Store REIT Sells Pittsburgh Asset in 1031 Exchange

WEXFORD, PA—Holliday Fenoglio Fowler brokered the $13.38 million sale and arranged $8.5 million in acquisition financing for a 53,000-square-foot, single-tenant retail property occupied by Levin Furniture in the Pittsburgh-area community of Wexford, PA.

The HFF team marketed the property at 10688 Perry Highway in Wexford on behalf of the seller, Store Investment Corp., a REIT.  A private East Coast buyer in a 1031 Exchange purchased the asset free and clear of existing financing.  Additionally, working on behalf of the new owner, the HFF team placed the 20-year, fixed-rate loan with Protective Life Insurance Company.  HFF will service the loan, proceeds of which were used to purchase the asset.

Levin Furniture, which is now part of Art Van Furniture following its acquisition of Wolf Furniture and Levin Furniture in November 2017, occupies the building under a triple net lease that expires in approximately 20 years. The building is situated on 6.24 acres in Wexford, a community about 17 miles north of Pittsburgh with superior access to major highways. The building’s location along Perry Highway exposes it to more than 22,800 vehicles per day, and it is contiguous to the Whole Foods Market-anchored Wexford Plaza, which is one of only three Whole Foods locations in the Pittsburgh MSA.

The HFF investment advisory team representing the seller included managing directors Marc Mandel and director Steve Schrenk, senior managing directors Coler Yoakam and Mark West and director Michael George.

The HFF debt placement team representing the new owner consisted of senior managing director Claudia Steeb.

“The Levin sale was a great example of how HFF’s platform can best serve its client,” Mandel says.  “Through a collaboration of three HFF offices, we were able to produce a successful result for all parties involved.”