PITTSBURGH-Local real estate developer Secon Corp. says it is now working with lenders and court appointed receivers to sell three of its business parks.
The company's business parks—the Abele in Bridgeville, Cedar Ridge in Robinson Township and Summerfield in Upper St. Clair, are currently more than 90% occupied. All three properties are being marketed for sale by the Pittsburgh office of Colliers International, according to the Pittsburgh Business Journal. The three properties constitute approximately 500,000 square feet of office, light industrial and flex space.
William Corace, a principal of Secon, says the firm has a working agreement with the lenders that the business parks will be marketed for sale while he works to secure investors to buy the properties back with him leading the venture.
According to marketing materials for the Secon portfolio distributed by Colliers, all three of the parks can be bought for a bulk sale asking price of approximately $64.5 million. See story in the Pittsburgh Business Journal.
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