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Top commericial, residential real estate deals of the week


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Saturday, Feb. 8, 2014, 9:00 p.m.
 

DEALS OF THE WEEK

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

$7,574,553

Property sold: 2055 Washington Pike, Heidelberg

Seller: BRL Orangeburg Properties LLC, Pittsburgh

Buyer: MMWG Heidelberg LLC, Pittsburgh

Details: A 14,580-square-foot Walgreen's store

Comment: “Given several prevailing market factors, we were presented with the opportunity to execute this transaction in which we were able to sell a high quality asset at a hefty profit, and reposition our capital into another high quality property,” said Daniel N. Farber, principal at H. Lipsitz Companies, Pittsburgh.

$1.77 million

Properties sold: 4326 Northern Pike Road for $920,001 and 4328 Northern Pike Rd. $850,001, both in Monroeville

Seller: Monroeville Hospice Center Inc.. Monroeville

Buyer: First Commonwealth Bank, Indiana, Pa.

Details: Contains single-story and two-story medical office buildings with one or two other medical-style offices within them

Comment: “We are in the process of marketing the properties for sale, with the goal of identifying an appropriate investor or developer,” said Rich Stimel, First Commonwealth's vice president of corporate communications.

$277,091

Property leased: 3800 block of South Water Street, South Side

Owner: Rivertech Office Works, Pittsburgh

Tenant: University of Pittsburgh Department of Sports Medicine and Nutrition

Details: Ten-year lease of 11,667 square feet of office and lab space, beginning Jan. 1, 2015. The department leases 7,790 square feet in two buildings there.

Comment: “The increased space reflects the continued growth in research funding that the department has experienced. The department currently receives $44.2 million in research funding and additional growth is expected,” according to a news release from the University of Pittsburgh.

TOP DOLLAR HOMES

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

$739,000

Property: Marshall

Seller: Pitell Contracting

Buyer: Renee Flanagan

Details: Brick and stone Provincial with two-story entry foyer, turned staircase, dual balconies, formal living and dining rooms, first-floor den, two-story great room, fireplace, breakfast nook, guest suite with full bath.

Comment: “Buyer loved this newly constructed home in top rated North Allegheny School District with a level backyard, walkout basement, huge kitchen, two-story family room and three-car garage,” said Kevin Mihm of Coldwell Banker Real Estate.

$775,000

Property: Shadyside

Seller: Steward B. Barmen, trustee, Ellie Turk Barmen Trust

Buyer: Georgia Hernandez, trustee, Georgia C. Hernandez Trust

Details: Unit in the Metropolitan has contemporary flare, open floor plan, fireplace, den, huge closets, whole-house sound system, state-of-the-art kitchen, balcony. Building amenities include gym, storage locker, landscaped garden with waterfall, guest suite, party room, 24-hour security.

Comment: “The buyer loved everything about the unit — the decor, the finishes — and the amenities of the building,” said Roz Neiman of Howard Hanna Real Estate.

$475,000

Property: Highland Park

Seller: Jerry Louder

Buyer: Tobias Teichert and Susanne Ahmari

Details: Three-story Victorian has been restored to original footprint of a Highland Park home. It has beautiful woodwork and crown moldings, hardwood floors throughout, pocket doors, stained and leaded glass, zoned heating and air-conditioning.

Comment: “The buyers loved the fact that it was 206 years old and had been lovingly restored to its original splendor with such improvements as zoned heating and air-conditioning, jetted tub, high-efficiency appliances, while features such as built-in china cabinets, pocket doors and stained and glass were still impact,” said Nancy R. Wright of Re/Max Realty Brokers.

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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