79 North Industrial Portfolio, Sewickley, PA

SEWICKLEY, PA—ASB Real Estate Investments and an affiliate of Endurance Real Estate Group acquired a 408,000-square-foot industrial complex ten miles northwest of downtown Pittsburgh in Sewickley, PA for $38 million. ASB made the acquisition on behalf of its Allegiance Real Estate Fund, a $7.5 billion core vehicle. The seller was Bentall Kennedy, a subsidiary of Sun Life Investment Management. CBRE represented the seller in the transaction.

The seven-building complex, the 79 North Industrial Portfolio, is 99% leased to 21 tenants including Amazon, Verizon, Chrysler, and Safelite Glass. The acquisition also includes three land parcels, suitable for future development. Buildings range in size from 10,000 to 80,000 square feet and are well-suited to major tenants serving the Pittsburgh metropolitan area. The location along Pittsburgh's primary north-south highway is just 20 minutes from downtown.

“This infill market's high barriers to entry and tight supply dynamics combined with the property's connectivity to downtown and the broader region make it highly desirable for regional tenants,” says Brodie Ruland, ASB managing director for the Northeast Region. “We see ongoing opportunities to take advantage of expanding e-commerce related distribution requirements in the Pittsburgh market.”

“Endurance is excited to have completed our third transaction with ASB and our first in the Pittsburgh market,” says Jared Newman, vice president of acquisitions at Endurance. “This transaction highlights our investment strategy of buying well located light industrial assets with the ability to unlock latent value via our development expertise.”

Instant Insights /

ASB and Endurance Acquire 408K SF Pittsburgh Industrial Complex for $38 Million

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