Newmark announced today that it represented Clinton Commerce Center LLC in the marketing and sale of the recently completed Clinton Commerce Center I, situated one mile west of the Pittsburgh International Airport at 2300 Sweeney Drive within Clinton Commerce Park. The building is a 297,200-square-foot, Class A, light industrial facility leased entirely 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 $23,650,000, this sale represents one of the largest industrial property transactions in the region, and the first significant sale of an industrial asset on Allegheny County Airport Authority owned land. This is the fourth industrial building completed in the Clinton Commerce 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.
Louis V. Oliva, CCIM, SIOR, Keith Yearout and Jim Vondran of Newmark represented the seller and secured the buyer, Stag Industrial Holdings (Stag), a publicly traded Real Estate Investment Trust (REIT) headquartered in Boston, Massachusetts. 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 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 Pittsburgh will continue to be a growth corridor for the foreseeable future.”
Newmark is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. Newmark’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
Newmark is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.