April 2024

10B — April 2024 — Pennsylvania — M id A tlantic Real Estate Journal


P ennsylvania

P JLL’s Hotels & Hospitality group represents the seller Hyatt Place Pittsburgh Airport Robinson Mall trades

ittsburgh, PA — JLL’s Hotels & Hospitality group announced today that it arranged the sale of the 127-room Hyatt Place Pitts- burgh 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 Pitts- burgh 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

Hyatt Place Pittsburgh Airport / Robinson Mall in Pittsburgh.

Markets arranged the $78.5 million sale and $65 million in acquisition financing for an 812,425 s/f, class A distribu- tion 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 Manage- ment . 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 , se- nior managing director Andrew Scandalios and senior direc- tors 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 Logis- tics, we have continued strategically expanding our holdings in the industrial sector through a creative and disciplined approach to acquisitions,” said Light- stone president Mitchell Hochberg . MAREJ


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www.earthengineering.com Corporate Headquarters: 610-277-0880 Lehigh Valley: 610-967-4540 Central PA: 717-697-5701 South Jersey: 856-768-1001

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