Treetop Companies announced the acquisition of the Pittsburgh Logistics Center, a 515,411-square-foot multitenant warehouse located at 460 Nixon Road in Cheswick, Penn. The $32 million transaction marks a significant expansion of Treetop’s logistics platform in the Pittsburgh metropolitan area, six miles from its recently acquired Alpha Logistics Center.
Acquired at $62 per square foot, the Pittsburgh Logistics Center is currently 87 percent leased to a diversified roster of national and regional tenants, with active negotiations underway for a 10-year lease on the remaining 66,000 square feet and the site’s 2.5-acre industrial outdoor storage parcel.
“This acquisition represents a textbook Treetop opportunity: a high-quality logistics asset purchased at a compelling basis with multiple avenues for value creation,” said Azi Mandel, managing partner at Treetop Companies. “With strong in-place cash flow, immediate upside through leasing, and long-term expansion
