HFF arranges $28.8 million financing for 2-property, 21-building flex office portfolio in Pittsburgh, Pennsylvania
PITTSBURGH, PA – April 28, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $28.8 million in financing for a two-property office and flex warehouse portfolio with 21 buildings totaling 371,773 square feet in Pittsburgh, Pennsylvania.
HFF worked on behalf of the borrower, Burns & Scalo Real Estate Services, Inc. (BSRES), to secure the loan through M&T Bank. Proceeds were used to purchase the assets, and HFF advised the borrower on the purchase process.
Constructed between 1985 and 2006, the portfolio is composed of Abele Business Park and Cedar Ridge Business Park, both less than 14 miles southeast of Pittsburgh’s Central Business District, directly off of Interstate 79 and less than 20 miles from Pittsburgh International Airport. Located at 2559 Washington Road, the 19-building Abele Business Park is 87.6 percent leased and has 10 acres of land available for future development. The two-building Cedar Ridge Business Park is located at 200 Cedar Ridge Drive and has eight acres of undeveloped land.
The HFF debt placement team representing the borrower was led by senior managing director Mark Popovich and real estate analyst Nick Unkovic.
“Due to the nature of the acquisition, this was a long and difficult process, but BSRES was the logical buyer due to their strong qualifications and experience in the office/flex market,” Popovich said. “I’m confident that Jim Scalo and his team will do great things and be very successful with both of these parks.”
Burns & Scalo Real Estate
Since 1956, Burns & Scalo Real Estate Services, Inc. has been one of the region’s largest commercial real estate companies. Its team applies their extensive industry knowledge to provide solutions and deliver the needed results of the client. Organized into three divisions, development, brokerage and management, BSRES has the leadership and knowledge to fulfill any real estate need in the market. Learn more at burns-scalorealestate.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.