NKF reps. Clinton Commerce Ctr. in one of the largest ind. property sales in the Pittsburgh Region
Pittsburgh, PA — Newmark Knight Frank (NKF) represented Clinton Commerce Center LLC in the marketing and sale of the recently completed Clinton Commerce Center I, situated one mile west of the Pittsburgh International Airport at 2300 Sweeney Dr. within Clinton Commerce Park. The building is a 297,200 s/f, class A, light industrial facility leased entirely to Berlin Packaging on a long-term lease. Cincinnati-based Al. Neyer is the general partner of Clinton Commerce Center LLC and acted as the developer/contractor for the partnership. PenTrust, a local pension fund advisor, provided the financing for the project.
Valued at $23.65 million, this sale represents one of the largest industrial property transactions in the region, and the first significant sale of an industrial asset on Allegheny County Airport Authority owned land. This is the fourth industrial building completed in the Clinton Commerce Park, but the first sale to a third party. Two of the other three buildings were constructed and leased by a local developer, and the third is owner-occupied.
Louis Oliva, CCIM, SIOR, Keith Yearout and Jim Vondran of NKF represented the seller and secured the buyer, Stag Industrial Holdings (Stag), a publicly traded Real Estate Investment Trust (REIT) headquartered in Boston, MA. This transaction is Stag’s fourth acquisition in Pittsburgh in the past ten years.
“This sale is significant for several reasons. First, it shows continued interest in our market from institutional industrial investors for quality assets, and second, provides confidence to both local and merchant developers that there is a defined exit strategy for class A industrial projects for both fee simple and ground lease projects in our market,” said Oliva. “In addition, given its proximity to the Royal Dutch Shell Ethane Cracker facility, it provides additional support for other industrial development projects located within the I-376; Route 576 and Route 22 corridors that the western suburbs of Pittsburgh will continue to be a growth corridor for the foreseeable future.