Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a 68,800-square-foot single-tenant cold storage unit located at 650 Mansfield Ave, Pittsburgh, Pennsylvania 15205.
The property is strategically located in a high-density area near the Pittsburgh central business district, along the I-376 corridor which connects the city to the airport. The building has a freezer, cooler, and plenty of dry storage space. It is occupied by a division of Sysco which distributes specialty Italian foods to pizza shops and restaurants.
This property also posed itself as a great investment opportunity to potential buyers, as it was priced well below replacement cost, and is among only two other cold storage facilities in a 20-mile radius.
“This listing generated 105 interested parties which resulted in nine strong offers. The buyer ended up being from out-of-state,” says Mitchell Cowan, associate. Sean Beuche, Pennsylvania broker of record, assisted in closing the transaction.
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.
