Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WARRENDALE, PA-STAG Capital Partners has acquired the 148,000-sf warehouse/distribution building at 405 Keystone Dr. in the Thorn Hill Industrial Park. The facility was completed in 1999 as a build-to-suit for UK-based Serco Group, which is its sole tenant.

The seller is Robinson Properties LP, a local development company. Louis Oliva of the Pittsburgh office of Grubb & Ellis represented Robinson in the negotiations.

Mike Chase of STAG represented the buyer in house. He tells GlobeSt.com, “the price was in the $8-million range,” and he says the rent rate for the building is in the mid-$5 per sf. Serco “has a few more years on its lease,” he adds. Serco is a global provider of human resources, IT services, systems engineering and consulting to such entities as the US Defense Department and military, US Postal Service, state and local governments and commercial customers.

Boston-based STAG is a prolific buyer and manager of single-tenant, net-leased properties and it has been on a nationwide buying spree. In December it acquired two industrial assets in Ohio, for example, as GlobeSt.com reported. In the last half of 2007, according to other GlobeSt.com reports, STAG bought properties in Florida, Iowa, Michigan, Massachusetts, Upstate New York and Texas.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.