Top commericial, residential real estate deals of the week
By Sam Spatter
Published: 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
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.
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.
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
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.
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.
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 email@example.com.
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