Real Estate Notes
By Sam Spatter and Laura L. Lenk,
Published: Sunday, February 26, 2012
• Bakery Square 2.0, a $119 million mixed-use development on the site of Reizenstein School along Penn Avenue in East Liberty, could provide office space for tenants who had occupied most of Bakery Square, opposite from the new site. The Pittsburgh Urban Redevelopment Authority will seek $2 million in federal or state grants for Bakery Square 2.0. It is being developed by Walnut Capital of Shadyside, developer of Bakery Square, the former Nabisco plant. The new facility can provide office space for Google, UPMC, Veterans Administration, University of Pittsburgh and others, said Todd Reidbord, Walnut Capital's chief financial officer. To date, 441 jobs have been created at Bakery Square. About 400,000 square feet of office space, offering up to 1,277 new jobs, is scheduled for Bakery Square 2.0.
• Two area developments received awards from the National Association of Home Builders at the International Builder's Show in Orlando, Fla., this month. Both are in the Best of 50+ Housing category. South Hills Retirement Residence, the former South Hills High School in Mt. Washington, and its developer, a.m. Rodriguez Associates Inc., received a Gold award. The $23.5 million project offers 106 residential units. Sota Construction Services was the contractor. Traditions of America, developer of Traditions of America at Liberty Hills in Beaver County, received two Gold and five Silver awards There have been 109 housing units built at the complex.
• North Lincoln Investment Co., a group that consists primarily of Bob Mistick, owner of Mistick Construction, North Side, received a $200,000 grant from the Pittsburgh Housing Construction Fund to help pay for construction of 14 single-family homes in Lawrenceville. The Pittsburgh Urban Redevelopment Authority approved the grant. North Lincoln will build six units in the first phase and eight in the second. The houses will have from 2,200 to 2,900 square feet; prices will range from $275,000 to $375,000. They will be on the former Sauer and Heppenstall office buildings sites. Total development cost is $4.2 million.
• Frank Jacovini of Howard Hanna Philadelphia Realty is the 2012 president of the Pennsylvania Realtor's Association. An agent for more than 20 years, Jacovini was named Realtor of the Year in 2000 and inducted into the Philadelphia Realtors Hall of Fame.
• A 700,000-square-foot facility in the Mountain Creek Distribution Center, Carlisle, will be built by Trammell Crow Co. in conjunction with USAA Real Estate Co. The first of two buildings is scheduled for completion this summer. The center is on 113 acres at Exit 44, Interstate 81.
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• Coldwell Banker Real Estate Services hired sales agents A.J. Lynd, Butler; Natalie Alongi, Elaine Currier and Jewel Villalta, Cranberry; Patty Turjan, Fox Chapel; Suzanne Nicoletti, North Hills; Dani Kramer and Tina Olszewski, Airport/Beaver Regional; Nikki Yingling, Ana Brito and Samantha Matta, Pleasant Hills; Thomas Kipp, South Hills; John Pavlik and Alan Comanici, East Regional; Helen Perilloux, Shadyside; Mindy Sobol, Squirrel Hill.
• Kathy Steigerwald of Prudential Preferred Realty's North Hills office was received the National Association of Realtor's green designation.
DEALS OF THE WEEK
A quick look at recent retail, commercial and industrial projects, sales and leases of note in Western Pennsylvania:
PRICE: $6.9 million
Property refinanced: 511 Payne Hill Road, Jefferson Hills
Owner: The Access Group LLC, Michigan
Loan provider: Walker & Dunlop LLC, Bethesda, Md.
Details: A $6.92 million loan under a federal program to refinance; 35-year mortgage; 150-unit townhouse apartments in 23 buildings
Comment: "The buildings have been fully leased since last summer, and the amenities include swimming pool, clubhouse, fitness room and tennis courts," said Frank Bercelli, Amore Management Co., Pittsburgh.
PRICE: $1.7 million
Property sold: 368 Commercial St., Bridgeville
Seller: Shannon Safety Products, Bridgeville
Buyer: Integrated Environmental Systems Inc., Carnegie
Details: Vacant, 25,000-square-foot building built in 2000 in Bridgeville Industrial Park
Comment: "There is a shortage in the market of this type of quality warehouse with land close to Interstate 79 that the buyer wanted," said Richard Beynon of Beynon & Co., who worked with Jim Kelly of Grubb & Ellis.
Property leased: 900 Parish St., Green Tree
Owner: Springhill Group, Pittsburgh
Tenant: Industry Weapon LLC
Details Four-year lease, 4,500 square feet of office space; Industry Weapon will move from Dormont to this location.
Comment: "This software company has experienced growth, added more employees and needed larger quarters," said David L. DiCola, PRC Commercial.
Recent home and condominium sales that brought top prices in Western Pennsylvania.
PRICES: $2.2 million
Property: Fox Chapel
Sellers: Robert and Victoria Shane
Buyers: J. Clifford and Tracey Forrest
Details: Tudor on more than two acres, gated driveway, coach house above two-car detached garage, master suite balcony overlooks gardens
Comment: "The buyers liked the location and house, which was in a crisp, fresh condition," said Stephanie Veenis, Howard Hanna Real Estate.
Property: Cecil Township
Seller: Gino and Mali Torriero
Buyer: Cameron Thomaz
Details: Contemporary with Brazilian Koa floors, radiant heated floors open great room, separate guest house, patio overlooks wooded acreage
Comment: "The buyer purchased the house for his mother, who found the unique architecture reminded her of his place in L.A. with separate living quarters. The house suits their lifestyle," said Karen Marshall, Keller Williams Realty.
Property: Squirrel Hill
Seller: Madeleine Glick
Buyer: Jennifer Garczyk
Details: Colonial with sunken living room, leaded-glass windows, fifth bedroom on second floor, large backyard with deck, storage bench seating
Comment: "The buyer liked its location, the yard and two-car garage, and it's close to everything in Squirrel Hill," said Linda Melada, Coldwell Banker Real Estate.