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1080 River Avenue, Pittsbur...

Updated Oct 28, 2024

Golden East Investors Acquires 21-Acre Development Site In Pittsburgh From Riverbend Foods
SOLDDevelopment Site

Golden East Investors Acquires 21-Acre Development Site In Pittsburgh From Riverbend Foods

1080 River Avenue, Pittsburgh, Pennsylvania 15212, United States

$15,000,000

$16/SF

Building Size

899,995 SF

Asset Type

Development Site

Closing

Jul 24, 2022

About this deal

AI

A seven-building, 1MM SF, 21-acre infill campus in downtown Pittsburgh, PA has been sold for $15,000,000. The development site, located at 1080 River Ave, was purchased by Golden East Investors, a New York-based, multi-platform real estate investment and operating firm. The campus, which was originally built between 1890 and 2001 as the Heinz Manufacturing Campus, is the last remaining undeveloped portion of the historic site. Golden East Investors plans to transform the campus into a mixed-use development, including last mile distribution, Cold Storage, state-of-the-art robotics R&D Office space, luxury residential lofts, and retail space.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $15,000,000
  • Address: 1080 River Ave, Pittsburgh, PA
  • Market: Pittsburgh, PA

Golden East Investors, represented by Orah Zadeh and Joshua Blisko, acquired the site from Riverbend Foods. The transaction was facilitated by broker Kyle Prawdzik of CBRE. This marks the first time the site has been sold since its original development by Heinz. Golden East Investors is excited to bring a piece of Pittsburgh's history into the modern era with their redevelopment plans for the campus.

On the Map

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$15,000,000

$16/SF

Development Site

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Players

Kyle Prawdzik

CBRE

Broker

$24.3M

vol

2 deals

Broker
GI
Golden East InvestorsBuyer
RF
Riverbend FoodsSeller

Pittsburgh Development Site Market Snapshot

Boundary boundary · Development Site · Sale transactions

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Deal FAQ

About $16 per square foot on a published $15M for 899,995 square feet (2022).

Visit Kyle Prawdzik to view all their deals.

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

1.06%

Cash-on-Cash

-0.30%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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