S hopping C enters
Real Estate Journal — Pennsylvania — Section C
M id A tlantic
HFF’s Popovich leads process of sale on behalf of the PAA as part of its Chapter 11 Bankruptcy reorg. Lionstone Investments & Walnut Capital acquire Pittsburgh athletic association building in Oakland P ITTSBURGH, PA — Lionstone Invest - ments and Walnut for the property include res- toration of the exterior façade and well as complete interior renovations and updates. was added to the U.S. National Register of Historic Places in 1978.
university and medical mar- kets, its historical significance, and the area’s high demand for real estate made this an ap- pealing investment,” said Lion- stone Investments co-founder and Head of Capital Formation Dan Dubrowski . “We are ex- cited to be able to partner with Walnut Capital to restore an architectural gem and deliver new, best-in-class mixed-use real estate to the community.” Architect Benno Janssen based his original 1911 design of the facility on Renaissance Venetian palazzo architecture. Offering comprehensive ath- letic amenities, it featured a bowling alley, basketball and squash courts, and third-floor swimming pool. The structure
globally significant companies that want proximity to our prominent universities and medical institutions. Our goal will be to create something new within something known — a destination with an amazing past and brilliant future.” The sale was brokered by HFF on behalf of the PAA as part of its Chapter 11 Bank- ruptcy reorganization. Mark Popovich , senior managing director who led the process for HFF remarked, “the PAA building was a highly sought- after property given its stature and location. It’s a unique asset that will benefit from Lionstone and Walnut Capi- tal’s expertise in redeveloping historic buildings.”
In addition to the refurbished exterior, the building will fea- ture nearly 90,000 square feet of new office space, a renovated lobby, restaurant and dining options, and a new fitness facil- ity and club room reserved for the PAA. Work on the building will begin late this summer and is anticipated to take 18 to 24 months. “Walnut Capital is a strong believer in the economic trans- formation of Oakland as the epicenter of the new Pittsburgh economy,” said Gregg Perel- man , CEO of Walnut Capital. “The rejuvenated PAA build- ing would be an ideal home for
Capital an- nounced their recent acqui- sition of the P i t t s b u r g h Athletic As- s o c i a t i o n c l u b h o u s e on behalf of institutional
The property is centrally located in Pittsburgh’s new Oakland Innovation District, adjacent to the University of Pittsburgh’s Cathedral of Learning, Carnegie Mellon University, and UPMC’s Hos- pitals and Research Campus. Until recently, it had served as the clubhouse for the Pitts- burgh Athletic Association (PAA), founded in 1908. Un- fortunately, as the social club’s membership declined over the years, the structure fell into decay. “The building’s prime loca- tion at the heart of Pittsburgh’s
HI-LIGHTS SEPTEMBER 14 - 27, 2018 investors. Completed in 1911, the five-story building sits on a three-quarter-acre site at Fifth Ave. and Bigelow Blvd. Plans
Frank Roddy represents TWI in Lehigh Valley Property acquisition totaling $9.5 million
PA/NJ/DE CONFERENCE & DEAL MAKING
16 acres at Rte. 22 and Schoenersville Rd.
Schoenersville Rd. to Western PA Holdings, LLC an entity closely related to Western Ex- press, Inc. The 16 acre property fea- tures a 14,330 s/f shop/office building, a 2,400 s/f detail bay, and a 36 door cross-dock truck terminal with attached 5,390 s/f shop building. The property is located adjacent to the Lehigh Valley Hospital and Lehigh Valley Airport and
offers extensive frontage along Rte. 22, Schoenersville Rd. and Industrial Dr. Frank Roddy, president of Roddy Inc., who represented TWI in the transaction advised that Western paid $9,500,000 in an all cash transaction. Western Express, Inc., is an asset based truckload carrier headquartered in Nashville, TN with terminals and fa- cilities throughout the United
States. Since the company’s foundation in 1991, Western has grown to become a large tier industry truckload carrier running over 2,600 power units and over 6,500 trailers, all with 100% GPS trackability. Roddy Inc. is a marketer, manager and developer of in- dustrial and commercial real estate throughout Eastern Pennsylvania and Southern New Jersey.
LEHIGH VALLEY, PA — Roddy Inc. , the Bensalem, PA based Industrial and Com-
mercial Real Estate Bro- kerage Firm, represented TWI , LLC, in the sale of five parcels compr i s ing 16 acres at Rte. 22 and
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