M id A tlantic Real Estate Journal — Brokerage Directory — July 28 - August 10, 2017 — 9C
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B rokerage D irectory
297,200 s/f, class A, light industrial facility leased entirely to Berlin Packaging NKF reps. Clinton Commerce Ctr. in one of the largest ind. property sales in the Pittsburgh Region P
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 Pitts- burgh will continue to be a growth corridor for the fore- seeable future.” n
ittsburgh, PA — Newmark Knight Frank (NKF) repre- sented Clinton Commerce Center LLC in the market- ing and sale of the recently completed Clinton Commerce Center I, situated one mile west of the Pittsburgh In- ternational Airport at 2300 Sweeney Dr. within Clinton Commerce Park. The building is a 297,200 s/f, class A, light industrial facility leased en- tirely 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, Marcus &Millichap broker Harris Teeter for $9 million GERMANTOWN, MD — Marcus & Millichap an- nounced the sale of Harris Teeter, a 43,256 s/f ground leased property in German- town. The asset sold for $9 million, representing a 5.59 percent capitalization rate. “Despite headlines and the skepticism surrounding bricks-and-mortar, retail cen- ter vacancies have reached a 16-year low and savvy in- vestors continue to pay a premium for core assets that provide long-term stability,” says Ein. “A range of grocery companies have committed to significant expansions in the coming year, including Kroger, the parent company of Harris Teeter, who plans to add over fifty stores in the coming year.” Josh Ein and Dean Zang , of TZD Retail Group of Marcus & Millichap, had the exclusive listing to market the property on behalf of the seller, a private local investor and procured the buyer. The buyer, a local private family office, assumed an 11- year CMBS non-recourse loan. Previous ownership held the property for 10 years, acquiring it in 2007 for $6.4 million. Harris Teeter, sits on 10.64- acre parcel on Darnestown Rd. Originally built in 1997 by Food Lion, the property was strategically repositioned in 2015 to match the Harris Teeter target customer demo- graphic. n
Louis Oliva, CCIM, SIOR , Keith Yearout and Jim Vondran of NKF represented the seller and secured the buyer, Stag Industrial Hold- ings (Stag), a publicly traded Real Estate Investment Trust (REIT) headquartered in Bos- ton, 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
Louis Oliva
Keith Yearout
Jim Vondran
and the first significant sale of an industrial asset on Al- legheny County Airport Au- thority owned land. This is the fourth industrial building completed in the Clinton Com-
merce 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.
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