New Jersey-based Treetop Companies, a diversified real estate investment business, recently purchased the Pittsburgh Logistics Center, a 515,411-square-foot multi-tenant warehouse in Cheswick, for $32 million.
The Pittsburgh Logistics Center is located on 43 acres and is 87 percent leased. It offers tenants the potential to expand up to 209,000 square feet, nine drive-ins, 63 loading doors, and a 140-foot truck court.
“This acquisition represents a textbook Treetop opportunity: a high-quality logistics asset purchased at a compelling basis with multiple avenues for value creation,” Azi Mandel, Treetop Companies managing partner, said. “With strong in-place cash flow, immediate upside through leasing, and long-term expansion potential, the Pittsburgh Logistics Center positions us to deliver exceptional returns while meeting growing tenant demand in a market with extremely limited new supply.”
The location is six miles from Treetop’s other recent acquisition Alpha Logistics Center in the Pittsburgh metropolitan area.
The Pittsburgh Metropolitan Statistical Area has industrial vacancy rates below 5 percent, and minimal new supply expected in 2025. The market is located within 500 miles of major U.S. ports, 50 percent of U.S. companies, and half the U.S. and Canadian populations.
Treetop Companies has a portfolio of more than $1 billion. It controls more than 10 million square feet of industrial properties nationwide and approximately 5,000 residential units.