Pittsburgh
WP Realty Acquires Parkway West Retail Center for $16.8M
WP Realty of Bryn Mawr, PA has acquired the Plaza at the Pointe, a 149,016-square-foot shopping center located in Pittsburgh’s Robinson Township. The Pittsburgh Business Times reports that US Bank sold the property for $16.8 million.
Chatham Lodging Trust to Acquire Pittsburgh Hyatt Place for $40M
Chatham Lodging Trust has agreed to purchase the 178-room Hyatt Place Pittsburgh/North Shore near downtown Pittsburgh for $40 million. Scheduled for completion by June 17, the transaction is subject to customary closing requirements and conditions.
Chatham to Buy 178-Room Hyatt Place Pittsburgh/North Shore
Chatham Lodging Trust is about to enter Pittsburgh city limits. The hotel REIT just inked a deal to acquire the Hyatt Place Pittsburgh/North Shore from its developer, a joint venture involving Continental Cos. and Rockridge Capital.
First Hyatt House Hotel in Pittsburgh Now Open
Hyatt Hotels Corporation, Concord Hospitality Enterprises and Oxford Development Company have recently celebrated the opening of the first HYATT house hotel in Pittsburgh.
Gardens at Market Square Mixed-Use Development to Break Ground in July
Millcraft Investments’ plan to develop a $95 million mixed-use complex on Forbes Avenue in downtown Pittsburgh has received its final approval from the city planning commission.
Sampson Morris to Redevelop Wholey’s Building into Apartments
Sampson Morris Group is planning to redevelop the seven-story New Federal Cold Storage facility in the Strip District into 144 one- and two-bedroom loft apartments. Also known as the Wholey’s building, the windowless property is located at 1501 Penn Avenue.
Speculative 130,000 SF Office Building Breaks Ground in North Fayette
Moon-based DiCicco Development is building a speculative 130,000-square-foot office building along the Parkway West corridor in North Fayette.
According to the Pittsburgh Post-Gazette, the developer is already preparing the site for the construction of the five-story project known as Westpointe Corporate Center Four. The building is being marketed by CBRE executive vice president Jeremy Kronman.
Pittsburgh Public Schools Plan Sale of Closed Facilities
Pittsburgh Public Schools is considering the sale of 19 of its 20 closed buildings across the city. Only the Knoxville property at 324 Charles Street will be kept for use as a warehouse. According to the Pittsburgh Post-Gazette, the School District has selected Fourth River Development to market its portfolio.
Combined, the 20 properties have a debt of $9.15 million, as well as an annual operating cost of $681,850. The buildings with the greatest amount of debt are Northview in Northview Heights with $1.96 million; Fort Pitt in Garfield with $1.86 million; and Belmar in Homewood with $1.34 million.
Developers Plan More Apartments in Pittsburgh’s SouthSide Works
A group of investors is planning to develop a 170-unit apartment building on Hot Metal Street at the SouthSide Works. The Pittsburgh Business Times reports that Oxford Development and North Side-based PJ Dick have called off their plan to build a 120,000-square-foot office structure at the site and have instead partnered with Lincoln Property Co. to develop a residential complex.
Oxford Development Co. President and CEO Steven Guy told the newspaper that the proposed office project located between a SpringHill Suites Hotel and the Circuit Center union facility has generated insufficient interest from tenants.
Allegheny County Health Department Site to Bring New Hotel and Offices
A development team comprised of Massaro Properties, the Langholz Wilson Ellis real estate firm, and architect Tasso Katselas Associates will repurpose the health department building in Oakland into hotel and office space.
According to the Pittsburgh Post-Gazette, the developers are about to acquire the property currently owned by Allegheny County for $4.9 million. The group hopes to finalize the sale by the end of the year, after a period of due diligence.