T2 Capital to Invest $10M in PA Distribution Facility
The company acquired the currently vacant facility with plans to fully upgrade and rebrand it as Canonsburg Distribution Center. The improvement program is slated for completion in September.
By Tudor Scolca
Rendering of Canonsburg Distribution Center
T2 Capital Management has acquired a 130,583-square-foot vacant industrial building in Canonsburg, Pa., marking the company’s first acquisition in the state. The new owner plans to invest $10 million in upgrading the facility and bringing it to current Class A standards.
The upcoming project, dubbed Canonsburg Distribution Center, is located at 135 Meadow Lane on a 7-acre lot. The distribution center will feature 30-foot clear heights, 12 shipping docks, new mechanical, electrical and plumbing systems, as well as LED lighting and ESFR sprinklers.
Local economic development
The facility is less than a mile from Interstate 79, which provides a clear line of distribution into Pittsburgh and other areas. The area sees an annual average daily traffic count between 22,000 and 25,000 vehicles, according to the Pennsylvania Department of Transportation. Pittsburgh International Airport is roughly 25 miles from Canonsburg Distribution Center.
“The building is located in a great market and we saw a unique opportunity for local economic development. Aside from the space and immense potential, the chance to be part of a hard-working and growing community certainly drew us to the location,” said Jeff Brown, co-founder & CEO of T2 Capital Management, in a prepared statement.
Space at the distribution center is already sought after. Anixter, a communications and security products, networking and cabling supplier, signed on for more than 50,000 square feet. The 10-year minimum lease will begin in September when renovations are slated for completion. T2 hired Fukui Architects, Gateway Engineers and P2 Contracting to work on the project.
T2 and Pangea Mortgage Capital were recently tapped by a joint venture to secure financing for a new development on the former Motorola Solutions campus in Schaumburg, Ill. The $30.1 million loan will facilitate the transformation of the site into a master-planned project.
Image courtesy of T2 Capital Management
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