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Single-Tenant Industrial

Pittsburgh Cold Storage

650 Mansfield Ave, Pittsburgh, PA 15205

Listing Price: $5,950,000

Cap Rate
6.39%
Gross SF
68,800
Price/Gross SF
$86.48
Lot Size
13.71 acres
Year Built
1995
Rentable SF
68,800

Investment Overview

Marcus & Millichap is pleased to have been selected to exclusively present for sale the fee-simple interest of 650 Mansfield Avenue, Pittsburgh, PA 15205. The asset is a 68,800 square foot class “C” cold storage industrial building situated on 13.71 acres which provides ample room for expansion. Recent improvements include resurfacing 75% of the roof, resurfaced parking lot, as well as a $400,000 upgrade to the interior. Other features include 4-external docks, 8-covered docks, 12’-24’ ceiling heights, with temperature-controlled freezer, cold, and dry storage areas. The building was originally built for the Diamond Meat Company in 1995. The property has been occupied by Greco & Sons since 2019, a food service provider, servicing customers nationwide since 1990. On April 1, 2022, there will be 3-years remaining on their 5-year 9-month NNN lease which is below market rates. There are no increases or options. This provides new ownership a value-add upside by having the ability to raise rents at the end of the current term. For owner-operators, this a prime location and is strategically located for the manufacture and distribution of food products to the Northeast and Midwest. The asset is priced well below replacement cost of new construction. Due to the COVID induced inflation, construction costs have increased dramatically which may delay new construction for the near term, insulating this asset from competition. There are only two other cold storage facilities of comparable size within a 20-mile radius of the subject property. The disruptions posed by the pandemic in the last year have illustrated the centrality of logistics infrastructure. Now more than ever, warehouses, especially cold storage facilities, have become essential to everyday life and have created a high demand, solid investment for years to come for an owner-operator or investor. Ownership has sold their distribution business, which was operated out of the subject property, to the current tenant. They no longer have a need for the property.

Investment Highlights

  • • Roof and parking areas resurfaced
  • • Priced well below replacement cost
  • • Essential investment opportunity

Exclusively Listed By

Single-Tenant Industrial

Pittsburgh Cold Storage

Listing Price: $5,950,000

Cap Rate
6.39%
Gross SF
68,800
Price/Gross SF
$86.48
Lot Size
13.71 acres
Year Built
1995
Rentable SF
68,800

Investment Highlights

  • • Roof and parking areas resurfaced
  • • Priced well below replacement cost
  • • Essential investment opportunity

Investment Overview

Marcus & Millichap is pleased to have been selected to exclusively present for sale the fee-simple interest of 650 Mansfield Avenue, Pittsburgh, PA 15205. The asset is a 68,800 square foot class “C” cold storage industrial building situated on 13.71 acres which provides ample room for expansion. Recent improvements include resurfacing 75% of the roof, resurfaced parking lot, as well as a $400,000 upgrade to the interior. Other features include 4-external docks, 8-covered docks, 12’-24’ ceiling heights, with temperature-controlled freezer, cold, and dry storage areas. The building was originally built for the Diamond Meat Company in 1995. The property has been occupied by Greco & Sons since 2019, a food service provider, servicing customers nationwide since 1990. On April 1, 2022, there will be 3-years remaining on their 5-year 9-month NNN lease which is below market rates. There are no increases or options. This provides new ownership a value-add upside by having the ability to raise rents at the end of the current term. For owner-operators, this a prime location and is strategically located for the manufacture and distribution of food products to the Northeast and Midwest. The asset is priced well below replacement cost of new construction. Due to the COVID induced inflation, construction costs have increased dramatically which may delay new construction for the near term, insulating this asset from competition. There are only two other cold storage facilities of comparable size within a 20-mile radius of the subject property. The disruptions posed by the pandemic in the last year have illustrated the centrality of logistics infrastructure. Now more than ever, warehouses, especially cold storage facilities, have become essential to everyday life and have created a high demand, solid investment for years to come for an owner-operator or investor. Ownership has sold their distribution business, which was operated out of the subject property, to the current tenant. They no longer have a need for the property.

Exclusively Listed By

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