PITTSBURGH, PA & LITTLE SILVER, NJ — Marcus & Millichap announced the sale of a 68,800 s/f single-tenant cold storage unit located at 650 Mansfield Ave., Pittsburgh, PA and the sale of a 7,920 s/f net-leased property located in Little Silver, NJ.
650 Mansfield Ave. is strategically located in a high-density area near the Pittsburgh central business district, along the I-376 corridor which connects the city to the airport. The building has a freezer, cooler, and plenty of dry storage space. It is occupied by a division of Sysco which distributes specialty Italian foods to pizza shops and restaurants.
This property also posed itself as a great investment opportunity to potential buyers, as it was priced well below replacement cost, and is among only two other cold storage facilities in a 20-mile radius.
“This listing generated 105 interested parties which resulted in nine strong offers. The buyer ended up being from out-of-state,” said Mitchell Cowan, associate. Sean Beuche, Pennsylvania broker of record, assisted in closing the transaction.
According to James McGuckin, regional manager of the firm’s New Jersey office, the sale of Healthfair Organic Grocery Store (NNN) has sold for $3 million.
Alan Cafiero, Brent Hyldahl and Seth Goldberg, investment specialists in Marcus & Millichap’s New Jersey office, had the listing to market the property on behalf of the seller, a limited liability company. The Cafiero Team also secured the buyer, a limited liability company.
Goldberg comments, “There was a tremendous amount of interest in this property from the investment community immediately after launching to the market. Several offers were generated creating competition, which ultimately led to accepting an offer from a 1031 buyer who closed on the deal.”