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Top commercial, residential real estate deals of the week

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By Sam Spatter
Saturday, Feb. 2, 2013, 9:00 p.m.
 

DEALSOF THE WEEK

A quick look at recent retail, commercial and industrial projects, sales and leases of note in Western Pennsylvania:

$4 million

Property: 513 Smithfield St., Downtown

Seller: Robert B. Levitt and Linda L. Ehrenpreis, trustees, and Stephen L. Parker, Florida

Buyer: Urban Redevelopment Authority of Pittsburgh

Details: Acquisition of vacant former Saks Fifth Avenue building at corner of Oliver Avenue and Smithfield Street, Downtown.

Comment: The URA is negotiating with Millcraft Investments and McKnight Realty Partners to convert the site to a combination retail, residential and parking garage, said Robert Rubenstein, URA acting executive director.

$2,125,000

Property: 4700 McKnight Rd., Ross

Seller: Four 4700 McKnight Associates Ltd., Pittsburgh

Buyer: Four 4700 McKnight LLC, Pittsburgh

Details: A strip shopping center, known as 4700 McKnight Road, with about 10 tenants including a Pool City.

Comment: “We plan to modernize the center and fill several empty storerooms,” said Alex Sasson, a partner of the new owner.

$1.4 million

Property: 229 VIP Dr., Marshall

Seller: Sewickley Valley Pediatric and Adolescent Medicine

Buyer: NLT Development, Pittsburgh

Details: A two-story medical office building on 3.2 acres

Comment: “The buyer is a group of local investors who plan to keep the property as an investment and probably make some capital improvements,” said David Thor who with Paul Horan, both of Colliers International/Pittsburgh, represented the buyer. Patrick Greene of CBRE Inc., represented the seller.

TOP DOLLAR HOMES

Recent home and condominium sales that brought top prices in Western Pennsylvania:

$925,000

Property: Shadyside

Seller: Arthur and Ruth Levine

Buyer: Joseph Zwicker

Details: A 160-year-old Victorian, updated with huge kitchen, family room, music room, bookcases, second-floor artist studio, rear deck, side porch.

Comment: “Buyers liked this one-of-a-kind house that's been updated, has high ceilings, a grand staircase that goes to third floor, library and first-floor family room,” said Linda Melada, Coldwell Banker Real Estate.

$578,000

Property: Hampton

Seller: Edward Pasquarelli

Buyer: Louis and Amy Demmler

Details: Contemporary-style with rich tones, natural and unpolished textures, incorporates bursts of color, vintage inspired pieces, stained glass, century old beams.

Comment: “Buyer liked this home, in a century old barn, built of beams, the stained-glass windows, and its carefree rustic look,” said Kay Barchetti, Coldwell-Banker Real Estate

$508,000

Property: Peters

Seller: Amy Smookler

Buyer: Thomas and Jill Sterling

Details: Brick Colonial by Jadnor Homes with a two-story foyer, breakfast room, large butler pantry, first-floor laundry and den, master suite with coffee bar, finished walk-out gameroom.

Comment: “The buyer purchased the home due to its custom-crafted quality, lower county taxes, school district and conveniently located schools, shopping and near Southpointe, where husband works,” said Jim Dolanch, Century 21 Frontier Realty.

Sam Spatter is a staff writer for Trib Total Media. He can be reached at 412-320-7843 or sspatter@tribweb.com.

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