pittsburgh commercial news

Email from SVN – Three Rivers Commercial Advisors PITTSBURGH COMMERCIAL REAL ESTATE WEEK #45 Visit Us Our Advisors Browse Properties Pittsburgh Development Contact Us Beacon Communities closes on century-old thermal plant it plans to convert into affordable apartments Already with five other affordable housing conversions underway in and around downtown, Beacon Communities Senior Vice President Michael Polite can talk about a couple different attributes for his firm’s latest project that stand out among the others. “Amazing,” he called 120 Cecil Pl. “Every time you look into right field while you’re at PNC Park, you’ll be looking at that building.”…Read More Children’s Home of Pittsburgh plans new facilities on Penn Avenue lots The Penn Avenue business district that threads through Bloomfield and Garfield in the city’s East End may have a new four-story outpatient center and a Child’s Way facility built in the relative near future as an upcoming expansion of the Children’s Home of Pittsburgh. The speciality healthcare institution revealed its early stage plans for its open lots on each side of Penn Avenue at North Atlantic Avenue as a preview of its institutional master plan before a Development Activities Meeting of interested community members of Garfield, Bloomfield and nearby Friendship on Thursday evening…Read More Marc Lore’s Wonder to open first western Pennsylvania location at The Waterfront Wonder, the celebrity-chef infused meal platform founded by the tech entrepreneur Marc Lore, is poised to establish its first location in western Pennsylvania. The New York-based meal platform, which various press reports note has raised more than $3 billion and been in acquisition mode for well-know vendors such as GrubHub, food subscription service Blue Apron, as well as a kitchen robotics firm, is announced as one of three new dining concepts at The Waterfront…Read More Virginia developer to buy Galleria at Pittsburgh Mills Comstock Holding Cos.⁠, a Reston, Virginia-based development firm that had to reinvent itself out of the residential market during the Great Recession, is poised to take on reinventing the Galleria at Pittsburgh Mills. Comstock (NASDAQ: CHCI⁠) announced that in July an affiliate “entered into a purchase and sale agreement to acquire” the long-struggling, largely vacant regional mall, which totals nearly 1.1 million square feet on nearly 200 acres along Route 28 in Frazer Township…Read More Wegmans to open new grocery store in the Galleria of Mt. Lebanon The Pittsburgh grocery wars continue to heat up, with Wegmans announcing Thursday that it plans to move into the Galleria of Mt. Lebanon. Just last year, the Rochester, N.Y.-based grocer announced plans to open its first Pittsburgh-region location and is now constructing a 115,000-square-foot store in Cranberry. The Galleria grocery would be its second location. “As we make progress on our first store in the Pittsburgh market in Cranberry Township, we’re thrilled to take another exciting step in the region with the purchase of the Galleria Mall property in Mt. Lebanon,” said Dan Aken, Wegmans vice president of Real Estate and Store Planning. “We recognize the significance this property holds for the community and see a tremendous opportunity to give it new life.”…Read More More real estate listings tout data centers even as project opposition increases The number of real estate listings that mention data centers is small but growing, a reflection of how the market is starting to position itself around the developments. The data comes from a Compass International Holdings analysis of real estate listings active on U.S. multiple listing services on Oct. 13. It shows there were 477 active property listings on that date that mention data centers — a 49% jump from the same time last year, although still a small piece of the roughly 2 million total active listings….Read More In an effort to keep our clients and colleagues informed about the Pittsburgh commercial real estate market, we send out a weekly email with the top news stories that affect you. Each day we sort through various industry publications and local news sources to narrow down the top articles that matter to the Pittsburgh commercial real estate investor. Visit Us: www.svnthreerivers.com SVN | Three Rivers Commercial Advisors is a leading commercial real estate investment brokerage firm located in Pittsburgh, Pennsylvania. SVN | Three Rivers Commercial Advisors provide best-in-class service to the commercial real estate community. Through an individualized approach and customized marketing strategy – SVN | Three Rivers Commercial Advisors strives to outperform its competition and deliver unprecedented value to our clients. All SVN® offices are independently owned and operated. Have Feedback? Leave us a review on Google! Visit Us Our Advisors Browse Properties Pittsburgh Development Contact Us SVN – Three Rivers Commercial Advisors | 20 Stanwix Street Suite 500 | Pittsburgh, PA 15222 US Unsubscribe | Update Profile | Constant Contact Data Notice

Email from SVN – Three Rivers Commercial Advisors PITTSBURGH COMMERCIAL REAL ESTATE WEEK #44 Visit Us Our Advisors Browse Properties Pittsburgh Development Contact Us Developer proposes demolition to make way for six-story apartment building in Uptown Three mature commercial buildings could soon come down along Fifth Avenue in Uptown in order to make way for a new six-story apartment building. According to the agenda of the Pittsburgh Planning Commission⁠, Collier Development Co. is scheduled to provide a briefing on its proposal to demolish three traditional main street commercial buildings at 1100 Fifth Ave. across from PPG Paints Arena…Read More $40 million mall conversion project hosts ribbon cutting, celebrates new retail tenants A joint venture strategy to convert the enclosed Washington Crown Center mall into the open-air Franklin Crossroads Park marked the occasion with an outdoor ribbon cutting. With a newly paved parking lot, and a couple newcomers among the lineup of stores, Cleveland-based PREP Funds principal Chris Salata spoke of the different strategy his firm has pursued with partner Industrial Realty Group…Read More Wegmans Food Markets confirms second Pittsburgh-area store Only a few days after the AMC Classic Mount Lebanon 6 cineplex screened its last film, Wegmans Food Markets⁠ lifted the curtain on its latest store to come to western Pennsylvania. In a joint announcement, Washington, D.C.-based Roadside Development⁠ and Wegmans confirmed that a Wegmans store will become a new anchor tenant at the Galleria of Mt. Lebanon…Read More Silicon Valley AI infrastructure firm sets up shop at Bakery Square Credo Technology Group Holding Ltd. (NASDAQ: CRDO), a San Jose-based AI infrastructure firm amid a booming growth run, is officially a presence in Pittsburgh after opening a 13,000-square-foot office at Bakery Office Two within the Bakery Square complex. The newcomer from Silicon Valley entered the region last month, and is now open for business. According to a release from the company, Credo joins the Pittsburgh AI industry here as a company advancing semiconductor capabilities through copper and “optical interconnect technologies” that has made the firm a favored stock on Wall Street…Read More Investor buys former St. Mary’s campus in Lawrenceville for $2M, plans still unclear Jamin Gross is fully aware of the sacred ground he’s tip-toeing through as the new owner of a former church. As the investor behind the Phase II LLC that recently closed on buying the three-building former St. Mary’s campus in the 9th ward of Lawrenceville, Gross quickly made clear that he doesn’t have a redevelopment plan yet in place…Read More Zeff to move local coffee shop at Liberty Center into former Starbucks space Ken Zeff can count himself a veteran of replacing Starbucks⁠ stores. Whether it was with his previous Crazy Mocha Coffee Co.or his current Yinz Coffee, Zeff is poised to take over the third location of a vacated Starbucks in the new year. Zeff reports he has reached an agreement with the new ownership of Liberty Center to lease the approximately 1,500 square feet of a closed Starbucks in which to establish a Yinz Coffee…Read More In an effort to keep our clients and colleagues informed about the Pittsburgh commercial real estate market, we send out a weekly email with the top news stories that affect you. Each day we sort through various industry publications and local news sources to narrow down the top articles that matter to the Pittsburgh commercial real estate investor. Visit Us: www.svnthreerivers.com SVN | Three Rivers Commercial Advisors is a leading commercial real estate investment brokerage firm located in Pittsburgh, Pennsylvania. SVN | Three Rivers Commercial Advisors provide best-in-class service to the commercial real estate community. Through an individualized approach and customized marketing strategy – SVN | Three Rivers Commercial Advisors strives to outperform its competition and deliver unprecedented value to our clients. All SVN® offices are independently owned and operated. Have Feedback? Leave us a review on Google! Visit Us Our Advisors Browse Properties Pittsburgh Development Contact Us SVN – Three Rivers Commercial Advisors | 20 Stanwix Street Suite 500 | Pittsburgh, PA 15222 US Unsubscribe | Update Profile | Constant Contact Data Notice

SVN – Three Rivers Commercial Advisors PITTSBURGH COMMERCIAL REAL ESTATE WEEK #43 Developer closes on 26-acre site for Pittsburgh’s first active over 55 townhouse community Robbie Oppenheim, a Pittsburgh native who boomeranged back to town a few years ago after a few decades in Florida, thinks of himself as he and his partners tee up their first development project of its kind that just happens to be the first of its kind for the city as well. “I’m the customer,” said 64-year-old Oppenheim, who falls within the demographic for which his firm will be developing 123 townhouses for the active over 55 community…Read More Robotics firm buys Lawrenceville headquarters property from RIDC Carnegie Robotics⁠ took a major step to cement its anchor presence on Robotics Row by closing on the acquisition of its headquarters campus in Lawrenceville, the 50,000-square-foot “Blue Building” reconfigured out of a former Heppenstall Steel Co. mill shed and the surrounding four-acre property. The company, which first set up shop at the property in 2014 as a spin out of the nearby National Robotics Engineering Center, bought the property by exercising an established option agreement with the Regional Industrial Development Corporation of Western Pennsylvania, and marks the first time RIDC⁠ has sold off a portion of the Lawrenceville Technology Center, the nonprofit development institution’s repositioning of a defunct 14-acre steel mill it bought in 2002…Read More PPG recommits to downtown, renews lease at headquarters One of Pittsburgh’s cornerstone public companies has renewed its commitment to its headquarters downtown. PPG Industries Inc.⁠ (NYSE: PPG) confirms it has signed a renewal to maintain its global headquarters presence at PPG Place, the six-building, 1.5 million-square-foot office complex downtown for which the company was the original developer before selling it off decades ago…Read More Alcosan breaks ground on $1B Ohio River tunnel, largest infrastructure project in county history When it comes to commemorating the start of the largest infrastructure project in the history of Allegheny County, Alcosan faced both a logistical and symbolic challenge that came with the standard group photo shoveling moment. To be sure, Alcosan’s leadership, staff and mascot, Frankie the Fish, all did their part in hoisting their shiny shovels in front of two large banners representing the public authority and the joint venture construction firms contracted to build out the Ohio River tunnel…Read More Oregon-based robotics firm announces new “center of excellence” in Pittsburgh Oregon-based Agility Robotics Inc.⁠, which first set up a small, local presence in the vicinity of Robotics Row in the years before the pandemic, is making a major expansion in Pittsburgh. The Salem, Oregon firm that specializes in a humanoid robot called Digit, announced it is engaged in adding a new 50,000-square-foot facility in Pittsburgh, a ramp up in local presence that comes as the company works to become the first public company in the United States specializing in humanoid robotics…Read More Lender seeks court order to foreclose on Heinz 57 Center Lenders are seeking court approval to push one of downtown’s largest buildings, the still-named Heinz 57 Center on Smithfield Street, into foreclosure. According to a late September legal filing in the Allegheny County Court of Common Pleas, Wilmington Trust filed a foreclosure action against the ownership of Heinz 57 Center, an affiliate of McKnight Realty Partners called 623 Smithfield Associates Ltd. Legal filings and loan servicer reports also indicate the lender seeks the appointment of a court-ordered receiver to oversee the tower’s day-to-day operations…Read More In an effort to keep our clients and colleagues informed about the Pittsburgh commercial real estate market, we send out a weekly email with the top news stories that affect you. Each day we sort through various industry publications and local news sources to narrow down the top articles that matter to the Pittsburgh commercial real estate investor. Visit Us: www.svnthreerivers.com SVN | Three Rivers Commercial Advisors is a leading commercial real estate investment brokerage firm located in Pittsburgh, Pennsylvania. SVN | Three Rivers Commercial Advisors provide best-in-class service to the commercial real estate community. Through an individualized approach and customized marketing strategy – SVN | Three Rivers Commercial Advisors strives to outperform its competition and deliver unprecedented value to our clients. All SVN® offices are independently owned and operated. Have Feedback? Leave us a review on Google! Visit Us Our Advisors Browse Properties Pittsburgh Development Contact Us SVN – Three Rivers Commercial Advisors | 20 Stanwix Street Suite 500 | Pittsburgh, PA 15222 US Unsubscribe | Update Profile | Constant Contact Data Notice

TOP PITTSBURGH NEWS | Week Ending October 16