Thorn Hill Industrial Park buildings sold to real-estate investor for $14.25M
Two buildings in the Thorn Hill Industrial Park has been sold to a private real-estate investor by the Regional Industrial Development Corporation of Southwestern Pennsylvania.
Pittsburgh-based Elmhurst Groups bought the 45,900-square-foot Commonwealth Manor I building and the 60,300-square-foot Commonwealth Manor II building for $14.25 million, according to RIDC officials.
Part of the Thorn Hill Industrial Park is in Marshall Township and the remainder is in Cranberry.
Commonwealth I was built in 1977 followed by Commonwealth II in 1987.
The current tenants in Commonwealth I include Kadmon Pharmaceuticals. Commonwealth II is occupied by Zambelli Fireworks, ECM Pharmaceuticals, Dyson, Microbac and Retail Data Systems.
The tenants plan to continue using the buildings, which are about 80-percent occupied.
The cost of construction and improvements for both buildings over the years has totaled $9.13 million, according to the non-profit organization that developed the industrial park.
“Our goal at Thorn Hill Industrial Park was to build a great industrial park and then catalyze its growth with spec buildings,” said RIDC President Donald Smith. “With that mission accomplished, this sale allows us to redeploy funds into new economic development projects to grow the region’s economy.”
The only building RIDC still owns in the industrial park is the multi-tenant Thorn Hill Corporate Center, which has Verizon as an anchor tenant. More then 50 acres remain in the industrial park for future development.
Corporate Center is near RIDC’s Innovation Ridge, a 223-acre advanced technology and office park.
Half of the park has been set aside as a conservation area with forested and landscaped buffer zones and various open spaces.
The site also features a recreational trail constructed by RIDC.
Late last year, RIDC and developer Innovation Center Associates broke ground on Innovation Pointe, an $18-million speculative office development.
Innovation Ridge currently has 11 parcels totaling 80 acres available for office development.
Tony LaRussa is a Tribune-Review staff writer. You can contact Tony at 724-772-6368, [email protected] or via Twitter .