of the 16-story building on Monday, paying $4.6 million. Millcraft officials had delayed announcing how they would use the building, saying only that they would begin work by late summer on anything from residential condos to apartments to retail space.
The state moved 800 employees out of the building over the past few months into other Downtown buildings.
"We are considering the 220 apartments for the building, but we also would consider an office tenant who offers to occupy the entire building," said Lucas Piatt, Millcraft Industries' executive vice president. He said there are no plans to convert the building into a hotel.
Other projects under development include the conversion of the former Goodwill Industries headquarters building into 64 apartments in the South Side; the former South Side Vo-Tech School into 71 units; 100 units in an apartment in the Oakland Portal project in Oakland; and 112 units in the Highland Building in East Liberty.
Apartment buildings are holding their value during difficult economic times, said Paul D. Griffith, managing director for Integra Realty Resources in Pittsburgh.
"What's driving the demand for apartments is the low vacancy rates, with Pittsburgh having among the lowest in the nation," said Griffith, who spoke this week at a meeting of the local chapter of the National Association of Industrial and Office Properties.
Pittsburgh's apartment occupancy rate of 96.6 percent is ranked No. 1 in the nation, according to a mid-year 2009 survey by M/PF Research, a Texas firm that tracks rental markets.
The occupancy rate is the best in the nation by a fairly sizable margin, said Greg Willett, M/PF vice president, research and analysis.
Federal aid is available to help finance apartment projects. All of the projects mentioned are considering using the Department of Housing and Urban Development's 221(d)4 mortgage insurance program, said Cheryl Campbell, field office director of the Pittsburgh office.
"The South Side Vo-Tech project has received a firm commitment, and the other four have expressed interest but not submitted an application," she said. The program offers longer financing and lower-interest rates, she said.
Two area apartment complexes -- the Morrowfield in Squirrel Hill with 156 units and the Waterford in Collier with 315 units -- are on the market and have attracted interest from investors, said Cynthia Kamin, senior vice president, CB Richard Ellis.
"About 70 percent of the inquiries, including some offers, have come from out-of-town investors," she said. Recently, out-of-town buyers are getting more competition from local buyers, she said.
In the past, 70 percent of the buyers were from out of town. Recently, they consist of 50 percent, she said.
Out-of-town buyers bought three major apartment complexes within the past 12 months.
Brookview Associates, an affiliate of St. Louis-based developer Brookview Group Ltd., paid $10.2 million for the 241-unit Penn Towers in Wilkins; Morgan Management LLC of Pittsford, N.Y., paid $11.6 million for the 291-unit Westpointe Apartments in Robinson; and Morgan Communities of Pittsford purchased the 232-unit Lincoln at North Shore. No sales price was released.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region CLICK HERE
Wednesday, March 3, 2010
Rockpointe Industrial Park on the Market
Pittsburgh Business Times
by Tim Schooley
Rock Ferrone’s ambition to develop a busy industrial park around an air strip in West Deer Township near Pittsburgh appears to have reached the end of the runway.
On Monday, NAI Pittsburgh Commercial announced that it has been hired to market the 263-acre Rockpointe industrial park for sale, either in its entirety or in smaller parcels.
“For whatever reason, it just didn’t work out and he wasn’t able to attract the building owners and users like he needed to,” said Gregg Broujos, a principal for NAI working on the assignment for Ferrone. “He’s going to move on and sell it so that someone else can finish it off.”
The sale includes the 3,500-foot air strip and its surrounding acreage. Not included in the sale are the two buildings owned and occupied by Management Safety Associates, Inc. or the building owned and operated by Joseph B. Fay Company. Independent of the sale of the park, Zambrano Corp. is also marketing for sale a 65,000 square foot office building within the park which is fully vacant.
John Bilyak, principal and director of Industrial brokerage for NAI, called the land included in the sale “western Pennsylvania flat” and estimated that 60 percent to 70 percent of the overall property included in the sale is developable. The industrial park is fully equipped with all utilities and infrastructure.
The park is zoned industrial with a business and technology overlay, according to NAI.
The goal is to sell the property to one buyer but Broujos and Bilyak said the land could be subdivided for smaller users as well, with seven acre-parcels selling in the range of $30,000 to $60,000 per acre.
Close to the Pittsburgh Mills and 25 minutes from Downtown Pittsburgh, the park is accessible to Route 28. Bilyak expects demand to be strong since industrial, office and land in the Allegheny Valley corridor he described as “historically tight.”
“If you try to identify a three-to-seven-acre parcel along the 28 corridor you really have to go up into Armstrong county before you can have options,” said Bilyak.
The property goes on the market as its status as a Keystone Opportunity Zone, which enables the owner to avoid state and local taxes, is set to expire at the end of the year after a ten-year term, said Bilyak.
Bilyak and Broujos hope to sell the property this year and are marketing it nationwide.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region CLICK HERE
by Tim Schooley
Rock Ferrone’s ambition to develop a busy industrial park around an air strip in West Deer Township near Pittsburgh appears to have reached the end of the runway.
On Monday, NAI Pittsburgh Commercial announced that it has been hired to market the 263-acre Rockpointe industrial park for sale, either in its entirety or in smaller parcels.
“For whatever reason, it just didn’t work out and he wasn’t able to attract the building owners and users like he needed to,” said Gregg Broujos, a principal for NAI working on the assignment for Ferrone. “He’s going to move on and sell it so that someone else can finish it off.”
The sale includes the 3,500-foot air strip and its surrounding acreage. Not included in the sale are the two buildings owned and occupied by Management Safety Associates, Inc. or the building owned and operated by Joseph B. Fay Company. Independent of the sale of the park, Zambrano Corp. is also marketing for sale a 65,000 square foot office building within the park which is fully vacant.
John Bilyak, principal and director of Industrial brokerage for NAI, called the land included in the sale “western Pennsylvania flat” and estimated that 60 percent to 70 percent of the overall property included in the sale is developable. The industrial park is fully equipped with all utilities and infrastructure.
The park is zoned industrial with a business and technology overlay, according to NAI.
The goal is to sell the property to one buyer but Broujos and Bilyak said the land could be subdivided for smaller users as well, with seven acre-parcels selling in the range of $30,000 to $60,000 per acre.
Close to the Pittsburgh Mills and 25 minutes from Downtown Pittsburgh, the park is accessible to Route 28. Bilyak expects demand to be strong since industrial, office and land in the Allegheny Valley corridor he described as “historically tight.”
“If you try to identify a three-to-seven-acre parcel along the 28 corridor you really have to go up into Armstrong county before you can have options,” said Bilyak.
The property goes on the market as its status as a Keystone Opportunity Zone, which enables the owner to avoid state and local taxes, is set to expire at the end of the year after a ten-year term, said Bilyak.
Bilyak and Broujos hope to sell the property this year and are marketing it nationwide.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region CLICK HERE
Tuesday, March 2, 2010
Natural gas workers boost real estate market
By Bill Toland, Pittsburgh Post-Gazette
The Marcellus Shale field can be portrayed as a boon or a bane, depending on whom you talk to, but to the Realtors operating in Washington County, there's not much of a downside.
Natural gas drilling companies and firms related to the development of the shale are doing some hiring locally. But many of the field crews, engineering experts and front-office workers are imported from out of state because they have an expertise that the native work force doesn't yet possess.
They've been coming here since 2003, scouting drilling sites and establishing satellite offices. In 2008 and 2009, the pace of new arrivals has quickened.
Their presence, and their need for housing, has helped keep afloat Washington County's middling real estate market.
"The transfers coming in. That's helped keep our market very strong here," said Bonnie Loya, a Coldwell Banker Realtor.
In Washington County last year, both average home price and median home price slipped slightly, according to RealSTATs, a local real estate information service. Still those numbers are stable compared with the rest of the country, and they could have been worse.
As it was, 2009 marked the first time in two decades that the Pittsburgh region's average home price dropped.
There's been talk in Pittsburgh about proposed Marcellus Shale gas rigs hurting property values -- the prospect of towering rigs in urban settings such as Baldwin have concerned residents and homeowners.
In rural and suburban Washington County, where the homes often are farther apart, there are still occasional run-ins between neighbors -- one charging another with ruining his view, his farm or the stream running through his property, for example -- and those will likely increase as new rigs number in the thousands this year.
But it's not enough to worry the people charged with selling the homes. And the fact that many properties are sold along with their mineral rights has helped to buttress land prices.
"The land prices have increased, if anything," said Karen Marshall, of the Karen Marshall Group, a Bethel Park-based realty group affiliated with Keller Williams.
"We're getting 93, 97 percent of asking price."
The big players in Marcellus Shale also need office space, and that's helped to goose the county's commercial leasing market.
"We've had great luck with companies coming in," Ms. Marshall said.
"Capital Oil & Gas, Texas companies ... all of my guys want to be in Washington County."
It's more than anecdotal; other home agents report the same. Southwestern Pennsylvania's natural low home churn, coupled with the newcomers, sometimes makes it seem like the gas workers are the only ones buying these days.
"The last house I just sold was for someone who was in that industry," said Kris Marra of Prudential Realty.
"Their next-door neighbors are in the business, too."
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region CLICK HERE
The Marcellus Shale field can be portrayed as a boon or a bane, depending on whom you talk to, but to the Realtors operating in Washington County, there's not much of a downside.
Natural gas drilling companies and firms related to the development of the shale are doing some hiring locally. But many of the field crews, engineering experts and front-office workers are imported from out of state because they have an expertise that the native work force doesn't yet possess.
They've been coming here since 2003, scouting drilling sites and establishing satellite offices. In 2008 and 2009, the pace of new arrivals has quickened.
Their presence, and their need for housing, has helped keep afloat Washington County's middling real estate market.
"The transfers coming in. That's helped keep our market very strong here," said Bonnie Loya, a Coldwell Banker Realtor.
In Washington County last year, both average home price and median home price slipped slightly, according to RealSTATs, a local real estate information service. Still those numbers are stable compared with the rest of the country, and they could have been worse.
As it was, 2009 marked the first time in two decades that the Pittsburgh region's average home price dropped.
There's been talk in Pittsburgh about proposed Marcellus Shale gas rigs hurting property values -- the prospect of towering rigs in urban settings such as Baldwin have concerned residents and homeowners.
In rural and suburban Washington County, where the homes often are farther apart, there are still occasional run-ins between neighbors -- one charging another with ruining his view, his farm or the stream running through his property, for example -- and those will likely increase as new rigs number in the thousands this year.
But it's not enough to worry the people charged with selling the homes. And the fact that many properties are sold along with their mineral rights has helped to buttress land prices.
"The land prices have increased, if anything," said Karen Marshall, of the Karen Marshall Group, a Bethel Park-based realty group affiliated with Keller Williams.
"We're getting 93, 97 percent of asking price."
The big players in Marcellus Shale also need office space, and that's helped to goose the county's commercial leasing market.
"We've had great luck with companies coming in," Ms. Marshall said.
"Capital Oil & Gas, Texas companies ... all of my guys want to be in Washington County."
It's more than anecdotal; other home agents report the same. Southwestern Pennsylvania's natural low home churn, coupled with the newcomers, sometimes makes it seem like the gas workers are the only ones buying these days.
"The last house I just sold was for someone who was in that industry," said Kris Marra of Prudential Realty.
"Their next-door neighbors are in the business, too."
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region CLICK HERE
Monday, March 1, 2010
Exclusive Listing - Rockpointe Business Air Park
NAI PITTSBURGH COMMERCIAL APPOINTED AS THE EXCLUSIVE BROKER FOR THE SALE OF ROCKPOINTE BUSINESS AIR PARK LOCATED IN WEST DEER TOWNSHIP, ALLEGHENY COUNTY, PA 15084
NAI Pittsburgh Commercial has been engaged to sell the Rockpointe Business Air Park, a 263 acre industrial park with all public utilities and interior roadways developed and in place. The sale also includes an existing and operational 3,500’ air strip. The Park is zoned industrial with a business and technology overlay, and is home to Management Sciences Associates and the Joseph B. Fay Company.
The Park is available for sale in its entirety, or can be subdivided for development sites as small as 7 acres. Ideally located just 25 minutes from Downtown Pittsburgh, Rockpointe is easily accessible from the Pennsylvania Turnpike and Route 28 near the Galleria at Pittsburgh Mills shopping and tourist center.
John Bilyak, Principal & Director of Industrial Brokerage, Gregg Broujos, Principal, & Jeffrey Adams, Associate, all of NAI Pittsburgh Commercial, are representing the owner in the sale of this asset.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region CLICK HERE
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