11/2/2007

Pittsburgh industrial site fetches $22.5 million

by
Sun Life Insurance Co. has purchased a 407,000 square foot industrial site in the Pittsburgh suburb of New Castle, Pa., for $22.5 million from the Pennsylvania State Employees Retirement System.

John Lisowski of Grant Street Associates and the Philadelphia office of Cushman & Wakefield brokered the deal for the PSERS.

The site contains seven buildings on 57 acres and is located at 79 North Gate Industrial Park. The PSERS purchased the property in 1995 for $18 million.

Lisowski is a manager with Grant Street and a member of Cushman & Wakefield's Global Supply Chain Services Group. From 1998 to 2006, he worked as an industrial specialist for Grubb & Ellis. He is a graduate of Dartmouth College in Hanover, N.H.

Address: 79 North Gate Industrial Park, New Castle, Pa.

Size: 407,000 square feet

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Filed Under: Industrial

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