By Adina Marcut
After leading the global marketing launch of the 3.25 million-square-foot mixed-use development in Eagan, Minn. back in June, Newmark Knight Frank secured the marketing and sale of Clinton Commerce Center I, a 297,200-square-foot industrial space located close to Pittsburgh International Airport. The company represented Clinton Center LLC. PenTrust, a local pension fund advisor, provided the financing for the project which was valued at $26.7 million.
Located at 2300 Sweeney Drive, within Clinton Commerce Park, the Class A facility is leased entirely to Berlin Packaging on a long-term lease. This marks the fourth industrial building completed in the Clinton Commerce Park and the first sale to a third party.
Louis Oliva, Keith Yearout and Jim Vondran of NKF represented the seller and secured the buyer, Stag Industrial Holdings. This transaction marks Stag’s fourth acquisition in Pittsburgh.
“There is a defined exit strategy for class A industrial projects for both fee simple and ground lease projects in our market,” Oliva said in a prepared statement. “In addition, given its proximity to the Royal Dutch Shell Ethane Cracker facility, it provides additional support for other industrial development projects located within the I-376; Route 576 and Route 22 corridors that the western suburbs of Pittsburgh will continue to be a growth corridor for the foreseeable future.”
Image via Google Maps