PITTSBURGH–GMH Capital Partners has acquired The Cork Factory/Lot 24 apartments and associated retail here in a deal arranged by Cassidy Turley. The area, the brokers say, is super-hot right now.
Both the buyer and the real estate professionals have declined to name the sales price.
Christopher Doerr of CT said, “This is truly a best-in-class asset that GMH is acquiring. Pittsburgh is an incredible story right now and institutional investors are chomping at the bit to acquire assets there.”
Doerr and Bill Collins, a vice-chairman at CT, handled the acquisition for GMH.
Gary Holloway Jr., president of Newtown-based GMH Capital Partners, said he is “bullish” on Pittsburgh and looking to purchase other apartment buildings in the area. He also said that his company will make upgrades to the existing amenities at The Cork Factory.
The mixed-use complex has 393 loft-style units and 43,550 square feet of retail with a 427-space garage.
The property on 4.8 acres alongside the Allegheny River is set in the eclectic Strip District, with its mix of wholesale merchants, boutiques, sidewalk vendors, trendy restaurants, and night clubs. Cultural opportunities nearby include the Society of Contemporary Craft gallery and the Heinz History Center, and in the adjacent Cultural District: ballet, theatre, symphony and dance among other sources of entertainment.
The loft-style apartments range from studios to three-bedrooms and feature riverfront views, 14-foot exposed ceilings and exposed brick walls.
The Cork Factory is a historic rehabilitation of the former Armstrong Cork Factory, which is listed on the National Register of Historic Places. The rehabilitation preserves the architecture and contributions of Pittsburgh’s industrial boom in the early 1900′s.
The Lot 24 Apartments opened in 2012. The complex has consistently maintained occupancy levels near 100%, since the rehabilitation was completed in 2006.