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Top commercial, residential real estate deals of the week — May 18


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By Sam Spatter
Saturday, May 17, 2014, 9:00 p.m.
 

$240 million

Properties sold: 124-room Marriott Courtyard Settlers Ridge, Robinson ($23.5 million); 109-room Marriott Fairfield Inn & Suites, Neville Island ($8.8 million); 105-room Marriott Courtyard, Greensburg ($17.6 million); 124-room Marriott Courtyard, Washington ($16.7 million)

Seller: Concord Sierra Associates LP, Sewickley and Raleigh, N.C.

Buyer: Black Sapphire C, Wilmington, Del.

Details: Concord Hospitality sold 13 hotels — four locally — to companies owned by a global investment fund but continues to operate them under a long-term management agreement.

Comment: “This sale is a continuation of our plan to strategically sell stabilized assets while retaining management,” said Mark Laport, Concord CEO.

$1.225 million

Properties sold: 411 Fort Pitt Blvd. and 414-16 First Ave., downtown Pittsburgh

Seller: GMCC Inc., Pittsburgh

Buyer: Fort Pitt Associates LP, Carnegie

Details: Three vacant buildings with a total of about 23,500 square feet. Several buildings are four stories.

Comment: “We have no definite plans for the property, which could be for a hotel or even a parking lot,” said Greg Erosenko of the Forza Group, the buyer.

$600,000

Property sold: 1004-06 Fifth Ave., Uptown Pittsburgh

Seller: Nathan Rice Inc.

Buyer: Duquesne University Holy Spirit, Pittsburgh

Details: The former Kadet Photo Building has been empty for about 15 years. It is directly across from the Consol Energy Center.

Comment: “Restoring this building ... is a strategic approach that helps Duquesne while, at the same time, enhances the neighborhood,” said Rod Dobish, executive director of facilities management.$1,870,200

Property: Hampton

Seller: David and Sandra Andrews

Buyer: Andrew & Ping Tepper

Details: Two-story brick Provincial on more than five acres has heated driveway, whole-home audio/video and intercom, vaulted ceilings, gardens with waterfall.

Comment: “Buyers loved the private five-plus-acre homesite, top-rated Hampton schools, outdoor entertaining space with fireplace and water feature,” said Kevin Mihm of Coldwell Banker Real Estate.

$735,000

Property: Mt. Lebanon

Seller: Andrew and Paula Pellegrino

Buyer: Bridger and Caitlin Clarke

Details: Two-level brick Williamsburg Colonial. Master bedroom has vaulted ceiling, dressing room with lots of closets, spa light master bath.

Comment: “Buyers liked the neighborhood, its architecture and Old World charm,” said Cindy Sunseri of Howard Hanna Real Estate

$675,000

Property: Murrysville

Seller: Mark Krofchik

Buyer: Christopher and Kara Griffin

Details: Two-story brick and stucco Tudor with five bedrooms, 4½ baths, columned entry hall, bay windows, four fireplaces, large kitchen with Jen Air stainless-steel appliances.

Comment: “Buyers liked the neighborhood, loved the Tudor-style home that has Old World, Southern charm,” said Jackie Shermenti of Howard Hanna Real Estate.

— Sam Spatter

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