PITTSBURGH–GMH Capital Partners has acquiredThe Cork Factory/Lot 24 apartments and associatedretail here in a deal arranged by Cassidy Turley. The area, thebrokers say, is super-hot right now.

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Both the buyer and the real estateprofessionals have declined to name the sales price.

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Christopher Doerr of CT said, “This is truly abest-in-class asset that GMH is acquiring. Pittsburgh is anincredible story right now and institutional investors are chompingat the bit to acquire assets there.”

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Doerr and Bill Collins, a vice-chairman at CT,handled the acquisition for GMH.

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Gary Holloway Jr., president of Newtown-basedGMH Capital Partners, said he is “bullish” on Pittsburgh andlooking to purchase other apartment buildings in the area. He alsosaid that his company will make upgrades to the existing amenitiesat The Cork Factory.

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The mixed-use complex has 393 loft-style units and 43,550 squarefeet of retail with a 427-space garage.

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The property on 4.8 acres alongside the Allegheny River is setin the eclectic Strip District, with its mix of wholesalemerchants, boutiques, sidewalk vendors, trendy restaurants, andnight clubs. Cultural opportunities nearby include the Society ofContemporary Craft gallery and the Heinz History Center, and in theadjacent Cultural District: ballet, theatre, symphony and danceamong other sources of entertainment.

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The loft-style apartments range from studios to three-bedroomsand feature riverfront views, 14-foot exposed ceilings and exposedbrick walls.

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The Cork Factory is a historic rehabilitation of the formerArmstrong Cork Factory, which is listed on the National Register ofHistoric Places. The rehabilitation preserves the architecture andcontributions of Pittsburgh's industrial boom in the early1900's.

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The Lot 24 Apartments opened in 2012. The complex hasconsistently maintained occupancy levels near 100%, since therehabilitation was completed in 2006.

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