Golden East Investors Acquires 21-Acre Development Site In Pittsburgh, PA For $15M

A seven-building, 1 million square foot, 21-acre infill campus located at 1080 River Ave. in downtown Pittsburgh, PA has been sold for $15 million. The buyer, Golden East Investors, a New York-based real estate investment and operating firm, acquired the site from the seller, Riverbend Foods. The transaction was facilitated by broker Kyle Prawdzik from CBRE. The asset type of the property is a development site.

Summary of transaction details:

• Property Type: Development Site
• Sale Price: $15,000,000
• Address: 1080 River Ave., Pittsburgh, PA
• Market: Pittsburgh, PA
• Buyer: Golden East Investors - Orah Zadeh & Joshua Blisko
• Seller: Riverbend Foods
• Broker: Kyle Prawdzik - CBRE
• BSF (Building Square Footage): 899,995
• PPBSF (Price per Building Square Footage): $17

Golden East Investors plans to redevelop the site, which is the remaining undeveloped Heinz Manufacturing Campus. The campus, built between 1890 and 2001, will be transformed into a mixed-use space. The redevelopment will include 300,000 square feet of last mile distribution, cold storage facilities, 125,000 square feet of state-of-the-art robotics research and development office space, as well as a multi-phase residential conversion of existing buildings into luxury lofts and retail spaces.