JV Buys 11 Stanwix Office Tower in Pittsburgh's CBD

M & J Wilkow Ltd., in a joint-venture partnership with DRA Advisors LLC, has closed on its acquisition of the office building at 11 Stanwix St. in Pittsburgh, PA for $83.25 million, or about $175 per square foot, from GLL Real Estate Partners, Inc. 

The 24-story, 467,843-square-foot, 4-Star tower was built in 1970 on 1.5 acres at the southwest edge of Pittsburgh's Golden Triangle, in the city's CBD submarket ... Read More.

Apartment Projects Lag in Westmoreland County

While Pittsburgh experiences an apartment-building boom, Westmoreland County lags in the availability and construction of rental units to suit younger residents' tastes and budgets. 
Just four Westmoreland apartment projects received construction permits in the past five years, and only one was for market-rate units - the rest were being built as low-income housing or for senior citizens, according to data from Pittsburgh-based construction-industry analyst Jeff Burd...  Read More
Monroeville's Miracle Mile For Sale 

The Miracle Mile Shopping Center, a fully leased retail complex in Monroeville that's one of the region's oldest suburban centers of its kind, is for sale.

New York-based Pearson Partners International, which owns the property as part of a portfolio of four local shopping centers in partnership with Johnstown-based Zamias Services Inc., has listed the property with the Pittsburgh office of HFF, which recently began marketing it. ... Read More.

New Hotel Coming to Penn Center East

M&J Wilkow  has lined up a developer to convert an empty office building into a new hotel at Penn Center East.

Green Tree-based MIT Capital PCE LLC, an affiliate of PI Hospitality, has bought the vacant Building Six at the Wilkins Township mixed-use complex and plans to invest $10 million to turn the 75,000-square-foot structure into an all-suite, extended-stay hotel. ... Read More
Forest City Enterprises Names Buyer for Mall at Robinson

As it continues to divest of many of its shopping center properties, Cleveland-based Forest City Enterprises has revealed its new buyer for the Mall at Robinson, the region's 12th-largest shopping center.

Forest City is working to sell off its collection of regional malls to QIC, an Australian investment fund that owns a mix of office properties and shopping centers in various locations around the world, including in its home country and in the U.S. ... Read More.

Yelp Acquires Restaurant Waiting List Tech Startup Nowait in a $40 Million All-Cash Deal
Yelp has acquired restaurant technology startup NoWait in an all-cash deal valued at $40 million. 
Founded out of Pittsburgh in 2010, Nowait integrates its technology with that of restaurants to streamline and optimize front-of-house operations, including table turnover and waiting lists. The company had raised around $22 million in funding since its inception, including a strategic $8 million investment Yelp made in the company back in August. The $40 million Yelp is paying for Nowait includes the stake it already acquired .... 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.

For more information from a  SVN-TRCA Agent  please contact 724-918-4428 



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