Phoenix Investors Subsidiary Expands with West Mifflin, Pennsylvania, Industrial Site
The purchase included approximately 14 acres of unused developable land. Originally built for Continental Can Company, the subject property features a concrete/block foundation, average clear heights of 24-feet, 57 overhead loading doors, varying column spacing and ample restrooms throughout the premises.
According to company officials, the property is approximately 70% leased with a diverse rent roll consisting of over twenty tenants. The vacant space will be marketed to new users for lease.
"We will implement numerous capital and cosmetic improvements to the property in short order. The property will be materially more attractive and functional to new users," said Anthony Crivello, Phoenix's Executive Vice President.
West Mifflin Borough is located in Allegheny County, Pennsylvania, southwest of the City of Pittsburgh. It is located within 8 miles to downtown Pittsburgh, 6 miles to I-376 Interchange, 2 miles to Route 51 and 3 miles from the future Mon Fayette Expressway Dravosburg Interchange.
Senior mortgage financing was provided by AmeriServ Financial. The transaction was brokered by John Jackson and Evan Cicirello of Grant Street Associates, Inc., an affiliate of Cushman & Wakefield. "This is a sizable asset for Pittsburgh's industrial market, and represents a tremendous value-add investment opportunity. We have no doubt the incoming ownership group will be able to implement their vision and realize the full potential of this property," said Evan Cicirello.
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