Pittsburgh, PA — JLL’s Hotels & Hospitality Group announced today that it arranged the sale of the 127-room Hyatt Place Pittsburgh Airport / Robinson Mall in Pittsburgh.
JLL worked on behalf of the seller and procured the buyer.
Located at 6011 Campbells Run Rd., the hotel is primarily supported by airport demand. It also boasts proximity to prime Pittsburgh destinations such as Acrisure Stadium, the Pittsburgh Zoo, Settlers Cabin Park, S&T Bank Music Park, PPG Arena and the Pittsburgh Botanic Garden. The 127-room property features an indoor pool, fitness center and on-site dining.
The JLL Capital Markets Investment Sales team was led by director Philip White.
“The buyer saw an incredible opportunity to purchase an asset well-below replacement cost in a market with a lack of new competitive supply. The buyer intends to renovate the hotel to compete better within its competitive set as well as maximize profitability within a rebounding Pittsburgh market,” said White.
In Philadelphia, JLL Capital Markets arranged the $78.5 million sale and $65 million in acquisition financing for an 812,425 s/f, class A distribution center in Mechanicsburg, Pennsylvania.
JLL worked on behalf of the seller and arranged the buyer, a joint venture between Lightstone and an affiliate of Cerberus Capital Management. JLL also represented the joint venture in the financing process in securing a loan from a fund managed by Argentic Investment Management LLC (Argentic).
The JLL Capital Markets team responsible for securing equity and debt was led by managing director Peter Rotchford, senior managing director Andrew Scandalios and senior directors Michael Pagniucci and Tyler Peck. Senior managing director John Plower and director Ryan Cottone led the sales effort on behalf of the seller.
“With Lightstone Logistics, we have continued strategically expanding our holdings in the industrial sector through a creative and disciplined approach to acquisitions,” said Lightstone president Mitchell Hochberg.